Source: Harbor Group International
BOSTON, MA - Harbor Group International, a privately owned international real estate investment and management firm, announced the sale of a portfolio comprising six multifamily assets and 1,722 apartment units in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million and instituted a $13.6 million capital improvement program to renovate interior units, upgrade property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the disposition.
"The sale of the Boston portfolio exemplifies HGI's ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions," said Lane Shea, Managing Director at HGI. "Leveraging our multifamily market expertise, we were able to quickly achieve the customized business plans put in place for each asset within the portfolio and realize our investment goals despite ongoing economic headwinds."
The properties within the portfolio include: Commons at Haynes Farm in Shrewsbury, Mass; Middlesex Crossing in Billerica, Mass; Meadows at Marlborough in Marlborough, Mass; Heights at Marlborough in Marlborough, Mass; Stone Ends in Stoughton, Mass; Village at Marshfield in Marshfield, Mass.
All six properties are situated in suburban Boston locations surrounded by large employment hubs anchored by major firms in the technology, bio-medical, manufacturing and financial services industries. The properties are within close proximity to major highways and MBTA train stations, providing direct access to Downtown Boston.