VIRGINIA BEACH, VA - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the $86 million acquisition of Reflections at Virginia Beach, a 480-unit garden-style multifamily community in Virginia Beach, Virginia. The acquisition is a strategic expansion of HGI's portfolio in its home state, strengthening its presence in a market where it maintains a proven track record and deep operational experience with similar assets.
Built in 1986, the community spans 19 two- and three-story residential buildings across 30 acres. The property offers a mix of one- and two-bedroom apartments with 828 parking spaces for residents.
Reflections at Virginia Beach recently underwent a $7 million capital improvement program, enhancing its robust suite of amenities, including a resident clubhouse and lounge, an outdoor swimming pool, a 24-hour fitness center, a business center with meeting rooms, outdoor grilling stations and access to nearby nature trails. The property is also a short drive to the Virginia Beach oceanfront.
"The acquisition of Reflections at Virginia Beach underscores our commitment to expanding thoughtfully in markets where we have long-standing experience and strong performance," said Yisroel Berg, Chief Investment Officer of Multifamily at HGI. "Virginia Beach is a dynamic market with robust employment and lifestyle fundamentals, making it an ideal location for our continued growth."
Located just 15 minutes from HGI's corporate headquarters in Norfolk, the acquisition builds on the firm's established local presence. The company currently owns or manages over 1,400 units across five properties within the Hampton Roads metropolitan area.
Source: Harbor Group International