HYATTSVILLE, MD - Harbor Group International, a privately-owned international real estate investment and management firm, announced its purchase of the Palette Property in Hyattsville, Md. for $58.85 million. The property is a 243-unit community built in 2012 and located in Hyattsville's dynamic Arts District.
"We see significant potential for organic rent growth in the Palette Property, given its desirable location and quality amenities," said Richard Litton, President of Harbor Group International. "As we continue to invest in high-quality assets in strong and growing markets, we expect to generate substantial returns for our investors."
The Palette Property provides direct access to major employment centers in Washington, D.C. and Baltimore, situated less than one mile from the Riverdale MARC Station and less than two miles from Prince George's Metro Station. It is also in proximity to the University of Maryland. The property features three retail spaces, two of which are currently leased, one to PostNet through January 2025 and one to Fresh Dry Cleaners through August 2020.
This purchase adds to HGI's portfolio of nearly 5,000 apartment units in the Maryland market.
About Harbor Group International, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $9.7 billion. The company's real estate holdings include 3.6 million square feet of commercial properties and 33,000 apartment units.
Source: Harbor Group International