Source: Harbor Group International
ATLANTA, GA - Harbor Group International (HGI), a privately-owned international real estate investment and management firm, announced its sale of the Preserve at Mill Creek, a 400-unit multifamily property located in suburban Atlanta, for $75 million, a 34% increase from the $55.95 million purchase price HGI paid in 2016.
This sale follows a $3.875 million investment by HGI to increase the property's overall curb appeal as well as renovate many of the interior units, increasing the property value by $19.05 million compared to the initial purchase price.
"The sale of the Preserve at Mill Creek reveals Harbor Group International's strategic method of developing business plans specific to a property and achieving high returns on our investment goals," said Richard Litton, President of Harbor Group International. "We see significant value in investing in value-add multifamily properties and will continue to focus on deals that live up to the standards of our clients."
HGI continues to actively pursue multifamily portfolio transactions with value-add potential, recently demonstrated through its $50.5 million purchase of and planned improvements to The Cedars at Elm Hill, a garden-style apartment project in Nashville, TN.