NORFOLK, VA - Harbor Group International, a privately-owned international real estate investment and management firm, announced the acquisition of a portfolio of eight multifamily communities in the U.S. Southeast for $309 million.
Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro, Durham, and one property is in Hampton, Va.
The portfolio was sold by Newmark's Dean Smith and John Heimburger and financing was arranged by Newmark Capital Markets Team Henry Stimler, Bill Weber and Matt Mense.
The acquisition marks HGI's return to the North Carolina market and expands the firm's footprint in Virginia. The portfolio totals more than 2,300 units and each property is proximate to major employers and office markets as well as entertainment centers.
"The purchase of this portfolio allows Harbor Group International to increase investor exposure to a diverse set of geographic locations in high-growth markets," said Richard Litton, President, HGI. "We see significant potential for continued high occupancies and rent growth across the portfolio and look forward to expanding our presence in the U.S. Southeast."
HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties' exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer/dryers.
Source: Harbor Group International