Source: Harbor Group International
NORFOLK, VA - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of a 56-asset multifamily portfolio for $390 million. The portfolio contains well-maintained, single-story workforce housing properties throughout the eastern United States. Image Capital, LLC, partnered with HGI on the transaction.
The portfolio consists of 5,490 units across five states. Approximately 70% of the properties are located in Florida and Ohio, where HGI already has a significant footprint. Other properties are located in Indiana, Kentucky and Pennsylvania.
HGI plans to invest $25 million in capital improvements and enhancements to the properties, including $3.6 million on unit renovations.
"The portfolio demonstrated strong performance amid the economic downturn resulting from the pandemic, maintaining high occupancies and rent growth, and presenting an attractive opportunity for HGI," said Richard Litton, President, HGI. "This acquisition is indicative of our value-add approach and HGI's ability to identify diverse and valuable opportunities in strong markets for our investors."
Henry Bodek of Galaxy Capital served as broker for the transaction.