Harbor Group International has acquired eight multifamily communities in the U.S. Southeast for $309 million. Seven properties are in North Carolina while one property is in Virginia. Newmark Capital Markets’ Henry Stimler, Bill Weber and Matt Mense arranged the financing for the deal.
Norfolk, Va., March 2, 2021 – Harbor Group International, LLC (“HGI”), a privately-owned international real estate investment and management firm, today 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 and 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.
About Harbor Group International
Harbor Group International, LLC, 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 $12.6 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.1 million square feet of commercial properties and 46,000 apartment units. For additional information, please visit www.harborgroupint.com.