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Harbor Group Buys and Sells in the Southeast

NORFOLK, VA-Harbor Group International acquires two apartment complexes in Birmingham, AL for $10.8 million, and lets go of two properties in Alabama and South Carolina for $10.1 million. The real estate company will spend an additional $2.75 million to renovate the new Birmingham additions to its portfolio.

By Barbra Murray | Updated on January 30, 2002

NORFOLK, VA-Maintaining its focus on the nation’s southeast region, Virginia-based real estate firm Harbor Group International (HGI) has completed the $10.8 million purchase of two apartment complexes, and the $10.1 million sale of two other properties. The deals bring the company’s recent transaction activity to $20.9 million.

The two neighboring apartment buildings Harbor acquired — Mountain View and Longleaf Lodge — are located in Birmingham, AL and offer 166 units and 155 units, respectively. Omni Corporation previously owned both of the 1970′s-era properties. After a $2.75 million renovation effort, the two buildings will be combined into a single 321-unit, upgraded apartment complex that will retain the name of Mountain View. “Our strategy has always been an acquisitive one,” Harbor marketing director Sid Bridge tells GlobeSt.com. “We have a good rehabilitation budget for the new properties.”

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