Harbor Group Flips 288-Key Jacksonville Property

JACKSONVILLE, FL-Following a defined acquisition and exit strategy, Harbor Group International of Norfolk, VA sold the 288-unit, 17-year-old Island Pointe apartment complex on the north side of Jacksonville, FL to Denver-based Sagebrush Realty Investments Inc. for $15.25 million, or $52,951 per unit.

The 12-year-old, Virginia development-investment firm had purchased the 93% leased property at 1000 Broward Rd. in June 2001 from Watch Holdings Inc. of Jacksonville for $9 million or $31,250 per unit. Harbor Group invested another $3.5 million in exterior and interior renovations, bringing its effective acquisition cost to $12.5 million. The sale equates to a gross profit of $2.75 million.

“Island Pointe represents a tremendous success for Harbor Group International,” says Chuck Patty, the company’s chief investment officer. “We implemented our comprehensive rehabilitation program and successfully executed our exit strategy.”