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Harbor Group Intl. Acquires 542 Units for $16M

MEMPHIS, TN-The Norfolk, VA-based owner of some 7,500 apartments in the Eastern US adds two Memphis properties, one 400 units and one 142 units, with plans to renovate the properties in order to enhance their position in the market.

By Brian K. Miller | Updated on December 03, 2003

MEMPHIS, TN-Harbor Group International of Norfolk, VA has acquired 542 units here in two apartment communities. The Norfolk, VA-based apartment investor paid an institutional seller $16.2 million for the two properties, and plans to spend several more million on upgrades.

The two garden-style properties are the 400-unit Lynnfield Place and the 142-unit Chardonnay. HGI chairman/CEO Jordan Slone says the properties are located in a “vibrant” area of the market and that HGI can add “a significant amount of value.”

Lynnfield Place is located less than one mile from Poplar Avenue, one of the busiest commercial and retail thoroughfares in Memphis. It was built in 1974 and is currently 91% occupied. The property contains one-, two-, and three-bedroom apartments averaging 1,048 sf. Amenities include two swimming pools, three tennis courts, a basketball court, and a fitness center.

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