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Harbor Group Closes on $82M Multifamily Buy

GERMANTOWN, MD-The Virginia-based company makes it largest single apartment property acquisition to date in a deal with an affiliate of Fairfield Residential.

By Erika Morphy | Updated on February 06, 2007

(To read more on the multifamily market, click here.)

GERMANTOWN, MD-An affiliate of Norfolk, VA-based Harbor Group International, LLC has just closed on a 768-unit multifamily property here. It was acquired from an affiliate of Fairfield Residential, LLC for $82 million–the company’s largest single apartment property acquisition to date. Called Hamptons at Town Center, the property is located at 19757 Crystal Rock Dr., next to the US Department of Energy’s headquarters and close to the Town Center at Germantown.

The firm plans to invest an additional $2.3 million–or $2,951 per unit–into the class B property for interior and exterior improvements. “The seller maintained the property to high standards and already completed renovations on 600 units,” T. Richard Litton, Jr., president of HGI, says in a statement. “We will renovate the interiors of the remaining 168 units.”

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