(Read more on the multifamily market.)
ATLANTA-A Norfolk, VA-based affiliate of Harbor Group International LLC has acquired the 228-unit Abernathy Apartments at 550 Abernathy Rd. for $24.35 million. The seller was an affiliate of locally based Invesco.
Harbor Group plans to invest just under $1 million in capital improvements to the property. The previous owner had made some capital improvements, including roof replacements and modernization of HVAC equipment. “We have looked at a number of properties in this submarket,” Harbor Group president T. Richard Litton Jr. tells GlobeSt.com. “This property is close to the UPS headquarters. We think there are good job drivers and good economics in this area.”
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