NEW YORK CITY-Affiliates of Manhattan-based Harbor Group International, LLC have acquired a four-property multifamily portfolio located in Nashville, Tennessee, the company unveiled in a statement. The portfolio includes 1,593 apartments at a total purchase price of $130.5 million.
The portfolio consists of the 627-unit Cherry Creek; the 346-unit Arbors of Brentwood; the 360-unit Cambridge at Hickory Hollow; and the 260-unit Preakness. HGI plans to invest an additional approximately $4.69 million -- approximately $2,900 per unit -- into various exterior and interior upgrades to the buildings.
“The acquisition of the portfolio continues HGI’s proven strategy of acquiring well-located apartment portfolios with value add and operational upside in improving markets,” says T. Richard Litton, Jr., president of HGI, in a statement. “All four properties have occupancy levels above 90% and are poised to realize increased revenues as we implement our capital program and the Nashville market continues to improve,” he adds.
The transaction is HGI’s fourth apartment portfolio acquisition in the last 15 months, following the acquisition of a 1,218 unit portfolio in Florida, a 1,984 unit portfolio in Metro Baltimore and a 2,500 unit portfolio in southeastern Virginia. Dave Gutting, Derrick Bloom and Vince Lefler of Jones Lang LaSalle acted as the broker for the seller.
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