HOUSTON-Following a close to three-year hold, Harbor Group International LLC has disposed of the 696-unit Fairfield Creek apartments for $34 million. The buyer was RB Associates.
The Norfolk, VA-based Harbor Group had acquired the class B complex at 12510 S. Green Dr. in July 2010 for $27 million from a lender that had foreclosed on the asset. During its hold, Harbor Group invested approximately $1.52 million in property improvements, which completed an improvement plan the lender-seller had launched.
Fairfield Creek was built in 1984 and consists of one-, two- and three-bedroom units averaging 781 square feet per unit. The property is situated on 24.82 acres (28.04 units per acre) and is comprised of 52 buildings; 34 two-story buildings and 18 three-story buildings.
“Fairfield Creek is a good example of an opportunistic acquisition following a lender foreclosure,” says T. Richard Litton Jr., president of Harbor Group International in a statement. “HGI was able to complete improvements begun by the seller, stabilize and improve operations, and maintain strong occupancy at the property throughout our hold period. We are pleased with the value this acquisition brought our investors.”
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