ARLINGTON, TX-Harbor Group International, LLC (“HGI”) says affiliates of the company have acquired the 660-unit Forest Ridge apartment community here and will invest an additional $2.5 million in capital improvements.
The complex is currently 93.5% occupied. The group plans to modernize the buildings, upgrade amenities and improve curb appeal. The purchase price was not disclosed.
“The Dallas/Fort Worth Metroplex is the largest metropolitan area in Texas and a thriving market with solid job growth,” said T. Richard Litton, president of HGI. “The apartment market in the area has shown consistent growth which is expected to continue. The positive economic forecast along with HGI's proven capital improvement and management strategies make this property a strong investment.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
