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Multifamily Portfolio Portion Goes at Whopper of a Price

When Harbor Group acquired the portfolio, it anticipated continued strong fundamentals in Dallas and the ability to grow rents through an effective value-add program, an investment thesis that played out well.

By Lisa Brown | lisabrown | Updated on September 07, 2017

Abbey at Vista Ridge Abbey at Vista Ridge is one of the properties in the portfolio sale.

DALLAS—A robust economy makes for a robust real estate market. Though metro unemployment rose above 4% in early 2017, the overall Dallas economy is enjoying a healthy expansion and overall employment is at an all-time peak. The professional/business services and financial services sectors are growing at particularly brisk rates, with job numbers increasing year-over-year at 3 and 5%, respectively, according to Ten X.

This stout employment environment gives way to multifamily offerings, with some bigger than others. Such was the case with a recent portfolio sale. Harbor Group International LLC originally purchased a 12-property Dallas portfolio for $227.335 million back in 2014. Recently, Harbor Group affiliates sold five apartment communities within the portfolio, totaling 1,192 units for a total sale price of $295.25 million.

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