Harbor Group International Acquires $309M Multifamily Portfolio
The company plans to invest an additional $13 million in capital improvements, across the Southeast portfolio’s more than 2,300 units.
NORFOLK, VA – Harbor Group International LLC has acquired a portfolio of eight multifamily communities throughout the Southeast, for $309 million.
Within the portfolio, seven of the properties are located in the North Carolina markets of Charlotte, Raleigh, Winston-Salem, Greensboro and Durham. The eighth community is located in Hampton, VA.
The multifamily portfolio encompasses more than 2,300 units.
Harbor Group International intends to invest $13 million in capital improvements across the portfolio, spanning interior unit renovations and appliance installations. The seller will complete initial enhancements to the properties’ exteriors and common rooms.
Newmark’s Dean Smith and John Heimburger sold the portfolio. The Newmark capital markets team of Henry Stimler, Bill Weber and Matt Mense arranged the financing.
The portfolio acquisition expands Harbor Group International’s footprint within Virginia, and it represents the company’s return to the North Carolina market.
“The purchase of this portfolio allows Harbor Group International to increase investor exposure to a diverse set of geographic locations in high-growth markets,” states Richard Litton, president of Harbor Group International. “We see significant potential for continued high occupancies and rent growth across the portfolio and look forward to expanding our presence in the US Southeast.”