NORFOLK, VA – Harbor Group International, a privately held international real estate investment and management firm, announced the acquisition of a portfolio of eight multi-family communities in the southeastern United States for $ 309 million.
Seven properties are in North Carolina markets including Charlotte, Raleigh, Winston-Salem, Greensboro, Durham, and one property is in Hampton, Va.
The portfolio was sold by Newmark's Dean Smith and John Heimburger and funding was arranged by Newmark Capital Markets team Henry Stimler, Bill Weber and Matt Mense.
The acquisition marks the return of HGI to the North Carolina market and expands the company's presence in Virginia. The portfolio comprises more than 2,300 units and each property is located near major employer and office markets as well as entertainment centers.
"By purchasing this portfolio, Harbor Group International will increase investor exposure to a variety of geographic locations in high-growth markets," said Richard Litton, President of HGI. "We see significant potential for sustained high occupancy and rental growth across the portfolio and look forward to expanding our presence in the southeastern United States."
HGI plans to invest approximately $ 13 million in capital improvements across the portfolio after the seller initially improves the property's exteriors and common spaces. HGI will focus on renovating indoor units and installing equipment such as washers / dryers.
Source: Harbor Group International