NORFOLK, VA – Subsidiaries of Harbor Group International, a privately held international real estate investment and management company, announced the acquisition of a multi-family portfolio of 56 assets for $ 390 million. The portfolio includes well-maintained single-story workforce residential properties in the eastern United States. Image Capital, LLC partnered with HGI on the transaction.
The portfolio comprises 5,490 units in five states. Approximately 70% of the properties are in Florida and Ohio, where HGI already has a significant presence. Additional properties are in Indiana, Kentucky, and Pennsylvania.
HGI plans to invest $ 25 million in capital improvements and improvements to the property, including $ 3.6 million in unit renovations.
"The portfolio performed strongly amid the economic downturn resulting from the pandemic, maintaining high occupancy and rental growth, and an attractive opportunity for HGI," said Richard Litton, President of HGI. "This acquisition is an indication of our added value approach and the ability of HGI to identify diverse and valuable opportunities in strong markets for our investors."
Galaxy Capital's Henry Bodek acted as broker for the transaction.
Source: Harbor Group International