NORFOLK, VA – Subsidiaries of Harbor Group International, a privately held international real estate investment and management company, announced a joint venture with Cammeby & # 39; s International Group to acquire a $ 1.05 billion portfolio of multi-family properties known throughout New Jersey. The portfolio consists of 41 workers' residential communities with a total of 5,302 units.
HGI will invest approximately $ 46 million in capital improvements and extensions to the properties. The company will renovate 50% of the interiors and invest in operational improvements across the portfolio.
“As we continue to expand our investment platform, the acquisition of the Garden State portfolio represents the large-scale, attractive opportunities that Harbor Group International is identifying for our investors. This portfolio offers significant value and market opportunities with growing demand for housing outside major urban cities, "said Richard Litton, President, HGI." We are pleased to have an experienced partner in this venture with Cammeby & # 39; s as we have a strong presence in the region. "
The portfolio includes 14 cities in North, Central and South New Jersey with a concentration in Union, Morris and Essex. Much of the portfolio is located in key suburban markets near major New Jersey employers, including Prudential Financial, Johnson & Johnson, Bayer Corp. and Quest Diagnostics. The portfolio assets are also located near other major markets and employment centers, including New York City and Philadelphia.
Harbor Group Management Company, the property management arm of HGI, will manage 10 assets within the portfolio.
Eastdil Secured brokered the transaction and advised on the bond together with Meridian Capital Group. Lawrence H. Bryant of Williams Mullen was an advisor to HGI and Steven Fleissig of Greenberg Sad was an advisor to the seller.
"On behalf of Meridian, it was again an honor and privilege to represent Harbor Group International and Cammeby & # 39; s International Group in the financing negotiations for this monumental acquisition. Working with Capital One and Freddie Mac allowed us to combine Fixed and floating rate financing that provides optimal flexibility in the short term and enables them to meet their long term goals for the assets, "said Abe Hirsch, senior managing director of Meridian Capital Group.
