FOR IMMEDIATE RELEASE
July 30, 2001
HARBOR GROUP INTERNATIONAL PURCHASES HICKORY RIDGE
APARTMENTS IN MEMPHIS
 Harbor
Group International (HGI) of Norfolk, Virginia has acquired
the 378-unit Hickory Ridge apartment complex in Memphis,
Tennessee. HGI purchased the property from AIMCO, a New
York Stock Exchanged listed Real Estate Investment Trust
(REIT) at a purchase price of $12,000,000.
HGI plans to change the name of the complex to Waterstone
Landing Apartments.
Built in 1972, the property contains 52 two-story buildings
with one, two, and three bedroom units on 36 acres of land.
In addition, there is a private 2-acre lake, two swimming
pools, fitness center, clubroom, and four tennis courts.
Harbor Group International has a long history of successful
apartment ownership and management, having acquired over
7,000 units across the southeastern United States since
1991.
Harbor Group International’s acquisition of Hickory
Ridge Apartments comes on the heels of its acquisition
of Island Pointe Apartments, a 288-unit apartment complex
in Jacksonville, Florida, Sanctuary Centre Office Park,
a 176,000 square foot office complex in Boca Raton Florida,
and National City Center, a 640,000 square foot office
tower in Indianapolis, Indiana.
Harbor Group International currently owns in excess of
$650 million worth of properties in 15 states in the United
States as well as three different countries.
###
|
