FOR IMMEDIATE RELEASE
November 14, 2001
HARBOR GROUP INTERNATIONAL SELLS
PAIR OF APARTMENT COMPLEXES FOR $11 MILLION
NORFOLK, VIRGINIA – Harbor Group International,
L.L.C. has sold two apartment complexes, both in Fredericksburg,
Virginia, for $11 million.
Wellington Woods Apartments and Wellington Lakes Apartments,
containing a total of 274 units, were sold last week to
Home Properties, a New York-based Real Estate Investment
Trust. Harbor Group International, headquartered in Norfolk
Virginia, originally purchased the properties (then known
as Barclay Park Apartments and Cedarwood Apartments) in
April of 1997 for $5.9 million and subsequently invested
$2 million in renovations and enhancements from 1997 to
1998.
 First
Capital Realty of Washington, D.C. served as the broker
for the sale.
Harbor Group International has sold five properties for
a total of $35 million thus far in 2001.
“Harbor Group International’s strategy is
to optimize returns and maintain balance in our real estate
portfolio by periodically selling properties,” said
Harbor Group International Chairman Jordan E. Slone.
Harbor Group International also sold its Sonic Drive property
in Virginia Beach Virginia, for $425,000. The 11,000 square
foot warehouse property is 100% occupied. Harbor Group
International acquired the property in 1994 for $275,000.
Harbor Group International today controls over $700 million
in investment properties, including office buildings, shopping
centers and multi-family housing complexes in fourteen
states in the U.S. as well as three foreign countries.
For more information on Harbor Group International, visit
the company’s web site at www.harborgroupint.com.
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