FOR IMMEDIATE RELEASE
January 28, 2002
HARBOR GROUP INTERNATIONAL PURCHASES TWO APARTMENT
COMPLEXES IN BIRMINGHAM; SELLS SHOPPING CENTER IN AUBURN
AND APARTMENT COMPLEX IN COLUMBIA, SC
 Harbor
Group International (HGI) of Norfolk, Virginia has acquired
the 166-unit Mountain View apartment complex and the 155-unit
Longleaf Lodge apartment complex in Birmingham, Alabama.
HGI purchased the properties from Omni Corporation at a
combined purchase price of $10,800,000. The purchase was
the second leg of what’s known as a Section 1031
tax deferred exchange.
Harbor Group International sold Westwood Apartments, a
256-unit Memphis Tennessee property, in July and reinvested
the proceeds in the Birmingham property.
Harbor Group International will be combining the two adjacent
apartment complexes into one 321-unit super apartment complex
under the name Mountain View Apartments. HGI also plans
on spending $2.75 million to renovate the property in order
to enhance its position in the market.
“The property is located in the best part of the
Birmingham market,” said Jordan E. Slone, Harbor
Group International Chairman and CEO. “With our strategy
of investing in a capital improvement program, we can add
a significant amount of value.”
Mountain View, built in 1970 and Longleaf Lodge, built
in 1972, are garden-style apartment complexes. Amenities
for both complexes include two swimming pools, tennis courts,
a picnic area, and a playground.
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.
 HGI
also sold Market Square, its shopping center in Auburn
Alabama, to Market Square Shopping Center, L.L.C., an Alabama-based
group of private investors for a purchase price of $5,600,000.
Office Max, Books-A-Million, Pier One Imports, and Big
Lots anchor the 90,000 square foot shopping center.
 On
the heels of the Market Square sale, HGI sold Raintree
Apartments, an apartment community in Columbia, South Carolina
to North Carolina-based Southwood Realty Co. for a purchase
price of $4,535,000. The 138-unit complex was built in
1973 and purchased by HGI in 1993 for 2,750,000.
Harbor Group International currently owns in excess of
$750 million worth of properties in 15 states in the United
States as well as three different countries.
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