FOR IMMEDIATE RELEASE
May 28, 2002
HARBOR GROUP INTERNATIONAL PURCHASES
PORTFOLIO OF APARTMENT COMPLEXES IN FORT WAYNE AND TOLEDO
Harbor Group International (HGI) of Norfolk,
Virginia, has acquired the 448-unit Willows of Coventry
apartment complex in Fort Wayne, Indiana, the 248-unit
Pointe Inverness apartment complex in Fort Wayne, Indiana,
and the 296-unit Perrys Crossing apartment complex in Toledo,
Ohio. The 992-unit portfolio was purchased from the State
of Wisconsin Investment Board at a price of $47,400,000.
“
The properties in this portfolio are considered
Class “A” institutional quality properties,” said
Jordan E. Slone, Harbor Group International Chairman
and CEO. “Their quality, age, appearance,
and amenities are among the best in the market.”
HGI also plans on spending $3 million to upgrade the properties in order
to further enhance their position in the two markets.
The purchase of these properties brings HGI’s acquisitions during
the first five months of the year to $110 million.
Perrys Crossing, built in 1991, is a garden-style apartment complex located
on 20.49 acres of land. It contains 10 two-story buildings and one
clubhouse. The property is known for its generous amenities, which include
full-sized washers and dryers, wood-burning fireplaces, extra storage
areas, available unattached garages, swimming pool, fully functional
cardio and weight fitness center, whirlpool, clubhouse, and tennis court.
Pointe Inverness and Willows of Coventry, both built in 1987, are garden-style
apartment complexes located on 29.58 and 44.43 acres of land respectively. Pointe
Inverness contains 18 two-story buildings and one clubhouse, and Willows
of Coventry contains 28 two-story buildings and one clubhouse. Amenities
for both include full-sized washers and dryers, wood-burning fireplaces,
extra storage areas, swimming pool, whirlpool, and clubhouse. HGI
plans to add a fitness center and carports to both properties.
HGI has a portfolio of office, retail, and multi-family properties valued
at approximately $800 million. The company has a long history of successful
apartment acquisitions across the United States. Since 1990, HGI
has acquired in excess of 6,600.
For More Information, Contact:
Sid Bridge, Marketing Director
Harbor Group International
(757) 640-0800
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