FOR IMMEDIATE RELEASE
October 3, 2002
HARBOR GROUP INTERNATIONAL PURCHASES
PORTFOLIO OF
APARTMENT COMPLEXES IN LITTLE ROCK
In its second apartment portfolio purchase
this year, Harbor Group International (HGI) of Norfolk,
Virginia, has acquired the 1,039-unit Reserve Portfolio
of Apartments in Little Rock, Arkansas. The three properties
comprising the portfolio were purchased from a joint venture
between Prudential Real Estate Investors and Pinnacle Management
for an undisclosed price. The purchase brings HGI’s
total number of units acquired in 2002 up to 2,352.
“
All three properties are located in Pleasant Valley,
the most prestigious neighborhood in Little Rock,” said
Jordan E. Slone, Harbor Group International Chairman
and CEO. “In today’s uncertain economic
times, we really like the stability of a capital
city such as Little Rock.”
The portfolio consists of The Reserve at Foxrun, a 337-unit community
situated on 14.09 acres of land; The Reserve at Greenwood, a 450-unit
community situated on 19.69 acres of land; and The Reserve at Walnut
Ridge, a 252-unit community situated on 8.65 acres of land.
HGI plans on spending an additional $3 million to upgrade the properties
in order to implement its effective management strategy. HGI’s
strategy combines aggressive management and expense control with enhanced
customer service and more-than-ample renovations.
As a result of HGI’s trademark abilities to pinpoint solid acquisitions
in key markets and move quickly, the purchase of these properties brings
the value of HGI’s 2002 acquisitions to $171 million.
The Reserve at Foxrun, built in 1974 and renovated in 1999, consists
of 337 units divided among one, two, and three bedrooms. The property
features roommate-style two-bedroom units, lofts, fireplaces, and townhouses. Amenities
include four swimming pools, a basketball court, laundry facilities,
a clubhouse, and carports.
The Reserve at Greenwood, built in 1975 and renovated in 1999, consists
of 450 units divided among one, two, and three bedrooms. Amenities include
four swimming pools, a tennis court, laundry facilities, and a clubhouse.
The Reserve at Walnut Ridge, built in 1974 and renovated in 1999, consists
of 252 units divided among one and two bedrooms. The property’s
larger unit sizes include lofts, fireplaces, and townhouses. Amenities
include two swimming pools, laundry facilities, and a clubhouse.
HGI’s acquisition of the Reserve Portfolio follows its recent acquisition
of the Midwest Portfolio, which consists of 992 units in Toledo, Ohio,
and Fort Wayne, Indiana.
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 7,500 apartment units.
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