FOR IMMEDIATE RELEASE

November 17, 2002

HARBOR GROUP INTERNATIONAL SELLS VIRGINIA
APARTMENT COMPLEX FOR $5 MILLION

NORFOLK, VIRGINIA – Harbor Group International, L.L.C. has sold the 140-unit Tivoli Apartments in Virginia Beach, Virginia to Artcraft Tivoli, LLC for a price of $5,025,000.
Harbor Group International, headquartered in Norfolk Virginia, originally purchased the property in 1993 for $2,750,000 and subsequently invested $350,000 in renovations and enhancements.

CB Richard Ellis served as the broker for the sale.

Harbor Group International has sold eight properties for a total of $53.2 million thus far in 2002.

“ Harbor Group International’s strategy is to optimize its returns by periodically selling properties.” Said Chairman and CEO, Jordan E. Slone.
Average unit size for the property is 786 square feet, and rental rates average $628 per month.

The twelve-building complex, built in 1972, is located on 9.225 acres in a central section of Virginia Beach. The property features easy accessibility to shopping, work, and recreation.  It boasts on-site amenities including a swimming pool, clubhouse, tennis courts, volleyball courts, and ample parking.

In the last two and a half years, over $347,000 has been spent to renovate units, replace roofs, and increase curb appeal.  Occupancy over the past three years has averaged 95%.  The property is currently 97% occupied.

Harbor Group International today controls over $800 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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