FOR IMMEDIATE RELEASE
February 24, 2003
HARBOR GROUP INTERNATIONAL SELLS
APARTMENT
COMMUNITY IN JACKSONVILLE, FLORIDA
Harbor Group International (HGI) of Norfolk,
Virginia has sold the 288-unit Island Pointe apartment
complex in Jacksonville, Florida to Sagebrush Realty Investments,
Inc. at a purchase price of $15,250,000.
HGI purchased the property in June of 2001 from Watch Holdings, Inc.
at a purchase price of $9,000,000 and extensively renovated it inside
and out.
“
Island Pointe Apartments represents a tremendous
success for Harbor Group International,” said
Chuck Patty, Harbor Group International Chief Investment
Officer. “We implemented our comprehensive
rehabilitation program and successfully executed
our exit strategy.”
Built in 1986 and located in the north side of Jacksonville, Island Pointe
contains 19 buildings with one, two, and three bedroom units. In addition,
there is a fitness center, playground, lighted tennis court, volleyball
court, and a swimming pool.
Harbor Group International has a long history of successful apartment
ownership and management, having acquired over 7,500 units across the
southeastern United States since 1991.
The property represents HGI’s first major disposition of 2003. In
2002, HGI successfully sold 10 properties for $60 million. Also
in 2002, the company acquired nearly $200 million in real estate divided
among more than 2,000 multifamily units and nearly 1 million square feet
of office property.
HGI has a long history of successful apartment acquisitions in the Midwest
and Southeast regions. Since 1990, HGI has acquired in excess of
8,900 apartments in Tennessee, Kentucky, Florida, the Carolinas, Maryland,
Arkansas, Indiana, Ohio and Virginia. The company has acquired
more than 2,200 units this year alone.
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