FOR IMMEDIATE RELEASE
November 23, 2003
HARBOR GROUP INTERNATIONAL PURCHASES TWO APARTMENT
COMMUNITIES IN MEMPHIS
 Harbor
Group International (HGI) of Norfolk, Virginia has acquired
the 400-unit Lynnfield Place apartment community and the
142-unit Chardonnay apartment community in Memphis, Tennessee.
HGI purchased the properties from an institutional seller
at a combined purchase price of $16.2 million.
Steve Rudesill and Blake Pera of CB Richard Ellis served
as brokers for the transaction.
HGI also plans on spending $6.75 million to renovate the
properties in order to enhance their position in the market.
“The property is located in a vibrant area of the
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.”
Lynnfield Place is a garden-style apartment community
built in 1974. The property contains one, two, and three
bedroom apartments with an average square footage of 1,048
and current occupancy of 91%. Amenities include two swimming
pools, three tennis courts, a basketball court, and a fitness
center. Located less than one mile from Poplar Avenue,
the property has access to the busiest commercial and retail
thoroughfare in Memphis.
Chardonnay is a garden-style apartment complex built in
1973. The property contains one, two, three, and four bedroom
apartments with an average square footage of 1,110 and
current occupancy of 96%. Amenities include a swimming
pool, a tennis court, a playground, and wood-burning fireplaces.
Chardonnay is located in Germantown, an upscale city with
the strongest demographics in Tennessee
Harbor Group International has a long history of successful
apartment acquisitions in the Southeast region. Since 1990,
HGI has acquired in excess of 7,500 apartments in Tennessee,
Florida, the Carolinas, Maryland, Georgia, Arkansas, Indiana,
Ohio, and Virginia.
###
|
