FOR IMMEDIATE RELEASE
March 9, 2004
HARBOR GROUP INTERNATIONAL PURCHASES APARTMENT
COMMUNITY IN LOUISVILLE
 Harbor
Group International (HGI) of Norfolk, Virginia, has acquired
Park Laureate Apartments in Louisville, Kentucky. The 272-unit
garden-style apartment community was purchased from an
undisclosed seller for $15,150,000. George Tikijian and
Steve LaMotte of CB Richard Ellis Indianapolis served as
the broker for the seller.
“The acquisition of Park Laureate is a key component
of HGI’s strategy,” said Jeff Stein, Vice President
of Acquisitions for Harbor Group International, “We
have had a great deal of success acquiring and improving
quality apartment communities in the southeastern United
States.”
HGI plans on spending an additional $700,000 to upgrade
the property 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.
Park Laureate Apartments is a 272-unit garden-style apartment
complex built in 1991. The Property contains one, two and
three-bedroom apartments with an average square footage
of 949 and current occupancy of 92%. Amenities include
parking garages, carports, indoor and outdoor swimming
pools, a racquetball court, a volleyball court, and a fitness
center. Located near the intersection of I-265 and I-64,
the property has excellent access to downtown Louisville.
The property is also located in a desirable part of town,
the “east-end” near the heart of a major retail
and commercial center.
HGI has a portfolio of office, retail, and multi-family
properties valued at approximately $825 million. The company
has a long history of successful apartment acquisitions
across the United States. Since 1990, HGI has acquired
in excess of 8,000 apartment units.
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