FOR IMMEDIATE RELEASE
March 31, 2004
HARBOR GROUP INTERNATIONAL SELLS APARTMENT COMMUNITY
IN VIRGINIA BEACH
 Harbor
Group International (HGI) of Norfolk, Virginia, has sold
the 192-unit Ridgewood Club apartment community
in Virginia Beach, Virginia, to Continental Ridgewood Associates,
LLC of Virginia Beach at a purchase price of $12,150,000
($63,281 per unit).
HGI acquired the property in May of 1994 at a purchase
price of $5.1 million. Norman Hassel and Don Perry are
the General Partners in Continental Ridgewood Associates,
LLC, the purchaser. Drew White of the Apartment Group in
Washington, D.C., served as broker for the deal, representing
the seller.
¿The property consistently performed well during the ten
years we owned it,î said Jordan Slone, Chairman and CEO
of Harbor Group International.
At the time of sale, Ridgewood Club was 98% occupied.
Harbor Group International has a long history of successful
apartment ownership and management, having acquired over
10,000 units across the United States since 1991.
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