FOR IMMEDIATE RELEASE
May 3, 2004
HARBOR GROUP INTERNATIONAL PURCHASES APARTMENT COMMUNITY
IN DURHAM
Harbor Group International (HGI) of Norfolk, Virginia, has acquired Triangle
Pointe Apartments in Durham, North Carolina. The 224-unit garden-style
apartment community was purchased from Regent Partners for $12,650,000. Darren
Ash and Dean Smith of Apartment Realty Advisors served as the broker
for the seller.
The purchase was part of a Section 1031 tax deferred exchange. Harbor
Group International sold Ridgewood Club Apartments, a 192-unit Virginia
Beach, Virginia property, in July and reinvested the proceeds in the
Durham property.
“
The acquisition of Triangle Pointe is a key component of HGI’s
strategy,” said Jeff Stein, Vice President of Acquisitions for
Harbor Group International, “With our strategy of investing in
a capital improvement program, we can add a significant amount of value.”
HGI plans on spending an additional $175,000 to upgrade the property
in order to implement its effective management strategy. The upgrade
will enhance the property’s aesthetics and curb appeal and focus
on landscaping upgrades and asphalt repair.
Triangle Pointe Apartments is a 224-unit garden-style apartment complex
built in 1999. The Property contains one-, two- and three- bedroom apartments
with an average square footage of 870.
Triangle Pointe is comprised of 12 two- and three-story residential buildings
and a clubhouse/office/fitness center. Amenities include a swimming pool,
two lighted tennis courts, a fitness center, a sand volleyball court,
a car care center, picnic area with grill, and a laundry facility. The
Property is located in Southeast Durham less than one mile north of the
new 540 Northern Wake Expressway and less than two miles from the Research
Triangle Park. Current occupancy is 93%.
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