FOR IMMEDIATE RELEASE
May 17, 2004
HARBOR GROUP INTERNATIONAL PURCHASES APARTMENT COMMUNITY
IN THE RALEIGH/DURHAM AREA
Harbor Group International (HGI) of Norfolk, Virginia, has acquired the
apartment community formerly known as Summit Square Apartments in Durham,
North Carolina. The 362-unit garden-style property was purchased from
Summit Properties for an undisclosed price. Following the purchase,
HGI has renamed the property Laurel Trace Apartments . Darren Ash,
Dean Smith and Blake Oakland of Apartment Realty Advisors served as the
brokers 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 March and reinvested the proceeds
in the Durham property.
“
The acquisition of Laurel Trace is a key component
of HGI’s strategy,” said Sid Bridge, Spokesman
for Harbor Group International. “We believe that
a great opportunity exists in the Durham market. Our
capital improvement plan should allow the property
to realize its potential.”
HGI plans on spending $1,500,000 to upgrade the property in order to
implement its effective management strategy. The upgrade will enhance
the property’s aesthetics and curb appeal.
Laurel Trace Apartments was built in 1990. The Property contains one-,
two-, and three-bedroom apartments with an average square footage of
925. Amenities include two swimming pools, a tennis court, a fitness
center, a playground, detached garages, controlled access entry gates,
centralized trash compactor, and two laundry facilities.
The purchase of Laurel Trace comes on the heels of HGI’s acquisition
of Triangle Pointe Apartments, also in the Raleigh/Durham area. The
224-unit garden-style apartment community was purchased from Regent Partners
for $12,650,000.
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 8,500 apartment units.
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