FOR IMMEDIATE RELEASE
October 25, 2004
HARBOR GROUP INTERNATIONAL PURCHASES APARTMENT COMMUNITY
IN ATLANTA
Harbor Group International (HGI) of Norfolk, Virginia, has acquired Veranda
Apartments in Atlanta, Georgia . The 400-unit garden-style property was
purchased from TA Associates Realty for $25,600,000. CB Richard
Ellis of Atlanta served as the broker for the seller.
"Veranda Apartments represents a key component of Harbor Group International’s
acquisition strategy,” said Sid Bridge, Spokesman for Harbor Group International. “We
have owned apartment properties throughout the southeastern United States and
this property, located in Atlanta’s Platinum Triangle, is a perfect fit
for HGI.” HGI
plans on spending $1,250,000 to upgrade the property in order to implement its
effective management strategy. The upgrade will enhance the property’s
aesthetics and curb appeal, as well as upgrade its amenities.
Veranda Apartments was built in 1968 and renovated in 1994. The Property
contains one- and two-bedroom apartments with an average square footage
of 964. Amenities include a swimming pool with a waterfall and hot tub,
controlled access gates, walking trails to the Chattahoochee River, a
24-hour fitness center with complimentary cardio-kickboxing classes,
four laundry facilities, a car care center, and full-size washer and
dryer connections.
HGI has a long history of successful apartment acquisitions in the Midwest
and Southeast regions. Since 1990, HGI has acquired in excess of
8,900 apartments in Tennessee, Kentucky, Florida, the Carolinas, Maryland,
Arkansas, Indiana, Ohio and Virginia. The company has acquired
more than 2,200 units this year alone.
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