FOR IMMEDIATE RELEASE
June 1, 2005

For More Information, Contact:
Sid Bridge, Director of Communications
Harbor Group International
(757) 640-0800

HARBOR GROUP INTERNATIONAL PURCHASES APARTMENT COMMUNITIES IN ATLANTA, DURHAM

Affiliates of Harbor Group International (HGI) of Norfolk, Virginia have acquired the 360-unit Waterford Village apartment community in Durham, North Carolina and the 280-unit Cavalier Creekside apartment community in Atlanta. HGI purchased the properties for a combined purchase price of $46,575,000. The properties were acquired from Sentinel Real Estate Corporation and Southeast Capital Partners, Inc., respectively.

HGI also plans on spending $392,000 in interior and exterior upgrades at the properties.

“These institutional quality assets are a key part of our multifamily acquisition strategy for 2005,” said Sid Bridge, Harbor Group International Spokesman. “Both are well-maintained, newer properties in recovering southeastern markets.”

Waterford Village, built in 1996, features multiple one and two bedroom floor plans with an average size of 945 square feet. Currently the Property is 93.5% occupied. Property amenities include a 5,600 square foot clubhouse and fitness center, a swimming pool and sundeck, sand volleyball court, playground, racquetball court, cinema room, business center and community room. Dwelling units feature nine-foot ceilings, smoke detectors and sprinklers, washer and dryer connections, walk-in closets, wall-to-wall carpeting, and balconies or patios with a separate storage areas. Select units also feature fireplaces, microwaves and newly installed washers and dryers.

Cavalier Creekside, built in 2003, features numerous one, two and three bedroom floor plans with an average size of 1,003 square feet. The Property opened in July of 2003 and is currently 86% occupied. Property amenities include a two-story clubhouse, swimming pool, fitness center, nature trail, business center and controlled access entry gates. Dwelling units feature nine-foot ceilings, crown molding, sprinklers, wired alarm systems and washer/dryer connections. Select units also feature double sinks bathroom vanities, garden tubs and center islands in kitchens.

Since 1990, HGI has acquired over 11,000 apartments in Tennessee, Florida, Georgia, the Carolinas, Maryland, Arkansas, Alabama, Indiana, Ohio, and Virginia. HGI currently owns Veranda Apartments, 400 units located approximately 27 miles from Cavalier Creekside. HGI also owns Laurel Trace Apartments and Triangle Point Apartments in the Raleigh-Durham market, which contain 362 and 224 units respectively.

Harbor Group International, with offices in Norfolk, New York, Chicago and Tel Aviv, currently owns in more than $1 billion worth of properties throughout the United States.
For more information, visit Harbor Group International’s web page at www.harborgroupint.com

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