FOR IMMEDIATE RELEASE
January 17, 2005
For More Information, Contact:
Sid Bridge, Director of Communications
Harbor Group International
(757) 640-0800
HARBOR GROUP INTERNATIONAL PURCHASES
PORTFOLIO OF APARTMENT COMMUNITIES IN BIRMINGHAM
An affiliate of Harbor Group International
(HGI) of Norfolk, Virginia, has acquired Crowne Woods, The
Reserve at Crowne Woods, and Crowne Falls Apartments in the
Hoover area of Birmingham, Alabama. The 696-unit garden-style
property portfolio was purchased for $50,325,000. HGI will
operate the properties as Vista Woods, Vista Falls, and Vista
Hills.
"The Crown Porfolio of Apartments represents a key component of Harbor Group
International’s acquisition strategy," said Sid Bridge, Spokesman
for Harbor Group International. "We have had great success in the Birmingham
market already and we hope to capitalize on economies of scale."
Affiliates of Harbor Group International also own Mountain View Apartments, a
321 unit garden style community and Alpine Village Apartments, a 160 unit community,
both in Birmingham.
The portfolio has been well maintained and was built in phases between 1995 and
2000. HGI plans on spending approximately $750,000 to upgrade the properties,
which includes exterior painting.
The properties contain one, two and three bedroom apartments with an average
square footage of 1,065 per unit. Amenities include three swimming pools, six
tennis courts, two fitness centers, controlled entry gates, a 24-hour laundry
center, washer and dryer connections, a car care area, a playground, and private
garages. The Properties have excellent access to Interstate 459, Interstate 65,
and Lorna Road, a major retail thoroughfare, and are located approximately 1
mile from the upscale Riverchase Galleria Mall, office, and hotel district.
"The strength of the Hoover market is evidenced in the current occupancy of the
properties, which stands at 99%," said Bridge. "HGI’s other two
properties in the Birmingham market, Mountain View and Alpine Village, are 100%
and 97% occupied, respectively."
HGI has a long history of successful apartment acquisitions in the Southeast
region. Since 1990, HGI has acquired in excess of 7,500 apartments in Tennessee,
Georgia, Florida, the Carolinas, Maryland, Arkansas, Alabama, Indiana, Ohio,
and Virginia. For more information, visit Harbor Group International’s
web page at www.harborgroupint.com.
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