FOR IMMEDIATE RELEASE
March 7, 2005
For More Information, Contact:
Sid Bridge, Director of Communications
Harbor Group International
(757) 640-0800
HARBOR GROUP INTERNATIONAL PURCHASES APARTMENT
COMMUNITY IN NEWPORT NEWS, VIRGINIA
An affiliate of Harbor Group International
(HGI) of Norfolk, Virginia, has acquired Jefferson Point
Apartments in Newport News, Virginia. The 208-unit garden-style
apartment community was purchased from Jefferson Point/McGuire
Partners Limited Partnership for $17,900,000.
“Jefferson Point is a high quality apartment community
in a strong market,” said Sid Bridge, Spokesman for
Harbor Group International. “It is a perfect fit for
our acquisition strategy.”
Affiliates of the original development group have maintained
the property to a high standard, said Bridge. HGI plans on
spending an additional $260,000 for minor interior and exterior
upgrades to the property.
Jefferson Point, built in 1985, features multiple one and
two bedroom floor plans with an average size of 803 square
feet. Currently the Property is 97% occupied. All units include
central air and heat, wall to wall carpeting, a balcony or
patio, a dishwasher and disposal, high speed internet access
and walk in closets. Select units also feature bay
windows, washer and dryer connections, wood burning fireplaces
and ceiling fans. Property amenities include a swimming pool
and outdoor spa, lighted tennis court, sand volleyball court,
fitness center and clubhouse, video library, picnic areas
and a dry cleaning valet service.
The Property is located in Newport News, a city that is part
of the Greater Hampton Roads area in Virginia. The property
sits at the intersection of Oyster Point Road and Jefferson
Avenue, two major arteries in Newport News. This major intersection
is at the heart of the Jefferson Avenue retail corridor,
within a mile of the 640,000 square foot Patrick Henry Mall
and adjacent to the Oyster Point Business Park.
HGI has a portfolio of office, retail, and multi-family properties
valued at more than $1 billion. The company has a long history
of successful apartment acquisitions across the United States. Since
1990, HGI has acquired in excess of 10,000 apartment units.
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.
###
|
