FOR IMMEDIATE RELEASE
October 3, 2005
HARBOR GROUP INTERNATIONAL SELLS PORTFOLIO OF APARTMENT COMMUNITIES IN LITTLE ROCK
Harbor Group International (HGI) of Norfolk,
Virginia has sold the 1,039-unit Reserve Portfolio of
Apartments in Little Rock, Arkansas for an undisclosed
price.
HGI purchased the community from a joint venture between
Prudential Real Estate Investors and Pinnacle Management
in September of 2002 and invested $3 million in upgrades
to the property. Upgrades included landscaping, exterior
wood replacement, exterior painting, new roofs, clubhouse
renovation, fitness center renovation and vinyl siding
installation.
“We successfully executed our investment strategy
for The Reserve Portfolio, a strong property in a stable
market,” said Sid Bridge, spokesman for Harbor
Group International. “The Property was a perfect
fit for our investment criteria”.
The portfolio consists of The Reserve at Foxrun, a
337-unit community situated on 14.09 acres of land;
The Reserve at Greenwood, a 450-unit community situated
on 19.69 acres of land; and The Reserve at Walnut Ridge,
a 252-unit community situated on 8.65 acres of land.
Built in 1974 and renovated in 1999, the portfolio had
an average occupancy rate of 88.6% at the time of sale.
Since 1990, HGI has acquired over 11,000 apartments
in Tennessee, Florida, Georgia, the Carolinas, Maryland,
Arkansas, Alabama, Indiana, Ohio, and Virginia. Harbor
Group International, with offices in Norfolk, New York,
Chicago and Tel Aviv, currently owns 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.
### |
