FOR IMMEDIATE RELEASE
March 31, 2008
HARBOR GROUP INTERNATIONAL
ACQUIRES TWO APARTMENT COMMUNITIES IN
HOUSTON, TEXAS
NORFOLK, Virginia – March 31, 2008, Harbor
Group International, LLC (“Harbor Group” or
the “Company”) announced today that
an affiliate of the company has acquired Baybrook
Village I and Baybrook Village II located in Houston,
Texas, from an affiliate of Newport Ventures. The
properties contain 408 and 368 units respectively.
Russell D. Jones, of Apartment Realty Advisors,
brokered the transaction.
“
Baybrook Village I and Baybrook Village II represent
an opportunity to acquire a critical mass of very
well located units,” said T. Richard Litton,
Jr., President of Harbor Group. “We look
forward to adding value to the properties through
capital enhancements and focused management.”
Harbor Group plans to invest an additional $2.5
million into the properties for interior and exterior
upgrades.
Baybrook Village I and Baybrook Village II were
built simultaneously by renowned Houston developer
Harold Farb in 1980. Baybrook Village I has one
and two bedroom floor plans with an average size
of 771 square feet and is currently 91% occupied.
Baybrook Village II has one and two bedroom floor
plans with an average size of 831 square feet and
is currently 92% occupied. The amenities at each
property include two swimming pools, two clothes
care centers and a fitness center as well as walk-in
closets, ceiling fans, patios and balconies and
full size washer/dryer connections.
The acquisition of Baybrook Village I and Baybrook
Village II reflect Harbor Group’s continued
expansion in the Texas markets. In addition to
Baybrook Village I and Baybrook Village II, the
Company owns ten apartment communities in Dallas,
Houston, San Antonio and Austin, containing 3,378
units.
Harbor Group International, LLC is a private real
estate investment and management firm which controls
a portfolio of worldwide assets valued in excess
of $2.0 billion. The Company’s real estate
holdings include over 8.0 million square feet of
commercial space and approximately 12,000 apartment
units. Harbor Group is headquartered in Norfolk,
Virginia with offices in New York, Chicago, London
and Tel Aviv. For additional information, please
visit www.harborgroupint.com.
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