FOR IMMEDIATE RELEASE
December 19, 2005
HARBOR GROUP INTERNATIONAL PURCHASES APARTMENT
COMMUNITY IN DALLAS, TEXAS
An affiliate of Harbor Group International (HGI) of
Norfolk, Virginia has acquired the 259-unit Vail Village
apartment community in Dallas, Texas.
The Property was purchased from a private investor
for $12,750,000.
“HGI’s first entry in the Dallas market
is a solid, well performing property in a Class A location,”
said Sid Bridge, Harbor Group International Spokesman.
“Such properties are a key part of our acquisition
strategy and we look forward to an increased presence
in this rapidly growing market.”
Earlier in 2005, Harbor Group opened a regional office
in Dallas devoted to pursuing multifamily acquisition
opportunities in Texas and other southwestern markets.
“We’re committed to making acquisitions
in Texas and other southwestern markets generally, and
to the Dallas-Fort Worth area in particular,”
said Richard Litton, Harbor Group International President.
“We expect to make additional announcements in
coming weeks about our expansion into the Dallas area
and we look forward to a robust investment pipeline
in 2006,” he further commented.
HGI intends to invest more than $300,000 into the Property
for exterior painting, wood replacement, and the potential
development of three additional apartment units.
Vail Village, built in 1996, features one, two and
three bedroom floor plans with an average size of 613
square feet. The Property is currently 95% occupied.
Amenities include a swimming pool, fitness center,
laundry facilities, covered parking, detached garages,
limited access gates, perimeter fencing, courtesy patrol,
intrusion alarms, nine foot ceilings and walk-in closets.
Select units feature vaulted ceilings, crown molding,
fireplaces, full size washer and dryer connections and
outside storage.
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Harbor Group International, with offices in Norfolk,
New York, Chicago, Dallas and Tel Aviv, currently own
more than $1 billion worth of properties throughout
the United States. Since 1990, HGI has acquired over
9,000 apartments in Tennessee, Florida, Georgia, 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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