FOR IMMEDIATE RELEASE
April 11, 2006
HARBOR GROUP INTERNATIONAL PURCHASES
APARTMENT COMMUNITY IN INDIANAPOLIS
An affiliate of Harbor Group International (HGI) of Norfolk, Va., has acquired the 632-unit Oaks of Eagle Creek apartment community in Indianapolis.
HGI purchased the property from Capri Capital Advisors LLC for an undisclosed price and plans to invest approximately $1.1 million in interior, exterior and amenity upgrades.
“We're very excited about our acquisition of Oaks of Eagle Creek,” said Doug MacFarland, Senior Vice President and Director of Multi-Family Management for Harbor Group International. “It is a well-positioned property on the rapidly growing west side of Indianapolis that offers significant upside potential.
“In addition, because it has been well-managed and maintained, the transition to new ownership and management should be smooth.”
Built in 1987, the community features multiple one- and two-bedroom floor plans with an average size of 819 square feet. The property is currently 82% occupied.
Amenities include a swimming pool, hot tub, tennis courts, fitness center, covered parking, three stocked lakes and washer and dryer connections. Select units also include fireplaces and vaulted ceilings.
In addition to this new property, HGI also owns the 424-unit Keeneland Crest Apartments in Indianapolis.
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Harbor Group International, with offices in Norfolk,
New York, Chicago and Tel Aviv, currently own 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.
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