Harbor Group International Acquires Suburban D.C. Market Apartment Community
$193 Million Investment Leverages the Dulles Technology Corridor
HERNDON, VIRGINIA (August 27, 2018) – Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company have acquired Dulles Greene Apartments, an 806-unit class A apartment community located in Herndon, Virginia for $193 million. In addition to being in close proximity to Dulles International Airport, the property is directly adjacent to a new Metrorail station that is under construction.
The property, built between 1998 and 2003, is currently 94% occupied. The acquisition continues HGI’s investment in the Dulles Technology Corridor. In March of this year, HGI acquired One Dulles Tower, a 403,622 square foot office property occupied by a top tier technology tenant. One Dulles Tower is in close proximity to Dulles Greene.
“This property supports two of our key investment objectives – acquiring multifamily properties in top tier markets with value-add upside potential and acquiring investments in areas with strong employment drivers and public transportation infrastructure,” said T. Richard Litton, Jr., President of HGI. “The investment further signifies our positive long-term outlook on the Dulles Technology Corridor.”
Northern Virginia and the Dulles Technology Corridor have been dubbed “Data Center Alley” for their high concentration of data centers belonging to Amazon, Google, Microsoft, Oracle, and others. It is estimated that more than 70% of the world’s internet traffic flows through this area, with a huge share of that going directly through Amazon’s data centers.
HGI now owns and manages more than 8,700 units in the greater Washington, D.C. area.
Image Capital, LLC, partnered with HGI on the transaction.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at $7.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 5 million square feet of commercial properties and 30,000 apartment units. For additional information, please visit www.harborgroupint.com.
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