Harbor Group International Sells Crown Point Apartments in Danbury, Connecticut for $108.5 Million
Property continued HGI’s expansion into northeastern apartment markets
DANBURY, CONNECTICUT (September 5, 2018) – Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company have sold Crown Point, a 466-unit apartment community in Danbury, Connecticut for 108.5 million.
The property, built in two phases in 2007 and 2011, was acquired by HGI in 2014 as part of a $108.5 million, two-property portfolio for $94 million. The other property in the portfolio, Towne Brooke, was sold in 2015 for $17.66 million.
“HGI has continued to strengthen its presence in northeastern apartment markets,” said T. Richard Litton, Jr., President of HGI. “Our investment plan to maximize the property’s potential with improved operational strategies and market was successful and we are pleased with the value it brought to our investors.”
Crown Point is a two-phase, 466-unit apartment community in western Danbury one half mile from Interstate 84 and convenient to major retail, employment and education. The Danbury market boasts a low unemployment rate with numerous corporate office locations.
The property is currently 97% occupied. Since acquiring Danbury, HGI has continued to expand into the northeast, with apartment communities in markets including Boston, Philadelphia, Chicago, New York and New Jersey.
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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