Harbor Group International Completes Dispositions on Three Apartment Portfolios Totaling more than $700 Million
NORFOLK, VA (December 3, 2018) – Harbor Group International, LLC (“HGI”) announced today that is has sold the final properties in three separate portfolios of apartment communities, realizing more than $700 million when all transactions are totaled, an increase of nearly $140 million in value when compared to the properties’ initial aggregate purchase price.
The portfolios are:
- The Central Florida Portfolio: 7 Properties in Central Florida, principally Tampa, totaling 2,284 units acquired by HGI affiliates in April 2016
- The Connecticut Portfolio: 2 Properties totaling 568 units acquired by HGI affiliates in May 2014
- The Texas 12 Portfolio: 12 Properties in Dallas and Houston totaling 3,100 units acquired by HGI affiliates in November 2014
“These transactions are great examples of HGI’s ‘Buy Wholesale, Sell Retail’ investment strategy. HGI has extensive experience acquiring portfolios of apartment communities with complicated financial structures,” said T. Richard Litton, Jr., President of HGI. “For all 3 of these portfolios, we developed individual business plans on a property by property basis and then sold the properties to a wide variety of buyers as each property’s investment goals were achieved.”
The 21 properties in the 3 separate portfolios were sold to a total of 15 different buyers.
HGI continues to actively pursue portfolio transactions. In November of 2017, HGI affiliates acquired the Beacon Portfolio, which was comprised of 24 assets in five separate markets totaling 9,407 units for $1.8 billion. In early November of 2018, HGI affiliates also acquired a 6-property portfolio totaling 2,530 units.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at $8.2 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 3.7 million square feet of commercial properties and 30,400 apartment units. For additional information, please visit www.harborgroupint.com.
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