Harbor Group International Sells 400-Unit Multifamily Property in Atlanta Submarket
ATLANTA – November 20, 2019 – Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, today announced its sale of the Preserve at Mill Creek, a 400-unit multifamily property located in suburban Atlanta, for $75 million, a 34% increase from the $55.95 million purchase price HGI paid in 2016.
This sale follows a $3.875 million investment by HGI to increase the property’s overall curb appeal as well as renovate many of the interior units, increasing the property value by $19.05 million compared to the initial purchase price.
“The sale of the Preserve at Mill Creek reveals Harbor Group International’s strategic method of developing business plans specific to a property and achieving high returns on our investment goals,” said Richard Litton, President of Harbor Group International. “We see significant value in investing in value-add multifamily properties and will continue to focus on deals that live up to the standards of our clients.”
HGI continues to actively pursue multifamily portfolio transactions with value-add potential, recently demonstrated through its $50.5 million purchase of and planned improvements to The Cedars at Elm Hill, a garden-style apartment project in Nashville, TN.
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $9.7 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 3.6 million square feet of commercial properties and 33,000 apartment units. For additional information, please visit www.harborgroupint.com.