Multiple Multi-family Apartments: Sold for $165.9M

March 10, 2011 / Albert Hamon, Mergers and Acquisitions Reporter

Affiliates of Harbor Group International has recently acquired eight multi-family apartments for a purchase price of $165.9 million. The 2,508 rental-unit multi-family apartments are located in the Hampton Roads at Southeast Virginia. According to company information, about two of the multi-family properties have been recently closed by the buyer from the seller, a partner of Great Atlantic, a real estate firm that specializes in management and acquisition of multi-family and commercial properties.

Multiple Multi-family Apartments: Sold for $165.9M

In Sonoma County, California, another apartment complex is recently acquired by California-based investment company, KW G&I Petaluma for $68 million. The 492-unit apartment complex was acquired by the company from AMFP QVT Enclave.

According to HGI, there would be an additional $11 million in investment, intended for different interior and exterior renovations for the multi-family apartments.

Following the recent closing of the two properties, the other multi-family apartments acquired by the company includes the 312 unit apartment neighbourhood in Chesapeake — The Birches, a 300 unit apartment neighbourhood in Norfolk — The Oaks, a 232-unit and 272-unit apartments neighbourhood in Newport News — Heatherwood and Auburn Chase.

The company also acquired the other multi-family apartments in Virginia Beach including the 300 unit apartment neighbourhood — Pembroke Lake, a 430 unit apartment neighbourhood — Chase Arbor, and Bancroft Hall with 244 unit apartment units.

The President of HGI, T. Richard Litton, Jr. said, the company’s recent acquisitions signify a great opportunity to acquire a portfolio of well-situated multifamily properties.

Currently, the company owns about 1,700 multi-family apartments unit in Hampton Roads and various commercial properties in the region, including the office towers in Norfolk’s business district.

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