Real Estate Company Sells Overlook at Berkeley Lake Apartments

July 08, 2011 / Elizabeth Buckley, Commercial Property Analyst

Real estate company Harbor Group International, LLC has sold the 660-unit Overlook at Berkeley Lake Apartments in Atlanta, Georgia following its purchase of the property in September 2009 for $33.9 million.

Real Estate Company Sells Overlook at Berkeley Lake Apartments

“Completing the sale of Overlook at Berkeley Lake Apartments after less than two years of owning the property represents a remarkable success for Harbor Group International and our investors,” said Jordan E. Slone, Chairman and CEO of HGI.

“Consistent with our investment approach, we acquired the asset through a distressed sale at a difficult time in the market, added value through our capital enhancement program and then executed a disposition as markets normalized.”

Meanwhile, the real estate company announced that an affiliate of the Company has acquired the 276-unit Sienna Bay Apartments for $19.5 million. The property is located in the Tampa–St. Petersburg region of Florida.

Sienna Bay Apartments were completed in two phases in 1974 and 1985. The property features one, two and three bedroom floor plans with an average size of 946 square feet. On-site amenities lakefront views, lakeside dock, clubhouse, fitness center, two swimming pools, lighted tennis courts, playground and picnic area. The property is currently 90% occupied.

Overlook at Berkeley Lake Apartments was built in phases between 1994 and 1996 and features multiple one, two and three bedroom floor plans with an average size of 1,108 square feet.

Units feature washer and dryer connections, private patios or balconies and walk-in closets. Select units include wood-burning fireplaces, attached garages and basement dens. Property amenities include two swimming pools, tennis courts, clubhouse, fitness center and playground. At the time of sale, the property was 93% occupied.

Cushman and Wakefield brokered the transaction.

Harbor Group International is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.0 billion.

The real estate company is headquartered in Norfolk, Virginia with offices in New York, Chicago and Tel Aviv. The company’s real estate holdings include over 10.0 million square feet of commercial space and approximately 18,000 apartment units.

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