Harbor Group takes over property management business of Great Atlantic
- September 12, 2011
The company that bought many of Great Atlantic Management Co.’s apartment properties in March has assumed the property management business of the company’s remaining portfolio of 21 properties. Norfolk-based Harbor Group International announced the deal, which includes 3,880 apartment units and 116,224 square feet of commercial space in Hampton Roads, Williamsburg and Richmond. In March, Harbor Group bought eight of Great Atlantic Co.’s apartment’s buildings for $165.9 million.
At one time, Great Atlantic managed 44 apartment communities in the Hampton Roads region. It has been winding down operations since the death of its founder in 2005. Harbor Group owns 9.5 million square feet of commercial properties and 20,000 multifamily rental units. The two companies plan to transition the management of the properties by the end of the month.