Affiliate of Harbor Group International buys oceanfront apartments for $34 million
- April 21, 2013
An affiliate of Norfolk-based Harbor Group International has purchased an oceanfront apartment community in Virginia Beach for $34 million. The seller was Atlanta-based ARA, an advisory brokerage firm that focuses exclusively on multi-family housing.
The 265-unit Mayflower Seaside property is located between 34th and 35th streets and Atlantic and Pacific avenues, one block from the oceanfront. The sale included a freestanding retail building and parking structure located on the same block.
Harbor Group said in a press release that it plans to invest $4.8 million in improvements to the 61-year-old property. “The Mayflower Seaside is an iconic building located one block from the Virginia Beach coastline,” T. Richard Litton, Jr., president of Harbor Group International, said in a statement. “We look forward to implementing an extensive capital upgrade program at the property, which will result in aesthetic improvements and increased operational efficiencies. Our large presence in the Hampton Roads area should allow us to upgrade the property while benefitting from economies of scale.”
The Mayflower Seaside offers ocean views and beach access and is a short distance from the Princess Anne Country Club and Seashore State Park. Harbor Group currently owns and manages 3,819 apartment units, 1 million square feet of office space and 469,423 square feet of retail in Hampton Roads.
Mike Marshall, ARA's lead broker on the transaction, said the project generated a lot of interest from potential buyers. "There was a lot of interest in this property, which is a positive sign for this area's apartment market."