Harbor Group International acquires $300 million apartment portfolio
Harbor Group International LLC (“HGI”) announced Thursday that company affiliates have acquired three apartment communities – two in New Jersey and one in Maryland — for more than $300 million.
Two of the properties are in New Jersey. They are The Grand, which has 564 units, in Cherry Hill and The Crest at Princeton Meadows, 704 units, in Plainsboro. The third property, the 748-unit Jefferson at Orchard Pond, is located in Gaithersburg, Md.
HGI said it intends to invest an additional $10 million into the Maryland property to reposition it and an additional $9.1 million to continue renovations and enhancements at the New Jersey apartments.
“Each of the properties presents the opportunity to execute a comprehensive capital program, which will provide quality of life improvements for our tenants and value for our investors,” T. Richard Litton Jr., president of Harbor Group International, said in a statement. “HGI also will leverage the experience and operating efficiencies that exist as a result of owning other properties in the suburban Maryland and New Jersey markets.”
HGI affiliates currently own 11 apartment communities in the Baltimore/Washington, D.C., corridor in Maryland.
The Grand, a two building, high-rise property with many amenities, is currently 94 percent occupied, according to Harbor Group.
The Crest, built in 1985, represents the newest construction among competing properties in Plainsboro and is 93 percent occupied.
Jefferson at Orchard Pond, built in 1973, is a garden-style community along the I-270 corridor. It is 91 percent occupied.
Harbor Group International is a private real estate investment and management firm that controls a portfolio of worldwide assets valued at about $4 billion. It has its headquarters in Norfolk with offices in New York and Tel Aviv.
The company’s real estate holdings include about 6 million square feet of commercial properties and approximately 25,000 apartment units.