Friday, February 06, 2015

Virginia investor buys 10 DFW apartment properties

Houston Apartments copy
A Norfolk, Virginia-based Harbor Group International LLC has bought 10 properties totaling nearly 3,000 apartment homes in Dallas-Fort Worth, which is part of a larger Texas-based deal.

In total, the real estate investment firm purchased 12 properties totaling 3,100 apartments in Dallas and Houston. The deal is the largest in its company's history. Terms were undisclosed.

The investment group also purchased this 330-unit apartment complex, called the Milano, in Houston. The group plans to buy more properties in Texas.

Harbor Group plans to invest another $10 million upgrading the interior apartments, enhance amenities for tenants and improve curb appeal.

The deal was part of Harbor Group's strategic plan to expand its investment and operational presence in major Texas markets, President T. Richard Litton Jr. said.

"HGI remains positioned to execute strategic portfolio acquisitions across multiple markets and we continue to actively seek transactions of this magnitude," Litton said, in a statement.

In Dallas-Fort Worth, Harbor Group purchased:
330-unit Abbey at Vista Ridge
364-unit Carrington Park
180-unit Fieldcrest
216-unit Fossil Hill
320-unit Sunset Oaks
216-unit Tall Timbers
238-unit Briarcrest
224-unit Huntington Glen
244-unit Villas at Waterchase
CBRE's Dirk Goris represented the portfolio's seller in the acquisition.

Anna Caplan, Globe St