Harbor Group International, LLC announced today that affiliates of the company have sold five apartment communities totaling 1,192 units in Dallas, Texas. The properties were acquired by affiliates of HGI in 2014 as part of a 12 property, 3,100 unit portfolio, including ten Dallas apartment communities in Dallas and two in Houston. HGI has now sold all ten properties in the Dallas portfolio to three different buyers. HGI’s purchase price for the Dallas portfolio was $227.335 million and the total sale price was $295.25 million.
“HGI continues to show its ability to acquire large portfolios of multifamily properties, add value to each asset, and execute our exit plan on each asset individually in order to maximize value,” said T. Richard Litton, Jr., President of Harbor Group International. “In addition to the highly successful sale of this Dallas portfolio, HGI has successfully executed ‘buy wholesale, sell retail’ strategies in the last several years on apartment portfolios in Orlando, South Florida, Nashville and Baltimore. We expect that portfolio acquisitions will continue to be a hallmark strategy for HGI”, he added.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $5.2 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore and Tel Aviv. The company’s real estate holdings include in excess of 4.7 million square feet of commercial properties and approximately 22,500 apartment units. For additional information, please visit www.harborgroupint.com.