Harbor Group International (HGI) announced this week that it had acquired a four-property multifamily portfolio in Nashville, TN for $130.5 million. According to the Nashville Business Journal, affiliates of Norfolk, Va.-based Harbor Group International purchased the four apartment communities from a Lehman Brothers subsidiary in a deal brokered for the seller by Jones Lang LaSalle. The portfolio includes:
Cherry Creek, 627 units
Arbors of Brentwood, 346 units
Cambridge at Hickory Hollow, 360 units
Preakness, 260 units
"The acquisition of the Portfolio continues HGI's proven strategy of acquiring well-located apartment portfolios with value add and operational upside in improving markets," said T. Richard Litton, Jr., President of HGI. "All four properties have occupancy levels above 90% and are poised to realize increased revenues as we implement our capital program and the Nashville market continues to improve," he further commented.
For more news and information visit Blumberg Capital Partners.
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