Harbor Group International acquires $309m portfolio of Southeast apartments

Harbor Group International (HGI) has acquired a portfolio of eight multifamily communities in the U.S. Southeast for $309 million.

Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham, and one property is in Hampton, Va. The portfolio was sold by Newmark.

The acquisition marks HGI’s return to the North Carolina market and expands the firm’s footprint in Virginia. The portfolio totals more than 2,300 units and each property is near major employers and office markets as well as entertainment centers.

“The purchase of this portfolio allows Harbor Group International to increase investor exposure to a diverse set of geographic locations in high-growth markets,” said Richard Litton, president of HGI. “We see significant potential for continued high occupancies and rent growth across the portfolio and look forward to expanding our presence in the U.S. Southeast.”

HGI plans to invest appro