Affiliates of Harbor Group International (HGI) have acquired a 56-asset multifamily portfolio for $390 million. The portfolio contains well-maintained, single-story workforce housing properties throughout the eastern United States. Image Capital partnered with HGI on the transaction.
The portfolio consists of 5,490 units across five states. Approximately 70 percent of the properties are located in Florida and Ohio, where HGI already has a significant footprint. Other properties are located in Indiana, Kentucky and Pennsylvania.
HGI plans to invest $25 million in capital improvements and enhancements to the properties, including $3.6 million on unit renovations.
“The portfolio demonstrated strong performance amid the economic downturn resulting from the pandemic, maintaining high occupancies and rent growth, and presenting an attractive opportunity for HGI,” said Richard Litton, president of HGI. “This acquisition is indicative of our value-add approach and
