Harbor Group International sells Phoenix-area apartment community

Harbor Group International (HGI) has sold Avia McCormick Ranch, a 329-unit, garden-style apartment community in Scottsdale, Ariz., for $96.3 million. The new owner was not disclosed.

HGI purchased the property in 2019 for $63.5 million and, upon acquisition, invested an additional $4.4 million in renovations to update unit interiors, landscaping and overall curb appeal.

Located in the prestigious McCormick Ranch community in central Scottsdale, the property is close to several recreational options, including two championship golf courses, more than 25 miles of bicycle paths, numerous parks and seven accessible lakes. The property is also near the Loop 101 Freeway, providing convenient access to several of Phoenix’s major employment centers.

“Avia McCormick Ranch is an excellent illustration of Harbor Group International’s value-add strategy in markets with strong multifamily fundamentals and high barriers to entry,” said T. Richard Litton, president of H