HGI acquires $1.8b apartment portfolio
In one of the largest recent apartment transactions, affiliates of Harbor Group International acquired a 25-property, 9,677-unit multifamily portfolio, spanning five major U.S. metropolitan areas, from affiliates of Lone Star Funds for $1.8 billion.
The transaction is HGI’s largest to date and increases the company’s investment portfolio from approximately $5.2 billion to $7.1 billion. The properties are located in Baltimore, Boston, Chicago, Philadelphia, and the Washington, D.C., metro area.
“HGI was selected to acquire this portfolio due to the company’s strong track record with complicated portfolio transactions,” said Jordan Slone, chairman and CEO of HGI, in a statement. “HGI was able to quickly mobilize a large-scale due diligence effort and secure attractive financing with Freddie Mac and New York Community Bank.”
HGI plans to invest approximately $80 million to upgrade unit interiors, enhance property amenities and improve curb appeal. Acc