Orlando, Fla. – Harbor Group International L.L.C. (HGI) says that its affiliate has acquired the 164-unit Village Green Apartments for $7.45 million. The property is located in the Altamonte Springs submarket of Orlando, Fla., and is purchased from an affiliate of AIMCO.
HGI intends to invest approximately $745,000 (approximately $4,500/unit) for interior and exterior improvements.
“Village Green marks the return of HGI to the Orlando, Fla. apartment investment market. It is an excellent addition to our portfolio and reflects our strategy to make opportunistic investments in the major Florida apartment markets,” says T. Richard Litton, Jr., president of Harbor Group International. “We think this is a great opportunity to add value to a solid property in a stable market with significant rental upside.”
Village Green was built in 1970 and consists of 164 units. There are one, two and three bedroom floorplans that average 854 square feet per unit. Community amenities include two newly surfaced swimming pools, two clubhouses, on-site laundry facilities, picnic areas and a car care center. All buildings also have new roofs. The asset is currently 98 percent leased.