Harbor Group Buys $475M Workforce Housing Portfolio
The properties are located across North Carolina's Research Triangle.
Harbor Group International has acquired an eight-property workforce housing portfolio in North Carolina’s Research Triangle for $475 million. Newmark represented the seller, Dasmen Residential, and brokered the financing. The new owner plans to invest $21.9 million across the communities to renovate 25 percent of the units. Harbor Group Management Co. will manage the portfolio.
Four of the properties are located in Durham, N.C., three in Raleigh, N.C., and one in Charlotte, N.C. Comprising 2,356 units, the properties are close to Research Triangle Park, providing access to more than 22.5 million square feet of office and lab space, as well as more than 275 businesses.
The expansion of technology and life science companies prompted the creation of more than 9,000 jobs within the Research Triangle area. There are major employers such as Bayer Crop Science, Cisco, Biogen and IBM, while Apple’s first East Coast campus is now under development in the area, expected to bring another 3,000 jobs.
Jason Kon, Henry Stimler and Bill Weber formed the Newmark team that represented the seller and facilitated the acquisition loan for the buyer.
Earlier this month, a Harbor Group International joint venture acquired the 480-unit Jefferson Vista Canyon in Santa Clarits, Calif. The community was built in 2021.