DEAL OF THE DAY: Harbor Group International Pays $300M For Three East Coast Apartment Communities
Harbor Group International added to its portfolio with two apartment communities in New Jersey and one in Maryland.
By Adriana Pop, Associate Editor
Plainsboro, N.J.—Harbor Group International LLC (HGI), through its affiliates, purchased three multifamily communities for an aggregate price of more than $300 million. Two of the properties are located in New Jersey and one is in Maryland.
The Grand in Cherry Hill, N.J.
One of these assets, The Crest at Princeton Meadows, is a 704-unit garden-style apartment community in Plainsboro, N.J. Built in 1985, the property consists of 352 one-bedroom and 352 two-bedroom units, and has an average unit size of 828 square feet and a variety of six floor plans. It is currently 93 percent occupied.
The Grand is a 564-unit, two-building high-rise apartment compound located in Cherry Hill, N.J. The community consists of 72 studio, 145 one-bedroom, 277 two-bedroom and 70 three-bedroom units. Amenities include a clubhouse with a business center and cyber cafe, infinity swimming pool and jacuzzi, movie theater, game room, lounge, concierge and shuttle bus to and from downtown Philadelphia. The Grand also has two fitness centers (one in each building), two tennis courts, a beach volleyball court and a playground. It is currently 94 percent occupied.
Built in 1973 and 1975, Jefferson at Orchard Pond is a 748-unit garden-style apartment community located in Gaithersburg, within Montgomery County, Md., along the I-270 Corridor. The property features one-, two- and three-bedroom apartments, all of which include individual washers and dryers. Amenities include a standalone clubhouse, fitness center, business center, swimming pool and reserved parking. The community is currently 91 percent occupied.
HGI is planning to invest $10 million into Jefferson at Orchard Pond to reposition the property and $9.1 million in both of the New Jersey properties to continue the renovations that are underway.
“Each of the properties presents the opportunity to execute a comprehensive capital program, which will provide quality-of-life improvements for our tenants and value for our investors,” said Richard Litton, Jr., president of HGI. “HGI also will leverage the experience and operating efficiencies that exist as a result of owning other properties in the suburban Maryland and New Jersey markets. HGI has a proven track record of enhancing its residential properties and adding value. We believe these properties are uniquely positioned to perform well for our investors.”
HGI affiliates currently own 11 apartment communities in the broader Baltimore-D.C. corridor in Maryland, totaling 4,085 units, as well as Addison at Princeton Meadows, a 439-unit apartment community in Plainsboro, N.J., in close proximity to the newly acquired Crest at Princeton Meadows.
Image courtesy of Harbor Group International
