Harbor Group International Sells DC-Area Community
The firm acquired the Alexandria, Va., property for $144 million in 2018.
Alexandria, Va. Photo by Andrew Morse/iStockphoto.com
Harbor Group International is continuing to sell off its Washington, D.C.-area properties with its latest divestiture of Sussex at Kingstowne in Alexandria, Va. The firm has sold the 556-unit community to an undisclosed buyer after acquiring it for $144 million in 2018.
The firm has since completed a capital improvement program that increased the overall curb appeal of the garden-style community. The renovations were aimed at improving the community’s property value and including renovating interior units, common areas and outdoors amenities. Richard Litton, president of HGI, said in prepared remarks that the repositioning has allowed the firm to attract new residents to the community.
Post-renovation, Sussex at Kingstowne offers one-, two- and three-bedroom units, along with a fitness center, cybercafe, resident lounge and two swimming pools. Located in Alexandria, Va., residents are a short commute from Washington, D.C., Arlington, Va., and the area’s major employers, including Fort Belvoir, which represents the largest employment hub in Fairfax County.
More divestments coming
Litton also said in prepared remarks that the Sussex at Kingstowne sale was part of the firm’s recent multifamily strategy. The firm will continue to look for more opportunities to divest assets in the current market environment, Litton added. Elsewhere in the D.C. metro, HGI recently sold The Gateway, a 748-unit garden-style community in Gaithersburg, Md.
Generally, HGI’s strategy involves finding multifamily investment opportunities in markets that will benefit from strong population growth, employment drivers and high barriers to entry, Litton said in his remarks. The firm’s portfolio stretches across the world, with HGI owning and managing 461 assets, including 58,000 multifamily units and five million square feet of commercial space.
More recently, the firm has been actively acquiring communities in the Miami-Dade County area. In 2022, HGI acquired the 372-unit Miro Brickell in Miami for $184.5 million and the 420-unit Oak Enclave Miami, which marked its eighth community in the Miami area.
