By Jessica Fiur, News Editor
Houston—Harbor Group International LLC announced that affiliates of their company have sold a 696-unit community in Texas for $34.4 million to an affiliate of RB Associates. Harbor Group International originally acquired the property, called Fairfield Creek, in July 2010 for $27 million from a lender that foreclosed on the property, and Harbor Group International invested $1.52 million in improvements.
Fairfield Creek was first constructed in 1984. The community, which is located on 24.82 acres, includes 52 buildings—34 two-story buildings and 18 three-story buildings. The apartments feature one-, two- and three-bedroom floor plans, which average 781 square feet. The units include 9-foot ceilings, washer/dryer connections, patios/balconies, brick fireplaces and built-in bookshelves.
Amenities for Fairfield Creek include four swimming pools with heated spas, four laundry facilities, picnic areas, a jogging path and limited access gates.
“Fairfield Creek is a good example of an opportunistic acquisition following a lender foreclosure,” T. Richard Litton, Jr., president of Harbor Group International, says. “Harbor Group International was able to complete improvements begun by the seller, stabilize and improve operations, and maintain strong occupancy at the property throughout our hold period. We are pleased with the value this acquisition brought our investors.”
Currently Fairfield Creek is 90 percent occupied.