HGI to Buy $740M Boston-Area Portfolio
The deal is set to close by the end of the year.
An affiliate of Harbor Group International has entered into a $740 million definitive agreement to acquire five multifamily communities in New England. Apartment Investment and Management Co. will sell the assets.
The buyer completed due diligence and made a $20 million deposit. Four asset sales are set to close during this quarter, with the final one expected to close in the fourth quarter. The new owner will renovate the properties.
The five communities are in Massachusetts, New Hampshire and Rhode Island and were built between 1970 and 1974. As of July, the portfolio was 95.7 percent occupied, with historical occupancy averaging 97 percent since 2022.
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Affiliates of HGI’s portfolio currently comprise 978 units across four Boston-area properties. Nationally, the company and its affiliates own about 62,000 apartments.
A garden-style community
One of the assets that will trade is Royal Crest Estates, a 902-unit property in Nashua, N.H. The community was completed in two phases in 1970 and 1974 and encompasses 49 three-story buildings spread across almost 66 acres. Aimco acquired the asset in August 2002 from John Flatley Co. in a portfolio transaction, according to Yardi Matrix information. The firm paid $458.9 million for 10 assets.
Royal Crest Estate has studio, one- and two-bedroom floorplans ranging between 300 and 1,300 square feet. Amenities include a fitness center, a clubhouse, basketball, volleyball and tennis courts, as well as two swimming pools and 40 laundry facilities.
