Harbor Group International Announces Sale of Bella Madera Apartments
- Sep 21, 2014
Harbor Group International LLC announced the sale of the Bella Madera apartment community to affiliates of Falkin Platnick Realty Group. The property had been acquired by the current seller in November 2007.
“We are pleased with the timing of our exit and the value created for our investors,” said T. Richard Litton Jr., president of HGI. “Throughout nearly seven years of HGI ownership, the property was a consistent performer with high occupancy and steady rent growth.” Details of the transaction have not been disclosed.
The Bella Madera community was built in 2006 and totals 328 Class A units. It is located at 2914 Olmos Creek Drive, East of Interstate 10 and South of Huebner Road, at Northwest Military Drive in Shavano Park. After the acquisition, Harbor Group International invested in minor interior and exterior upgrades.
The pet-friendly property has units of one and two bedrooms, with square footage ranging from 460 to 1025 square feet. Apartment amenities include patio, balcony, garden tub, oversize closets and island kitchens with designer track lighting and black onyx appliances. Property amenities feature a business center, fitness center, resort-style pool, tanning studio, massage therapy salon, clubhouse, laundry facility, covered parking, detached garages, controlled access entry gates and on-site maintenance.
Photo courtesy of Bella Madera Apartments Facebook Page