HGI’s Recent Acquisition Includes Two Orlando Communities
- Nov 08, 2013
Harbor Group International, LLC announced that affiliates of the company have acquired three Florida apartment communities. Two of the properties, the 272-unit West Winds and the 210-unit Verandahs at Hunt Club are located in Orlando, while the 146-unit Forestlake Apartments is in Daytona Beach, within walking distance from Daytona Beach International Airport and Bellevue Business Park.
The private real estate investment and management firm is headquartered in Norfolk, Va. and has offices in New York and Tel Aviv. HGI claims to have exceeded the $3.8 billion threshold regarding its worldwide assets. The company’s holdings include more than 24,500 apartment units and more than 8.5 million square feet of commercial properties. Nine of Harbor Groups’ previously acquired multifamily properties are located in Florida. During the past three years they closed four multifamily portfolio transactions that included 7,500 units in 22 properties.
Now the company plans to raise capital of the three freshly bought communities by nearly $2.2 million. T. Richard Litton, Jr., President of HGI told the press that he considers Orlando and Daytona Beach “the right markets for our continued investment strategy throughout Florida.” He added that “HGI continues to actively pursue portfolio acquisitions that provide us unique opportunities to provide returns to our investors.”
Situated on 20 acres in central Orlando, just two blocks from Universal Studios, West Winds holds 19 garden style buildings. The property was built in 1985 and features five floor plan options of one- or two-bedroom apartments that range in size from 509 square feet to 986 square feet. The 21 buildings of Verandahs at Hunt Club, were built in the same year, on a slightly larger parcel near the intersection of Semoran and Hunt Club Boulevards. The 21-acre property features units with a patio, a den, living room, dining room, bathroom, full kitchen and up to three bedrooms. The average size of the apartments is 1,185 square feet.
Photo credits: Harbor Group