Orlando Community Part of $100M Portfolio Acquired by Harbor Group
- Jun 21, 2012
Affiliates of Harbor Group International, LLC have paid $99.7 million for a three-property Florida multifamily portfolio; the portfolio, consisting of a total of 1,218 units, included the Island Club gated community at 1401 South Kirkman Road, Orlando. This transaction is Harbor Group’s third apartment portfolio acquisition in the last 12 months, following the acquisition of a 1,984 unit portfolio in Metro Baltimore and a 2,500 unit portfolio in southeastern Virginia.
“The acquisition of the portfolio reflects HGI’s strategic decision to expand our investment and operational presence in major Florida markets,” said T. Richard Litton, Jr., president of Harbor Group International. “All three of the assets are located in stable, high traffic submarkets and are well positioned to benefit from improving apartment fundamentals in South Florida and Orlando, particularly upon completion of our capital improvement program,” he added.
The seller—a joint venture between AEW and The Bainbridge Companies—was represented in the sale by CBRE South Florida Multi-Housing Group’s executive vice president Robert Given and Zachary Sackley. CBRE has also secured $75 million in financing for the acquisition.
Harbor Group has also announced that it plans to invest an additional $4.9 million—approximately $4,000 per unit—into various exterior and interior upgrades.
The 471-unit Island Club is a gated community located just minutes away from downtown Orlando and Universal Studios; its one-, two- and three-bedroom units feature expansive kitchens with natural lighting, energy efficient ceiling fans, large walk-in closets, washers and dryers, and vaulted ceiling. Amenities include club-class fitness center with state-of-the-art cardio court, clubhouse with game room and lounge, controlled-access gated entrance, outdoor tennis court and volleyball court, indoor racquetball court, and car care center.