Harbor Group Buys Three-Property Portfolio for $100M
- Jun 13, 2012
Florida—Harbor Group International L.L.C. has significantly expanded its presence in the Sunshine State with a three-property acquisition valued just under $100 million. The portfolio includes 1,218 apartments located in three different submarkets. CBRE Group Inc. acted as the broker for the seller of the portfolio.
Serramar is a 302-unit asset located in Ft. Lauderdale, Fla.; Turtle Cove is a 444-unit asset in West Palm Beach, Fla.; and Island Club is a 472-unit asset located in Orlando, Fla.
“The acquisition of the portfolio reflects HGI’s strategic decision to expand our investment and operational presence in major Florida markets,” says Richard Litton, Jr., president of HGI. “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.”
That program will include the investment of approximately $4.9 million into various interior upgrades at the three properties. The transaction represents HGI’s third portfolio acquisition in the last 12 months, following the purchase of a 1,984 unit portfolio in Metro Baltimore and a 2,500 unit portfolio in southeastern Virginia.
MIG Real Estate lands a 300-unit asset in Austin
Austin—MIG Real Estate has grown its Texas footprint with the acquisition of The Cottages, a 330-unit luxury community in Austin. The transaction follows MIG’s entry into Texas in May with the purchase of Wynhaven at Willowbrook, a 372-unit community also located in Houston.
“We continue to identify areas of major growth for investment, and Texas seemed to be home to several markets experiencing the greatest economic growth,” says Greg Merage, chief executive officer of MIG Real Estate.
Units at The Cottages average 907 square feet in size. The property is currently 94 percent occupied and in close proximity to Austin’s Central Business District. Alliance Residential Co. will manage the asset.
Colliers brokers $2.7M sale of residential lot in college area
San Diego–The San Diego office of Colliers International announced that an 18,000-square-foot residential lot has sold in the College Area of the City of San Diego for $2.7 million.
The lot, located at 6229 Montezuma Road, is a fully approved site for a 94-bed student housing apartment complex. The planned student housing is just one of several similar developments appearing in the College Area.
The seller, Aztec Greystone Associates, was represented by David Santistevan and Gunder Creager of Colliers International of San Diego. The buyer, residential real estate development firm Warmington Residential California, represented themselves in the transaction.