NORFOLK, Va., April 29, 2021 /PRNewswire/ — Associates of Harbor Group Worldwide, LLC (“HGI”), a privately owned worldwide actual property funding and administration agency, right now introduced the acquisition of a 56-asset multifamily portfolio for $390 million. The portfolio comprises well-maintained, single-story workforce housing properties all through the japanese United States. Picture Capital, LLC, partnered with HGI on the transaction.
The portfolio consists of 5,490 items throughout 5 states. Roughly 70% of the properties are positioned in Florida and Ohio, the place HGI already has a big footprint. Different properties are positioned in Indiana, Kentucky and Pennsylvania.
HGI plans to take a position $25 million in capital enhancements and enhancements to the properties, together with $3.6 million on unit renovations.
“The portfolio demonstrated sturdy efficiency amid the financial downturn ensuing from the pandemic, sustaining excessive occupancies and lease development, and presenting a pretty alternative for HGI,” stated Richard Litton, President, HGI. “This acquisition is indicative of our value-add method and HGI’s potential to determine numerous and invaluable alternatives in sturdy markets for our traders.”
Henry Bodek of Galaxy Capital served as dealer for the transaction.
About Harbor Group Worldwide
Harbor Group Worldwide, LLC, together with its associates, is a personal actual property and actual property associated funding and administration agency which controls a portfolio of worldwide property valued at $13.5 billion. HGI is headquartered in Norfolk, Virginia with workplaces in New York, Baltimore, Los Angeles and Tel Aviv. The corporate’s actual property holdings embody 4.3 million sq. toes of business properties and 48,000 condominium items. For extra data, please go to www.harborgroupint.com.
SOURCE Harbor Group Worldwide, LLC