An affiliate of Harbor Group International (HGI) LLC has acquired the 200-unit Madison at Treybrooke Apartments in Morrisville, N.C., for $16.2 million. The seller of the property, located in the Raleigh-Durham Triangle region, was an affiliate of BPG Properties Ltd. HGI will rename the property Treybrooke at the Park Apartments.
HGI plans to invest an additional $740,000, or $3,700 per unit, for interior and exterior improvements, says company president T. Richard Litton Jr. “The combination of capital upgrades and improving apartment fundamentals should allow HGI to increase the property’s net operating income during our hold period.”
Treybrooke at the Park was built in 1989 and features one-, two- and three-bedroom floor plans with an average size of 1,140 sq. ft. Property amenities include a clubhouse/leasing office, swimming pool, two lighted tennis courts, fitness center, basketball court, playground, picnic area with grills and a DVD library/book exchange center.
The community includes 120 garden-style apartments and 80 townhomes with fully equipped kitchens, full-size washers and dryers in the units, separate dining room, open breakfast bar, private balcony or fenced patio and ceiling fans. The property is currently 97% occupied.
Select units feature wood burning fireplace, exterior storage closet, walk-in closet, coat closet and built-in desk or bookshelves. Units on the first floor have large, fully fenced rear patios.
The acquisition of Treybrooke at the Park Apartments marks HGI’s renewed expansion in the Raleigh-Durham market. HGI acquired Waterford Village Apartments in May 2005 and Woods of North Bend Apartments in June 2005. These communities contain 360 and 475 units, respectively.
HGI is a private real estate investment and management firm that controls a portfolio of worldwide assets valued in excess of $3 billion.
HGI is headquartered in Norfolk, Va., with offices in New York, Chicago and Tel Aviv. The company’s real estate holdings include more than 10 million sq. ft. of commercial space and more than 17,000 apartment units.