ORLANDO, Fla. - Harbor Group, LLC (“HGI”) announced today that affiliates of the company have acquired the 343-unit Regency Oaks apartment community and the 234-unit Douglaston Villas & Townhomes in Orlando, Florida and the 734-unit Lakeside Place apartment community in Houston, Texas.
“Orlando remains a focus market for us and we believe we can quickly add value and provide solid returns to our investors,” said T. Richard Litton, Jr., President of HGI. “HGI continues to actively seek opportunities in all major Florida markets.”
HGI plans to invest more than $1.7 million in capital improvements at both Orlando properties. HGI owns seven additional multifamily properties in throughout Florida, including three properties totaling 1,236 units in Orlando.
“Lakeside Place is well located in a thriving and dynamic West Houston multifamily submarket,” Litton also commented, “Based on overall submarket performance and the performance of our existing Houston apartment properties, we expect that Lakeside Place will be a strong .”
HGI will invest an additional $3.4 million in capital improvements to modernize the property, upgrade amenities and improve curb appeal. HGI owns nine additional properties in markets throughout Texas, including three properties totaling 1,863 units in Houston.
In the past three years, HGI has closed four multifamily portfolio transactions comprised of 22 properties totaling approximately 7,500 units.
Regency Oaks consists of 29 buildings, on 25 acres of land. The property features a variety of options ranging from one bedroom studios, to spacious 3 bedroom floor plans, all including 1 to 2.5 bathrooms with an average of 989 square feet per unit.
Douglaston Villas and Townhomes is comprised of 55 one and two story buildings on 27 acres of land. The property features one, two, and three bedroom floor plans with an average size of 1,086 square feet.
Lakeside Place is located between Houston’s two fastest growing employment districts, the Energy Corridor and Westchase District. The Houston Property spans 32.3 acres in West Houston with approximately 2,400 feet of frontage on Wilcrest Drive across from the exclusive Lakeside Country Club. Lakeside Place benefits from large unit sizes (average of 1,063 square feet) and washer and dryer connections in all the units.
Harbor Group International, LLCis a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include more than 8.5 million square feet of commercial properties and in excess of 24,500 apartment units. For additional information, please visit www.harborgroupint.com.