ORLANDO, Fla. -- Harbor Group , LLC (“HGI”) announced today that affiliates of the company have acquired the 272-unit West Winds apartment community and the 210-unit Verandahs at Hunt Club in Orlando, Florida, as well as the 146-unit Forestlake Apartments in Daytona Beach.
“Orlando and Daytona Beach are the right markets for our continued strategy throughout Florida,” said T. Richard Litton, Jr., President of HGI. “HGI continues to actively pursue portfolio acquisitions that provide us unique opportunities to provide returns to our investors.”
HGI plans to invest nearly $2.2 million in capital improvements at the properties. HGI owns nine additional multifamily properties in markets throughout Florida.
In the past three years, HGI has closed four multifamily portfolio transactions comprised of 22 properties totaling approximately 7,500 units.
West Winds, originally built in 1985, holds 19 garden style buildings situated on 20 acres of land. The property features five unique floor plans ranging from 509 square feet to 986 square feet, with the choice of one- or two bedrooms. The property is located two blocks away from Universal Studios in the heart of Orlando.
Verandahs at Hunt Club, originally built in 1985, is made up of 21 buildings situated on 21 acres of land. The property features one, two- and three-bedroom floor plans with an average size of 1,185 square feet. The units also include a patio, a den, living room, dining room, bathroom, full kitchen, and one, two, or three bedrooms.
Forestlake was originally built in 1982 and consists of 146 units. The property features one and two bedroom floor plans and the units all have high ceilings.
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.