Virginia Beach, Va. - Harbor Group, LLC (“HGI”) announced today that affiliates of the company have sold the 300-unit Pembroke Lake Apartment community in Virginia Beach, Virginia to The Breeden Company for $28.5 million.
The property was acquired by HGI in March of 2011 as part of a nine-property, 2,661 unit portfolio from Great Atlantic for an individual purchase price of $24.6 million.
“HGI was uniquely positioned to acquire the property as part of a large portfolio transaction and make the necessary upgrades to capitalize on its potential in a strong market,” said T. Richard Litton, Jr., President of Harbor Group International, “We are pleased with the property’s performance and the value it provided for our investors.”
Pembroke Lake is located near the intersection of Independence Boulevard and Pembroke Boulevard /N. Witchduck Road, situated in close proximity to the area’s major retail and employment centers. The property is located across Pembroke Boulevard from Giant Square Shopping Center, and in close proximity to Virginia Beach Town Center, Virginia Beach’s downtown area. The property is currently approximately 96% occupied.
Harbor Group International, LLCis a private real estateand management firm which controls a portfolio of worldwide assets valued at approximately $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 10.5 million square feet of commercial properties and in excess of 24,500 apartment units.