Harbor Group International (HGI) has acquired an eight-property
multifamily portfolio for a JV of McDowell Properties and Angelo Gordon for
$309 million.
Know as The Southern Piedmont Portfolio, the package
includes 2,322 units spread across suburban submarkets in North Carolina and
Virginia.
HGI plans a $13 million capital expenditure program to upgrade and modernize the properties, which has an average vintage in the early 1990s, with about 71 percent of the garden-style units featuring classic or lightly renovated finishes.
A team from Newmark that included John Heimburger, Christine
Espenshade, Dean Smith, Sean Wood, Alex Okulski, Jason Kon and John Munroe were
the sole brokers on the transaction.
Durham apartments near Sam s Club, Target sold for $60M to Priderock Capital Management bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.