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.