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Harbor Group International Finances Miami Hotel-to-Multifamily Conversion

Harbor Group International Finances Miami Hotel-to-Multifamily Conversion
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Hersha Sells Coconut Grove Hotel to AB Asset Management

Hersha Hospitality Trust sold a Marriott-branded hotel in Coconut Grove for $31 million, The Real Deal has learned. The Philadelphia-based hotel real estate investment trust sold the three-building, 140-unit Residence Inn by Marriott to AB Asset Management, led by Getzy Fellig and Sam Zalmanov. The Miami Beach-based buyer plans to upgrade the property at 2835 Tigertail Avenue in Miami and convert it to multifamily, Fellig and Zalmanov said. AB Asset Management financed the deal with a $27.5 million bridge loan from Harbor Group International, arranged by FM Capital’s Joe Back. The hotel sold for about $221,000 per unit. Avison Young’s John K. Crotty, Michael T. Fay, David Duckworth, Brian C. de la Fé, Emily Brais and Berkley Bloodworth represented the seller.

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Harbor Group International Acquires 2,300-Unit Portfolio of Eight Multifamily Communities Across The Southeast for $309 Million

NORFOLK, VA - Harbor Group International, a privately-owned international real estate investment and management firm, announced the acquisition of a portfolio of eight multifamily communities in the U.S. Southeast for $309 million. Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro, Durham, and one property is in Hampton, Va. The portfolio was sold by Newmark s Dean Smith and John Heimburger and financing was arranged by Newmark Capital Markets Team Henry Stimler, Bill Weber and Matt Mense. The acquisition marks HGI s return to the North Carolina market and expands the firm s footprint in Virginia. The portfolio totals more than 2,300 units and each property is proximate to major employers and office markets as well as entertainment centers.

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Harbor Group acquires $309M multifamily portfolio

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.

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Harbor Group International Acquires Portfolio of Southeast Multifamily Communities

Harbor Group International Acquires Portfolio of Southeast Multifamily Communities
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