The company paid $88 million for over 1,000 apartments in two projects.
Harbor Group International LLC has bought two housing projects, one in Virginia Beach and the other in Houston, with more than 1,000 rental apartments altogether for $88 million.
The company bought a 440-unit project, Runaway Bay Apartments in Virginia Beach from a subsidiary of Apartment Investment & Management Co. (AIMCO) (NYSE: AIV) for $48 million. AIMCO is the largest owner of rental residential properties in the US. It shareholders include Alan Kasdan and EMD Real Estate Development and Investment Ltd.
In Houston, Harbor Group and local property owner ARI jointly bought the 569-unit Holly Hall Apartments for $40 million from CLK Properties. Harbor Group plans to invest $4.1 million in renovating the properties, which were built in 1971 and comprise of two, three, and four-room apartments. The average apartment size is 84 square meters.
Published by Globes [online], Israel business news - www.globes-online.com - on June 4, 2008
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