(To read more on the multifamily market, click here.)
GERMANTOWN, MD-An affiliate of Norfolk, VA-based Harbor GroupInternational, LLC has just closed on a 768-unit multifamilyproperty here. It was acquired from an affiliate of FairfieldResidential, LLC for $82 million--the company's largest singleapartment property acquisition to date. Called Hamptons at TownCenter, the property is located at 19757 Crystal Rock Dr., next tothe US Department of Energy's headquarters and close to the TownCenter at Germantown.
The firm plans to invest an additional $2.3 million--or $2,951per unit--into the class B property for interior and exteriorimprovements. "The seller maintained the property to high standardsand already completed renovations on 600 units," T. Richard Litton,Jr., president of HGI, says in a statement. "We will renovate theinteriors of the remaining 168 units."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
