(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."

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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.