(To read more on the multifamily market, click here.)

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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.

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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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According to 2006 data from the Maryland Department of Housingand Community Affairs Apartment Rental Guide, monthly rents forone-bedroom units ranged from $895 to $899. Two-bedroom unitsrented for $1,125 to $1,198 a month. Units average 676 sf. Hamptonsat Town Center is 93% occupied.

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The complex was built in phases between 1979 and 1982 and issituated on 37 acres. Other features include a newly renovatedclubhouse and fitness center, swimming pool, business center,tennis and volleyball courts.

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