NORFOLK, VA-Affiliates of Harbor Group International have closed on the second half of an eight-property, 2,508-unit multifamily portfolio in the Hampton Roads area of southeast Virginia, Cushman & Wakefield’s Drew White and Mike Marshall tell GlobeSt.com. The first four properties in the portfolio closed in April, when the deal was first reported. The sale was a complex one involving loan assumptions from five separate lenders including GE, Fannie Mae, DHDA and Freddie Mac, White says.

For all its complexity, Harbor Group’s acquisition is just one--albeit the largest--piece in Great Atlantic’s portfolio sale, which is in the process of closing. That has been a mammoth trade for the area consisting of roughly 5,000 units in 19 properties. “It is the largest sale for the region ever,” Marshall says. “This is approximately an 80,000 unit market, so 5,000 units represents about 6-and-a-quarter percent of Hampton Roads.”

The total portfolio sale is approximately $265 million, with Harbor International taking approximately $166 million. The remainder is trading in one-off sales and a seven-asset trade between two Washington, DC-area companies in the coming weeks.

Properties that Harbor acquired include Bancroft Hall, a 244-unit apartment community in Virginia Beach; Chase Arbor, a 430-unit multifamily in Virginia Beach; the 300-unit Pembroke Lake in Virginia Beach; Newport News-based Auburn Chase, a 272-unit community; Heatherwood, a 232-unit apartment community in Newport News; Hampton Center, a 418-unit apartment community in Hampton; the Oaks, a 300-unit apartment community in Norfolk; and the Birches, a 312-unit apartment community in Chesapeake.