DALLAS-Affiliates of Harbor Group International, LLC (HGI) have sold the 228-unit Stone Ridge Apartment community in Dallas.
The property was acquired by HGI in December of 2006 and HGI invested nearly $1 million in property improvements following the acquisition.
“Stone Ridge represents HGI's first exit from the North Dallas market, a desirable market that has been quite successful for us,” said T. Richard Litton, president of HGI. “The combination of strong performance at the property level and a healthy investor appetite for apartment transactions in North Dallas allowed us to successfully exit this investment. HGI affiliates own four other properties in the area totaling 1,550 units.”
HGI did not diclose the buyers of the selling price.
Stone Ridge is a 228-unit apartment community built in 1995. Amenities include a clubhouse, swimming pool, fitness center, business center, controlled access entry gates, 151 covered parking spaces and 118 detached garages. The asset is currently approximately 93% occupied.
Harbor Group International, LLC, Norfolk, VA, is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at approximately $3.8 billion.
HGI also has offices in New York and Tel Aviv. The company's real estate holdings include more than 10.5 million square feet of commercial properties and in excess of 24,500 apartment units.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
