Harbor Group Sells Atlanta Multifamily Asset for $75M
The disposition follows the firm’s nearly $4 million in property improvements; increasing its value by 34%.
ATLANTA, GA – Harbor Group International LLC has sold a 400-unit multifamily property in Buford, GA, an Atlanta suburb, in a $75 million transaction.
The asset, Preserve at Mill Creek, sold at a 34% increase from Harbor Group’s initial acquisition price of $55.95 million in 2016. The firm employed a $3.88 million investment into the property to renovate interior units and improve curb appeal; increasing its value by $19.1 million.
Harbor Group actively pursues value-add multifamily portfolio transactions to achieve higher returns on investments. The firm employed this strategy in its recent $50.5 million purchase and planned improvements of The Cedar at Elm Hill, a garden-style apartment project in Nashville, TN.
Harbor Group International LLC is a privately-owned international real estate investment and management firm. Headquartered in Virginia, the firm currently controls a global portfolio of assets valued at $9.7 billion. The firm’s holdings encompass 3.6 million square feet of commercial properties and 33,000 apartment units.