Harbor Group International has acquired a portfolio of multifamily properties in the Sunbelt for $625 million.
The purchase involves 11 garden-style assets, which are spread out through four states: South Carolina, Georgia, Louisiana and Tennessee, Multifamily Dive reports, citing an email sent by JPMorganChase. The total number of units is 3,590.
The properties were built between 1996 and 2010, with 15 percent of them undergoing renovation recently. Occupancy of the portfolio averages out to 95 percent.
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A joint venture between Carlton Associates, David Werner and Onyx Partners, sold the portfolio.
The acquisition continues Harbor's offensive plays in the multifamily space during the first half of the year. RealPage reported that Harbor bought a 390-unit community, The Kendrick in Boston, for roughly $182 million in the first quarter. The software firm said it was the fifth-biggest apartment deal in the country that occurred during the first three months of the year. That deal followed the investment firm's Livano Canyon Falls acquisition in February in Northlake, Texas, which was newly built at the time. The community features 300 units.
According to Harbor, it manages $20 billion in real estate investments and a total of 58,000 multifamily units.
In the first quarter, a report from RealPage found that multifamily permits in the Southeast dropped to the lowest levels in nearly four years after supply had surged over the past couple of years. That came as absorption reached a record high of 56,000 units in the first three months of 2025.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
