Harbor Group Buys and Sells in the Southeast

The two neighboring apartment buildings Harbor acquired -- Mountain View and Longleaf Lodge -- are located in Birmingham, AL and offer 166 units and 155 units, respectively. Omni Corporation previously owned both of the 1970's-era properties. After a $2.75 million renovation effort, the two buildings will be combined into a single 321-unit, upgraded apartment complex that will retain the name of Mountain View. "Our strategy has always been an acquisitive one," Harbor marketing director Sid Bridge tells GlobeSt.com. "We have a good rehabilitation budget for the new properties."

In addition to taking on new properties, HGI has sold two others. "When it comes to dispositions, we pick an exit strategy that optimizes the return for our investors," Bridge says. In a $5.6 million deal, HGI sold its Auburn, AL-based shopping center, Market Square, to Market Square Shopping Center LLC. Offering 90,000-sf of shopping space, the 18-year old center sits on 7.7 acres and is anchored by retailers such as Office Max and Pier One Imports. The company also released the 15-building, 138-unit Raintree Apartments from its portfolio, selling the Columbia, SC property to North Carolina's Southwood Realty Co. for $4.5 million. HGI paid a purchase price of $2.75 million for the 29-year old structure in 1993. "We just pick the right time to cash in the chips on our properties," Bridge explains. "We did our job making the property top-notch and it's selling in the market, so we're ready to move on."