ARLINGTON, TX-Harbor Group International, LLC (“HGI”) says affiliates of the company have acquired the 660-unit Forest Ridge apartment community here and will invest an additional $2.5 million in capital improvements.
The complex is currently 93.5% occupied. The group plans to modernize the buildings, upgrade amenities and improve curb appeal. The purchase price was not disclosed.
“The Dallas/Fort Worth Metroplex is the largest metropolitan area in Texas and a thriving market with solid job growth,” said T. Richard Litton, president of HGI. “The apartment market in the area has shown consistent growth which is expected to continue. The positive economic forecast along with HGI's proven capital improvement and management strategies make this property a strong investment.”
HGI owns ten additional properties in markets throughout Texas, totaling 4,442 units.
The property, built in 1984 on 44 acres of land, features one- and two-bedroom floor plans with an average unit size of 843 square feet. Property amenities include a business center, fitness center, high speed internet, pet park, clubhouse, extra storage, limited gated access, hot tub, five swimming pools, two lighted tennis courts, picnic areas, two hydrotherapy spas, volleyball courts, and sunrooms. The property is surrounded by a number of athletic attractions including golf courses, country clubs, The Ballpark at Arlington and the new Dallas Cowboys Stadium.
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $3.8 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company's real estate holdings include more than 8.5 million square feet of commercial properties and in excess of 24,500 apartment units.
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