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ATLANTA-Norfolk, VA-based Harbor Group International has bought the Reserve Apartment portfolio, which consists of 1,039 units in three different complexes in the upscale Pleasant Valley area of Little Rock, AK. On condition of anonymity, an area broker tells GlobeSt.com the price was $38 million, or approximately $36,574 a unit.

The seller is a joint venture of Newark, NJ-based Prudential Real Estate Investors and Manassas, VA-based Pinnacle Management. The JV refused to dislose the publicly recorded price.

The largest complex in the trio is the Reserve at Greenwood, a 450-unit community on 19.69 acres. It was built in 1975 and renovated in 1999. It consists of one-, two- and three-bedroom units. The property is 94% occupied, and the average rent is $596 per unit. There are four pools, a tennis court, and a clubhouse on the property.

The Reserve at Walnut Ridge is a 252-unit community on 8.65 acres. It was built in 1974 and renovated in 1999. It has one- and two-bedroom units, and the larger ones include lofts, fireplaces and townhouses. There are two pools and a clubhouse on the property. The complex is 93% occupied, and the average rent is $558 a unit.

The Reserve at Foxrun, a 337-unit complex on 14.09 acres, also built in 1974 and renovated in 1999, contains one-, two- and three-bedroom units that include lofts, fireplaces and townhouses. There are four pools, a basketball court, clubhouse and carports on the property. It is 94% occupied, and the average rent is $635 per unit.

HGI plans to invest $3 million in upgrading the Reserve properties. This acquisition follows HGI’s recent purchase of a Midwest portfolio, encompassing 992 units in Toledo, OH and Fort Wayne, IN, and it brings the total value of HGI’s 2002 acquisitions to $171 million.

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