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MEMPHIS, TN-Harbor Group International of Norfolk, VA has acquired 542 units here in two apartment communities. The Norfolk, VA-based apartment investor paid an institutional seller $16.2 million for the two properties, and plans to spend several more million on upgrades.

The two garden-style properties are the 400-unit Lynnfield Place and the 142-unit Chardonnay. HGI chairman/CEO Jordan Slone says the properties are located in a “vibrant” area of the market and that HGI can add “a significant amount of value.”

Lynnfield Place is located less than one mile from Poplar Avenue, one of the busiest commercial and retail thoroughfares in Memphis. It was built in 1974 and is currently 91% occupied. The property contains one-, two-, and three-bedroom apartments averaging 1,048 sf. Amenities include two swimming pools, three tennis courts, a basketball court, and a fitness center.

Chardonnay is located in Germantown, an upscale city with the some of the strongest demographics in Tennessee. The complex was built in 1973 and is currently 96% occupied. The property contains one-, two-, three-, and four-bedroom apartments with an average size of 1,110 sf. Amenities include a swimming pool, a tennis court, a playground, and wood-burning fireplaces.

Since 1990, HGI has acquired in excess of 7,500 apartments in Tennessee, Florida, the Carolinas, Maryland, Georgia, Arkansas, Indiana, Ohio, and Virginia. In addition to the purchase price, HGI says it plans on spending $6.75 million to renovate the properties in order to enhance their position in the market. Steve Rudesill and Blake Pera of CB Richard Ellis served as brokers for the transaction. Pera was not immediately available on Wednesday for comment.

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