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NORFOLK, VA-Harbor Group International affiliates have acquired the 360-unit Waterford Village apartments in Durham, NC, for $24.72 million and the 280-unit Cavalier Creekside apartments in Atlanta for $21.5 million. An additional $392,000 has been set aside for exterior upgrades at the properties.Waterford Village, completed in 1996, is 93.5% occupied. Cavalier Creekside, completed in 2003, is 86% occupied. The locally based diversified investor acquired from Sentinel Real Estate Corp. and Southeast Capital Partners Inc., respectively. Harbor Group spokesman Sid Bridge describes the assets as “newer properties in recovering southeastern markets.”Harbor Group owns mainly office and multifamily assets. Bridge tells GlobeSt.com that the company’s multifamily portfolio totals about 11,000 units. So far this year, including these latest acquisitions, the company has acquired 1,544 apartment units in several properties. In January, Harbor Group acquired a 696-unit portfolio in Birmingham, AL, for $50.32 million. In March, it acquired a 208-unit property in Newport News, VA, for $17.9 million. The company expects to acquire an additional 500 to 600 units, says Bridge. Waterford Village has one- and two-bedroom floor plans. The average unit size is 945 sf. Property amenities include a 5,600-sf clubhouse and fitness center, a swimming pool and sundeck, sand volleyball court, playground, racquetball court, cinema room, business center and community room. Units have nine-foot ceilings, washer and dryer connections, walk-in closets, and balconies or patios. Select units have fireplaces, microwaves and newly installed washers and dryers.Cavalier Creekside has one-, two- and three-bedroom floor plans. The average unit size is 1,003 sf. Property amenities include a two-story clubhouse, swimming pool, fitness center, nature trail, business center and controlled access entry gates. Units have nine-foot ceilings, crown molding, wired alarm systems and washer/dryer connections. Select units have double-sink vanities, garden tubs and center-island kitchens.

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