(Read more on the multifamily market.)
FORT WAYNE, IN-Dial Equities, based in Omaha, has purchased twoapartment buildings from an affiliate of Harbor GroupInternational, based in Norfolk, VA. The communities, the 448-unitWillows of Coventry and 248-unit Pointe Inverness, had been boughtby HGI in May 2002 for $31.4 million.
Richard Litton, president of HGI, tells GlobeSt.com that hisfirm held onto the properties for just the right amount of time."Our holding period is typically in the four-to-five year range,"he says. "The property performed well, and hit income numbers."While holding the complexes, the company spent more than $3 millionupgrading them.
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