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VIRGINIA BEACH, VA-An affiliate of the Harbor Group International has acquired a 288-unit apartment building here for $22.1 million from an affiliate of AIMCO. Called the Woodshire Apartments, the 34-year-old complex is 95% occupied. Drew White of Cushman & Wakefield brokered the deal.

This was among the first deals to close in this submarket since last September’s market meltdown, White tells GlobeSt.com. “There was a lot of interest in the deal because the location was great and there is potential for additional development at the site — by some 48, 50 units,” he says. Also in favor of the deal: Harbor and AIMCO have traded properties in the market before.

Hopefully this trade will establish a price trend for the area, White adds. “There is a lot in the pipeline now,” he says, with contracts pending in Williamsburg and Chesapeake, among others.

The Norfolk, VA-based Harbor Group plans to invest an additional $1.67 million into Woodshire Apartments for interior and exterior upgrades. The units consist of one, two and three bedroom floor plans with an average size of 1,061 square feet. Harbor Group did not return a call to GlobeSt.com in time for publication.

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