NEW YORK CITY-Affiliates of Manhattan-based Harbor GroupInternational, LLC have acquired a four-propertymultifamily portfolio located in Nashville, Tennessee, the companyunveiled in a statement. The portfolio includes 1,593apartments at a total purchase price of $130.5 million.

The portfolio consists of the 627-unit Cherry Creek; the346-unit Arbors of Brentwood; the 360-unit Cambridge at HickoryHollow; and the 260-unit Preakness. HGI plans to invest anadditional approximately $4.69 million -- approximately $2,900 perunit -- into various exterior and interior upgrades to thebuildings.

“The acquisition of the portfolio continues HGI’s provenstrategy of acquiring well-located apartment portfolios with valueadd and operational upside in improving markets,” says T.Richard Litton, Jr., president of HGI, in astatement. “All four properties have occupancy levels above90% and are poised to realize increased revenues as we implementour capital program and the Nashville market continues to improve,”he adds.