Harbor Group, CBRE IM Close on Boston-Area Multifamily Portfolio

Affiliates of Harbor Group International, LLC (HGI) and CBRE Investment Management have closed on four of the properties in a $740-million multifamily portfolio acquisition spanning five properties and 2,719 units across New England.  The two companies said the transaction reflects the strength of the region’s rental housing market and builds on their established footprints in Greater Boston.

“The New England region continues to demonstrate some of the strongest multifamily fundamentals in the country,” said Yisroel Berg, CIO of multifamily at HGI. “We are excited to partner with CBRE Investment Management and look forward to implementing this value-add strategy on behalf of both our investors and residents, while preserving the stable, high occupancies that made this portfolio so attractive.”

At CBRE IM, Matt Tepper, head of Americas, Indirect Real Estate Strategies, said, “This acquisition exemplifies our strategy of investing in attainable and high-quality multifamily assets in markets supported by strong demand drivers.”

As previously reported, the seller was Denver-based Apartment Investment and Management Company.

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