Harbor Group Spends $475M on Workforce Housing Portfolio in Research Triangle

Affiliates of Norfolk, VA-based Harbor Group International, LLC, have acquired an eight-asset portfolio of workforce housing communities in NC’s Research Triangle for $475 million. A Newmark team of Jason Kon, Henry Stimler and Bill Weber represented the seller, Dasmen Residential, LLC, and facilitated the debt for the acquisition.

The portfolio comprises 2,356 units and features four communities in Durham, three communities in Raleigh and one community in Charlotte. HGI plans to invest approximately $21.9 million across the properties to renovate 25% of the interior units. Harbor Group Management Company will manage all properties.

“The Research Triangle is an important target market for HGI as we seek to acquire well-located communities in high-growth markets,” said Richard Litton of HGI. “As the area’s high-paying STEM jobs continue to attract new residents, we see opportunity to leverage our expertise in owning and operating similar communities in the region to generate rent growth amid increasing demand for housing.”