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Atlanta & Southeast  + Apartments  |  March 9, 2021
David Cohen
By: David Cohen

HGI Acquires Southeast MF Portfolio for $309M

Privately-owned international real estate investment and management firm Harbor Group International (HGI) has acquired an eight-property multifamily portfolio in the Southeast for $309 million.

Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro and Durham with one property in Hampton, VA. HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer/dryers.

Dean Smith and John Heimburger of Newmark arranged the sale on behalf of the undisclosed seller in the transaction. In addition, acquisition financing was arranged by Newmark Capital Markets Team Henry Stimler, Bill Weber and Matt Mense.

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Newmark’s Smith

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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