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Metro Atlanta MF Property Trades for $75M
Privately-owned international real estate investment and management firm Harbor Group International has sold the Preserve at Mill Creek, a 400-unit multifamily property in Buford for $75 million. The buyer was not disclosed.
Located at 1400 Mall of Georgia Blvd., the community was acquired by Harbor Group in 2016 for $55.9 million. The $75 million sales price represents a 34% increase from the purchase price, after HGI invested $3.9 million to increase the curb appeal of the property as well as to renovate many of the units.
“The sale of the Preserve at Mill Creek reveals Harbor Group International’s strategic method of developing business plans specific to a property and achieving high returns on our investment goals,” said Richard Litton, president at Harbor Group International. “We see significant value in investing in value-add multifamily properties, and will continue to focus on deals that live up to the standards of our clients.”
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
