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.”
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.