Harbor Group International (HGI) acquired the Colter Park Apartments, a 384-unit multifamily property located in Phoenix, for $80.75 million. The apartment community was built in 1972. HGI plans to invest $5 million to renovate a number of the vintage units within the complex, as well as common area improvements and deferred maintenance.

Steven Vegh of Westwood Realty Associates brokered the off market transaction. Northmarq arranged a Freddie Mac senior loan on behalf of HGI led by Bryan Mummaw.

HGI’s Greg Heller says he expects the project to do well, “This transaction provides significant opportunity for operational upside as we expect to see high occupancy rates and steady rent growth over the next five years in the greater Phoenix region.”

The property is within a 10-minute drive of Midtown and provides direct access to the Valley Light Rail system. It has two pools, covered parking and a fitness center.

Colter Park marks the firm’s sixth acquisition and fifteenth overall investment in Phoenix.