Harbor Group International, based in Norfolk, Va., recently announced the sale of the Preserve at Mill Creek, a 400-unit multifamily property in suburban Atlanta, for $75 million, a 34% increase from the $55.95 million purchase price the company paid in 2016. Before the company put it on the market, Harbor Group International invested $3.875 million to renovate the units, which increased the property value by $19.05 million.
“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 president Richard Litton. “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.”
Multifamily purchases with value-add possibilities remain high on Harbor Group International’s radar. It recently acquired The Cedars at Elm Hill, a garden-style apartment project in Nashville, Tenn., for $50.5 million.