An affiliate of Harbor Group International (HGI) is under contract to acquire a multifamily portfolio comprising five New England communities for $740 million from Apartment Investment and Management Co. (Aimco).
Built between 1970 and 1974, the five properties comprising 2,719 units are concentrated around the greater Boston metro in Massachusetts, New Hampshire, and Rhode Island. As of July, the portfolio was 95.7% occupied.
Unit interiors feature stainless steel appliances and hardwood flooring. Amenities at the properties also include swimming pools, fitness centers, clubhouses, and common green areas. The HGI affiliate plans to implement a value-add improvement program across the properties with targeted renovations and an active asset management strategy.
“The addition of these communities will deepen HGI’s presence within the Boston area, a market exhibiting robust multifamily fundamentals where we already have a strong operating footprint,” said Yisroel Berg, chief investment officer of multifamily. “With limited new supply in the surrounding areas of each property, we will be well-positioned to leverage our local market knowledge to maintain stable occupancy levels and implement targeted renovations that enhance the resident experience.”
This portfolio acquisition adds to HGI affiliates’ nearly 1,000 units across four Boston-area assets and reinforces the firm’s track record. Following this acquisition, HGI will have executed approximately $2.2 billion of multifamily acquisitions in 2025 year to date.
Four of the five assets are expected to close during the third quarter, while the final asset is expected to close in the fourth quarter.
“The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders,” said president and CEO Wes Powell.
In addition to the five-property portfolio, Aimco is under contract to sell its Brickell Assemblage, which includes The Yacht Club Apartments and the adjacent 1001 Brickell Bay Drive office building, in Miami for $520 million. Gross proceeds from both transactions are expected to equal $1.26 billion, with net proceeds expected to be approximately $785 million, or $5.21 per common share. Following the closings, Aimco plans to distribute the majority of net proceeds to shareholders, which is consistent with its previously community capital allocation strategy.
According to Aimco, its remaining portfolio includes 18 multifamily communities comprising 3,457 units with concentrations in suburban Chicago and the Washington, D.C., metro area. Its active development business includes a waterfront residential tower in Miami that is under construction and slated for delivery in 2027 as well as a controlled development pipeline with the potential for more than 3,700 new apartments.
