Harbor Group International Expands Virginia Beach Portfolio with New Acquisition
In a significant move to expand its operations in Virginia, Harbor Group International, LLC (HGI) has announced the acquisition of Reflections at Virginia Beach, a multifamily community composed of 480 apartment units. The deal, valued at approximately $86 million, marks a strategic enhancement to HGI's portfolio within its home state and further establishes its presence in the Hampton Roads region, where the firm has extensive operational experience.
Reflections at Virginia Beach, built in 1986, is a visually appealing community that features 19 two- and three-story residential buildings, all set on a sprawling 30-acre site. The property offers a diverse selection of both one- and two-bedroom apartments and boasts an ample 828 parking spaces for residents. Recent enhancements to the community reflect a commitment to providing top-notch amenities. A $7 million capital improvement program has brought significant upgrades, resulting in an array of recreational and lifestyle options for residents. Notable amenities include a spacious resident clubhouse, an inviting outdoor swimming pool, a fully equipped 24-hour fitness center, a well-furnished business center with meeting spaces, and various outdoor grilling stations. Additionally, the property enjoys proximity to lush nature trails, making it an attractive choice for outdoor enthusiasts.
HGI's Chief Investment Officer of Multifamily, Yisroel Berg, emphasized the importance of this acquisition, stating, "The acquisition of Reflections at Virginia Beach underscores our commitment to expanding thoughtfully in markets where we have long-standing experience and strong performance." Berg highlighted Virginia Beach's dynamic market, which is characterized by robust employment opportunities and appealing lifestyle elements, making it an ideal location for HGI's continued growth.
Not just a transaction, this acquisition builds upon HGI's solid foundation in the Hampton Roads area. With this new addition, the firm now manages or owns over 1,400 units across five properties in the region, which only strengthens its local operational capabilities. Conveniently located just 15 minutes from the company’s corporate headquarters in Norfolk, the acquisition reflects a strategic and local-focused approach to real estate investment.
As one of the major players in the real estate sector, Harbor Group International manages an impressive investment portfolio valued at approximately $21 billion. This includes ownership or management of around 62,000 apartment units across the United States, along with an expansive 5.0 million square feet of commercial space both domestically and in the United Kingdom. The company, which has established its corporate headquarters in Norfolk, maintains a significant presence in key cities, including New York, Baltimore, Los Angeles, and Tel Aviv.
HGI's strategic acquisition of Reflections at Virginia Beach positions the company well for future growth while catering to the increasing demand for quality housing options in the Hampton Roads market. As urbanization and population growth continue to drive the need for multifamily dwellings, HGI remains committed to providing exceptional living environments for individuals and families seeking a community-focused lifestyle in Virginia Beach. By enhancing its portfolio with sought-after properties such as Reflections, HGI signals its intent to be a leader in the real estate market, combining expertise with community development.
Reflections at Virginia Beach, built in 1986, is a visually appealing community that features 19 two- and three-story residential buildings, all set on a sprawling 30-acre site. The property offers a diverse selection of both one- and two-bedroom apartments and boasts an ample 828 parking spaces for residents. Recent enhancements to the community reflect a commitment to providing top-notch amenities. A $7 million capital improvement program has brought significant upgrades, resulting in an array of recreational and lifestyle options for residents. Notable amenities include a spacious resident clubhouse, an inviting outdoor swimming pool, a fully equipped 24-hour fitness center, a well-furnished business center with meeting spaces, and various outdoor grilling stations. Additionally, the property enjoys proximity to lush nature trails, making it an attractive choice for outdoor enthusiasts.
HGI's Chief Investment Officer of Multifamily, Yisroel Berg, emphasized the importance of this acquisition, stating, "The acquisition of Reflections at Virginia Beach underscores our commitment to expanding thoughtfully in markets where we have long-standing experience and strong performance." Berg highlighted Virginia Beach's dynamic market, which is characterized by robust employment opportunities and appealing lifestyle elements, making it an ideal location for HGI's continued growth.
Not just a transaction, this acquisition builds upon HGI's solid foundation in the Hampton Roads area. With this new addition, the firm now manages or owns over 1,400 units across five properties in the region, which only strengthens its local operational capabilities. Conveniently located just 15 minutes from the company’s corporate headquarters in Norfolk, the acquisition reflects a strategic and local-focused approach to real estate investment.
As one of the major players in the real estate sector, Harbor Group International manages an impressive investment portfolio valued at approximately $21 billion. This includes ownership or management of around 62,000 apartment units across the United States, along with an expansive 5.0 million square feet of commercial space both domestically and in the United Kingdom. The company, which has established its corporate headquarters in Norfolk, maintains a significant presence in key cities, including New York, Baltimore, Los Angeles, and Tel Aviv.
HGI's strategic acquisition of Reflections at Virginia Beach positions the company well for future growth while catering to the increasing demand for quality housing options in the Hampton Roads market. As urbanization and population growth continue to drive the need for multifamily dwellings, HGI remains committed to providing exceptional living environments for individuals and families seeking a community-focused lifestyle in Virginia Beach. By enhancing its portfolio with sought-after properties such as Reflections, HGI signals its intent to be a leader in the real estate market, combining expertise with community development.
Topics Consumer Products & Retail）
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