Harbor Group International, LLC (HGI) has recently announced the sale of a portfolio of multifamily assets in the greater Boston area. The portfolio, consisting of six properties and a total of 1,722 apartment units, was acquired by HGI in 2019 for $384 million. Following the acquisition, HGI implemented a comprehensive capital improvement program, investing $13.6 million to renovate the interior units, enhance property amenities, address deferred maintenance, and improve the overall curb appeal. Newmark represented HGI in the sale.
The strategic sale of the Boston portfolio demonstrates HGI’s capability to identify opportunities to divest high-quality stabilized assets, even amidst fluctuating market conditions. Lane Shea, Managing Director at HGI, expressed satisfaction in achieving the investment goals, leveraging their multifamily market expertise and customized business plans for each asset within the portfolio. Despite ongoing economic challenges, HGI successfully realized their vision for the properties.
The six properties included in the portfolio are conveniently located in suburban Boston areas that are surrounded by major employment hubs housing prominent technology, bio-medical, manufacturing, and financial services companies. Additionally, the properties offer close proximity to major highways and MBTA train stations, providing residents with direct access to Downtown Boston.
By adhering to their customized business plans, HGI was able to unlock the true potential of each property within the portfolio, generating value for both residents and stakeholders. The sale marks a successful endeavor for HGI, highlighting their strategic decision-making and ability to adapt to varying market dynamics.
While the specific details of the sale remain undisclosed, HGI’s accomplishment in divesting these assets reinforces their reputation as a leading international real estate investment and management firm. The successful renovation and sale of the portfolio further solidifies HGI’s position in the real estate market.
Moving forward, HGI will continue to seek out new investment opportunities that align with their strategic vision. With their proven track record in identifying and maximizing the potential of multifamily assets, they are well-positioned to navigate future challenges and drive growth in the real estate sector.
In conclusion, the recent sale of the multifamily portfolio in Boston by Harbor Group International signifies their ability to identify and capitalize on lucrative opportunities within the real estate market. Through their dedication to enhancing properties and executing customized business plans, HGI successfully achieved their investment goals. This accomplishment underscores their expertise and solidifies their position as a prominent player in the industry. As HGI looks towards the future, their commitment to strategic acquisitions and value creation remains unwavering.
