Harbor Group Reaches $740M Deal For 5-Property New England Portfolio
Apartment Investment and Management Co., a publicly traded REIT, has struck a deal to sell a large portfolio of apartments in New England as it also works on a major Miami sale.
Norfolk, Virginia-based Harbor Group International is under contract to buy five multifamily properties from Aimco totaling 2,719 units in Massachusetts, New Hampshire and Rhode Island for $740M, it announced Wednesday.
The portfolio includes three Massachusetts properties: Waterford Village in Bridgewater, Wexford Village in Worcester and Royal Crest Estates Marlboro in Marlborough. It also includes the Royal Crest Estates Nashua in Nashua, New Hampshire, and Royal Crest Estates Warwick in Warwick, Rhode Island.
HGI already owns 978 units across four Greater Boston assets and has executed roughly $2.2B in multifamily transactions since the beginning of the year.
In April, the group's management arm, Harbor Group Management, acquired a 390-unit multifamily building called The Kendrick from Toll Brothers for $181.7M.
Aimco has been on a selling spree. The company is also under agreement to sell two apartment complexes on Miami's Brickell Avenue to Oak Row Equities for $520M. The sale was previously expected to close in March, but Aimco said in a release Thursday it exercised a closing extension option last month and now expects it to close in the fourth quarter.
In the release, Aimco also said it is focused on maximizing shareholder value with additional transactions, "which may include the sale of additional components of the portfolio, individual asset sales, or a sale or merger of the Company as a whole."
"The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders," Aimco CEO Wes Powell said in a statement.
