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Harbor Group Sells Greenbelt Apartments For $50M

Hanover Apartments Greenbelt

Norfolk-based Harbor Group International is selling off most of its Maryland multifamily portfolio.

Earlier this week it sold six Baltimore-area properties for $247M and now it is selling a Greenbelt apartment complex for $50M, GlobeSt reports. Transwestern's Dean Sigmon and Robin Williams brokered the Greenbelt deal on behalf of Harbor Group. 

Baltimore-based Blue Ocean Realty purchased the nine-building, 320-unit Hanover apartments from Harbor Group. Blue Ocean plans to pursue a value-add strategy for the Class-B garden apartment community, estimating about $4.5M in short-term capital improvements. 

After these deals, Harbor Group has two Maryland multifamily assets remaining in its portfolio, a 131-unit Pikeville complex and a 283-unit Suitland property. 

The Hanover complex sits next to a Safeway-anchored retail center and down the street from the NASA Goddard Space Flight Center. In the same neighborhood, a 591-unit apartment complex was acquired by Baltimore-based BDMG last year for $82M. 

WASHINGTON DC 07.12.2017

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