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Classified in: Business
Subject: RLE

Harbor Group International Acquires Workforce Housing Portfolio in North Carolina's Research Triangle


NORFOLK, Va., Jan. 27, 2022 /PRNewswire/ -- Affiliates of Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced the acquisition of an 8-asset portfolio of workforce housing communities in North Carolina's Research Triangle for $475 million. The Newmark team of Jason Kon, Henry Stimler and Bill Weber represented the seller, Dasmen Residential LLC, and facilitated the debt for the acquisition.

Located throughout the Research Triangle, an area known for its research universities and STEM companies, the portfolio comprises 2,356 units and features four communities in Durham, three communities in Raleigh and one community in Charlotte. HGI plans to invest approximately $21.9 million across the properties to renovate 25% of the interior units. Harbor Group Management Company, the property management arm of HGI, will assume management of the entire portfolio.

"The Research Triangle is an important target market for HGI as we seek to acquire well-located communities in high-growth markets," said Richard Litton, HGI. "As the area's high-paying STEM jobs continue to attract new residents, we see opportunity to leverage our expertise in owning and operating similar communities in the region to generate rent growth amid increasing demand for housing."

"We are proud that we were able to bring these two great firms together to do this unique and large off-market transaction. Dasmen entrusted the Newmark team to execute this deal in a very quiet and select manner, culminating in a great outcome for both parties," said Kon.

The Raleigh-Durham properties within the portfolio have direct access to Research Triangle Park, placing residents in proximity to over 22.5 million square feet of office and lab space and more than 275 businesses. Since 2020, more than 9,000 jobs have been created in the Research Triangle area, driven by the expansion of technology and life science companies, with major employers including Bayer Crop Science, Cisco, Biogen and IBM. Apple's first East Coast campus is currently under development in Research Triangle Park, and is projected to bring an additional 3,000 jobs to the area.

HGI is an active investor in the southeastern U.S. markets. With the addition of the Research Triangle portfolio, the firm currently owns and manages nearly 5,000 apartment units in North Carolina.

About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of $18 billion including 4.9 million square feet of commercial space throughout the United States and the United Kingdom and 60,000 apartment units in the United States. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.

About Dasmen Residential LLC
Dasmen Residential LLC is a privately held real estate investment and management firm that owns and operates multi-family properties in major cities throughout the United States. We make opportunistic investments in growth markets and employ a range of strategies to create value and sustain long term asset appreciation. 

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark

Media Contacts:
Harbor Group International
Morgan McGinnis
[email protected] 
323.500.0939

Newmark
Brandon Levesque
[email protected]
212.655.0614

 

SOURCE Harbor Group International, LLC


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News published on 27 january 2022 at 13:43 and distributed by: