DORAVILLE, GA – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Forest Cove Apartments, a 638-unit apartment complex located in the northeastern Atlanta suburb of Doraville. The garden-style apartment complex sits on 78 acres and features one, two, and three-bedroom units. The property’s amenities include a pool, a fire pit, a grilling area, a dog park, two playgrounds, and two soccer fields.
Matt Stewart, Partner and Director of Asset Management of TerraCap said, “The acquisition of Forest Cove continues our strategy to buy well-located workforce housing with high value-add potential in strong suburban markets. We are heavily invested in northeast Atlanta and believe in the growth dynamics we see along the I-85 corridor from North Druid Hills Road to Sugarloaf Parkway.”
During ownership, TerraCap plans to reposition Forest Cove by investing into both the interiors and the exteriors of the property. The property already has proven value-add potential, with a previous renovation program achieving premiums over $200. “We’re excited for the opportunity to add this property to our multifamily portfolio,” said Steve Excellent, TerraCap’s National Director of Acquisitions. “This acquisition will complement our existing holdings in the area, and our team has a vision to reposition the asset in a growing Atlantamarket.”
Kevin Geiger of CBRE represented the seller in the disposition. TerraCap was represented by Robert Kadoori and C.J. Kelly of CBRE’s Debt & Structured Finance division in arranging financing for the acquisition. Chad DeFoor and Dan Phelan of Franklin Street helped in securing the buyer.

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NORFOLK, VA – Harbor Group International, a privately-owned international real estate investment and management firm, announced the acquisition of a portfolio of eight multifamily communities in the U.S. Southeast for $309 million.
Seven properties are in North Carolina markets, including Charlotte, Raleigh, Winston-Salem, Greensboro, Durham, and one property is in Hampton, Va.
The portfolio was sold by Newmark’s Dean Smith and John Heimburger and financing was arranged by Newmark Capital Markets Team Henry Stimler, Bill Weber and Matt Mense.
The acquisition marks HGI’s return to the North Carolina market and expands the firm’s footprint in Virginia. The portfolio totals more than 2,300 units and each property is proximate to major employers and office markets as well as entertainment centers.
“The buy of this portfolio allows Harbor Group International to increase investor exposure to a diverse set of geographic locations in high-growth markets,” said Richard Litton, President, HGI. “We see significant potential for continued high occupancies and rent growth across the portfolio and look forward to expanding our presence in the U.S. Southeast.”
HGI plans to invest approximately $13 million for capital improvements across the portfolio, following initial enhancements to the properties’ exteriors and common rooms by the seller. HGI will focus on interior unit renovations and installing appliances such as washer/dryers.

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KING OF PRUSSIA, PA – Morgan Properties, the nation’s largest private multifamily owner, announced it has bought, in partnership with Olayan America, a portfolio of 48 apartment communities and 14,414 units in 11 states for $1.75 billion. The Morgan Properties and Olayan America joint venture bought the North Star Portfolio from STAR Real Estate Ventures, a joint venture between El-Ad National Properties, LLC and Yellowstone Portfolio Trust. The North Star acquisition is the largest multifamily transaction this year and Morgan Properties largest deal since acquiring the Morgan Communities portfolio of 95 apartment communities and 17,500 units in 8 states for $1.9 billion in 2019.
The North Star investment is a strategic transaction for Olayan America, and provides access to some of the best multifamily markets in the nation. It speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector, said Erik Horvat, Managing Director and Head of Real Estate at Olayan America. Olayan America prides itself on its ability to go quickly and capitalize on these unique investment opportunities. Since 2014, Morgan Properties and Olayan America have closed 13 transactions (for $4.3 billion in total acquisition volume) to buy a workforce housing portfolio of over 110 properties and 35,000 units in 14 states, all of which are managed and operated by Morgan Properties. In October of 2020, Morgan Properties and Olayan America bought the Threshold Portfolio, an 18-property, 3,256-unit multifamily portfolio in the Carolinas for $323 million.
The North Star acquisition is a major milestone for our organization and a testament to our conviction in the fundamentals of class B multifamily, says Jonathan Morgan, President of Morgan Properties JV. This transaction establishes us as the second largest multifamily owner in the country and the nation s largest private owner. Morgan Properties growth has been unprecedented in the multifamily industry. We have bought $9 billion of assets and over 70,000 units since 2012. While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it. We are excited to grow our geographic footprint and enter Florida, Texas, Georgia, Louisiana and Michigan. We value our partnership with Olayan and are thrilled to close another monumental transaction together.
The North Star transaction played to our strengths and we knew we were one of the only groups in the country that could bring it to fruition,” says Jason Morgan, Principal at Morgan Properties. It is a daunting task for most buyers to buy geographically diverse portfolios and incorporate the properties into their operational platform, but this is one of Morgan Properties core competencies. The Morgan Communities transaction set precedent for our North Star acquisition given its complexities, assumable debt similarities and size. Due to our long-term hold philosophy, we can pursue transactions encumbered by long-term debt in which the seller is unwilling or unable to defease. As a result, we are able to buy properties at a discount to the broader market. Morgan Properties has bought over $5.5 billion of assets across 40,000 units in the last two years alone in mostly off-market transactions. Our team is looking forward to hitting the ground running.
North Star consists of 48 apartment communities and 14,414 units in 11 states including Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. The portfolio averages 300 units per property and an average vintage of 1985. Unit concentrations are in suburban Baltimore (2,566 units), Tampa-St. Petersburg, FL (1,972 units), suburban Atlanta (1,180 units), Lafayette, LA (972 units), suburban Chicago (762 units), Dallas (744 units), and Boca Raton, FL (712 units). Morgan Properties and Olayan America have solidified their strong market presence in the Mid-Atlantic Region, while greatly expanding their concentration in the Southeast, Southwest and Midwest. They plot to invest an additional $100 million for enhancements and amenity upgrades to the properties of the North Star portfolio.
With the North Star acquisition, Morgan Properties and Olayan America entered five new states including Florida, Texas, Georgia, Louisiana, and Michigan. Morgan Properties has a proven track record in South Florida, where the shifting demographic trends are enticing people and businesses to relocate. Morgan Properties and Olayan America look forward to growing their portfolio in each of these markets.
As part of the North Star acquisition, Morgan Properties hired 400 new employees to join its growing organization, while making two area vice president positions, 14 regional management positions and 70 corporate positions. The Company has chose to open a regional office in Boca Raton to better serve its expansion in the Southeast Region.

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