NORFOLK, VA – Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of a 56-asset multifamily portfolio for $390 million. The portfolio contains well-maintained, single-tale workforce housing properties throughout the eastern United States. Image Capital, LLC, partnered with HGI on the transaction.
The portfolio consists of 5,490 units across five states. Approximately 70% of the properties are located in Florida and Ohio, where HGI already has a significant footprint. Other properties are located in Indiana, Kentucky and Pennsylvania.
HGI plans to invest $25 million in capital improvements and enhancements to the properties, including $3.6 million on unit renovations.
“The portfolio demonstrated strong performance amid the economic downturn resulting from the pandemic, maintaining high occupancies and rent growth, and presenting an attractive opportunity for HGI,” said Richard Litton, President, HGI. “This acquisition is indicative of our value-add approach and HGI’s ability to identify diverse and valuable opportunities in strong markets for our investors.”
Henry Bodek of Galaxy Capital served as broker for the transaction.

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ORLANDO, FL – Lincoln Property Company, with a regional office in Lake Mary, Florida, announced the start of pre-leasing at Legacy Universal, a 350-unit, Class A apartment community at 7488 Universal Boulevard. The luxury apartment community is located in the heart of the International Drive tourism district adjacent to the Lockheed Martin corridor and offers studio, one, two, and three-bedroom apartment homes. Construction is underway and occupancy is slated to start in Summer 2021.
As the developer of Legacy Universal, we are pleased that this project will offer top tier access to the area s largest employers and an abundance of world-class shopping, as well as Orlando s famed Restaurant Row, said Jon Wood, Legacy Partners Senior Managing Director. We re excited to showcase Legacy Partners nationwide brand of development and to build a premier apartment community that many will be proud to call home.
Legacy Universal s community amenities will include: Luxury Courtyard Heated Saltwater Pool with Cabanas & Summer Kitchen, Pet-Friendly Atmosphere with Bark Park & Pet Spa, SkyDeck Game Room, Suite Level Wellness Lounge, Internet Café with Co-Working Stations, On Site Health & Fitness Center with Spin Studio, and Relaxation Lounge Overlooking Pool.
Apartment home features will include: Smart Latch Mobile Home Entry System, Quartz Countertops with Tile Backsplash, Energy Efficient Stainless-Steel Appliances, 10-Foot Ceilings, and Soaking Tubs & Glass Enclosed Showers.
Legacy Universal is within a small walk to Icon Park, home to the Orlando Wheel with over 40 venues including world-wide cuisines and boutique shops and is also nearby Orlando s renowned Restaurant Row. This apartment community will offer stunning skyline firework views of Universal Orlando.

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CHARLOTTE, NC – Crescent Communities announced the addition of a new product segment to its real estate investment portfolio as part of its expansion into the single-family, build-to-rent business. The product segment brand will be unveiled this summer and will further elevate the company s national presence within the residential rental arena.
Recognized for innovative leadership and design, Crescent Communities has seen immense success with its NOVEL brand, a national line of luxury multifamily communities, and looks to bring that same energy and creative spirit to this new sector.
Todd Mansfield, Crescent Communities Chairman and CEO, indicated that Crescent Communities competitive advantage in build-to-rent will be its affiliate relationship with homebuilders in the Sumitomo Forestry portfolio. Its homebuilders operate across the U.S. and collectively build over 10,000 homes annually. These builders relationships will enable Crescent Communities to scale business growth rapidly.
Leading the initiative will be Tony Chen, who joined the Crescent Communities team as Managing Director today. Chen most recently served as Vice President, Chief of Staff, and Head of Office of Strategic Initiatives at FirstKey Homes in Atlanta. He started his career at Deloitte and Bank of America Merrill Lynch. He holds an MBA from Cornell University and a bachelor s degree in Accounting and Information Systems from Virginia Polytechnic Institute and State University.
Chen will report to Crescent Communities President and COO Brian Natwick. We look forward to starting this exciting new endeavor, said Natwick. Tony Chen s leadership will be instrumental in expansion of this business and we are thrilled to have him join our leadership team.
In this new role, Chen will have executive responsibility for the start-up, launch, and ongoing management of a new build-to-rent platform within Crescent Communities. His responsibilities will encompass strategic plotting, business plot development, homebuilder partnerships, property manager oversight, and will include full profit and loss accountability.
I am incredibly honored to join the talented team at Crescent Communities and help build the single-family build-to-rent strategy, said Chen. As a best-in-class real estate developer, we have an opportunity to address the growing demand of single-family rentals and to make additional housing in the U.S. through a highly desired product in purpose-built rental communities.
Crescent Communities build-to-rent product segmentation will offer a premier single family rental experience with locations in high-growth markets around the US. The team has identified its first four markets for development, which include Atlanta, Charlotte, Charleston, and Raleigh. Each community will be comprised of approximately 100 – 200 residences, with a combination of three- and four-bedroom townhomes and/or detached single family houses. Crescent Communities will work with DRB Group, one of the Sumitomo Forestry homebuilders, as its primary builder of build-to-rent product across the East Coast.

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