Harbor Group International has acquired a portfolio of six multifamily properties in the greater Baltimore area from SRH/CMS Berkshire, a special-purpose vehicle set up to hold the assets.
According to data provider Real Capital Analytics, the Norfolk, Virginia-based private equity real estate firm purchased the 1,984-unit portfolio from a joint venture between College Park, Maryland-based Sawyer Realty Holdings and Wynnewood, Pennsylvania-based CMS Companies for $190.1 million.
In a statement, Harbor Group president T. Richard Litton, Jr. said that acquisition of the “well-located, adjacent apartment communities” will afford the firm “immediate size and scale in a healthy submarket.” Indeed, with the acquisition of this portfolio, the firm now owns more than 3,300 units in Maryland. Harbor Group said it plans to invest an additional $7.8 million, or roughly $3,900 per unit, to refurbish the properties.
The properties in the portfolio include the 808-unit Crosswinds at Rolling Road at 7500 Hithergreen Drive, the 270-unit The Glens at Rolling Road at 2300 Noonham Road, the 270-unit Stratton Meadows at 4 Heatherton Court, the 92-unit Diamond Ridge at 2 Heatherton Court, the 264-unit Granite Run at 7414 Brixworth Court and the 280-unit Rolling Wind at 2420 Bibury Lane. All the properties are situated near the same intersection, that of the Baltimore Beltway and the I-70.
The Baltimore purchase comes in the wake of a similar deal that Harbor Group recently closed. In May, the firm acquired a 2,500-unit multifamily portfolio in the Hampton Roads area of Southeast Virginia for $165.9 million.