Harbor Group’s 13K-unit apartment purchase is one of largest ever

Spanning 8 states, the deal comes 2 years after Harbor closed on a similar purchase of apartments across the East Coast

National /
Jan.January 15, 2020 03:45 PM
Harbor Group International’s CEO Jordan Slone and Phoenix, Arizona (Credit: iStock)  

Harbor Group International’s CEO Jordan Slone and Phoenix, Arizona (Credit: iStock)

Two years ago, Harbor Group International acquired a 9,600-unit apartment portfolio, paying $1.8 billion for properties across the East Coast and in Chicago.

Now, the Virginia-based real estate investment firm has gone even bigger. Harbor has closed on one of the largest apartment portfolio deals ever, paying $1.85 billion for 13,243 units, most of them across the South and Southwest.

The portfolio encompasses 36 properties in eight states: Arizona, Colorado, Florida, Georgia, Missouri, New Mexico, Texas and Utah.

The seller was Aragon Holdings. The deal accounted for most of Aragon’s $2 billion sale of its entire apartment portfolio, consisting of 15,000 units across the U.S.

The acquisition highlights increased investor demand for multifamily properties, especially in the South where occupancy rates remain high and the population is growing.

“Harbor Group targets value-add opportunities, making this an ideal transaction for both firms,” Larison Clark, founder and CEO of Los Angeles-based Aragon, said in a statement on the deal.

Aragon assembled the portfolio over the last decade. The properties average about 350 units each, comprised of two- and three-story buildings in suburban areas.

Newmark Knight Frank represented the seller in the sale and the buyer for the debt financing.

Harbor, led by CEO Jordan Slone, has a portfolio of assets valued at $12.5 billion, according to a release.


Related Articles

arrow_forward_ios
New Yorkers who signed concession-laden apartment deals during the pandemic are finding a rude surprise when it's time to renew. (iStock)
New York: Welcome to the era of sky-high renewals
New York: Welcome to the era of sky-high renewals
From left: Phoenix, Tampa and Las Vegas had the largest rises in rent, according to a Yardi report. (iStock)
Rents rise in all big US cities, a pandemic first
Rents rise in all big US cities, a pandemic first
Blackstone CEO Stephen Schwarzman and Morgan Properties CEO Mitchell Morgan (Getty, Morgan Properties, iStock)
Multifamily buyers set record with $53B spending spree
Multifamily buyers set record with $53B spending spree
Harbor Group’s Jordan Slone (right) and Cammeby's International founder Rubin Schron (iStock)
Harbor Group, Cammeby’s team up on $1B NJ apartment buy
Harbor Group, Cammeby’s team up on $1B NJ apartment buy
Jordan Slone of Harbor Group and The Henry at 1 Crystal Hill Drive (Harbor Group)
Harbor Group pays $54M for Rockland County apartment complex
Harbor Group pays $54M for Rockland County apartment complex
Joseph Chetrit, Jordan Slone (Getty, NADLAN)
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
445 Fifth Avenue and Harbor Group's Jordan Slone (Google Maps)
Harbor Group sued after defaulting on $40M loan at Midtown retail space
Harbor Group sued after defaulting on $40M loan at Midtown retail space
The Real Deal's Kathryn Brenzel and WNYC’s Sean Carlson
TRDxWNYC: Reporter Kathryn Brenzel on surging vacancies
TRDxWNYC: Reporter Kathryn Brenzel on surging vacancies
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...