Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M

Apartments are in Florida, Indiana, Kentucky, Ohio and Pennsylvania

National /
Apr.April 29, 2021 05:24 PM
Joseph Chetrit, Jordan Slone (Getty, NADLAN)

Joseph Chetrit, Jordan Slone (Getty, NADLAN)

UPDATED, 8 p.m., April 29: In one of the largest multifamily transactions of the year, the Chetrit Group sold a nearly 5,500-unit multifamily portfolio to Harbor Group International for $390 million, The Real Deal has learned.

The apartments are in 56 communities across Florida, Indiana, Kentucky, Ohio and Pennsylvania.

Harbor Group International, which is led by Jordan Slone, financed the purchase with a roughly $300 million loan from Freddie Mac, according to sources involved in the transaction. Berkadia is servicing the loan.

Galaxy Capital’s Henry Bodek and Meridian Capital Group arranged the financing. The sale was brokered by Galaxy Capital.

New York-based Chetrit had refinanced the portfolio in 2019 with a $280 million loan.

Harbor, based in Norfolk, Virginia, has nearly $13 billion in assets under management, across office, retail and multifamily, according to its website. In a statement to TRD after this story was published, Richard Litton, president of the firm, noted that the the portfolio maintained high occupancy and rent growth during the pandemic and that Harbor will invest $25 million into upgrading the complex.

Harbor said it is partnering on the deal with Image Capital, an investment firm founded by Asher Koenig.

Harbor recently paid $81 million for an apartment community in Boca Raton.




    This story was updated to include a statement from Harbor Group, as well as the correct lender. 


    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
    New NYC rent law “beginning to shut down investment”
    New NYC rent law “beginning to shut down investment”
    Numbers were down across the board (Credit: iStock)
    New York’s multifamily market had its slowest first half of the year since 2011
    New York’s multifamily market had its slowest first half of the year since 2011
    1240 Morrison Avenue in Soundview, 1769 86th Street in Bensonhurst and 73-99 Empire Boulevard in Crown Heights (Google Maps)
    Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex
    Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex
    Sen. Brian Kavanagh (Getty, iStock)
    New York votes to extend eviction ban through August
    New York votes to extend eviction ban through August
    A rendering of The Pinnacle (Kislak)
    Luxury rental complex in Fort Lee sells for $55M
    Luxury rental complex in Fort Lee sells for $55M
    440 West 57th Street and 15 Park Row (Google Maps)
    NY investment sales hit lowest point since pandemic began
    NY investment sales hit lowest point since pandemic began
    Stonehenge CEO Ofer Yardeni and 920 Park Avenue (Google Maps, Stonehenge)
    Stonehenge Partners buys $135M UES rental building
    Stonehenge Partners buys $135M UES rental building
    arrow_forward_ios

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

    Loading...