Harbor Group opens LA office, recruits new exec
The real estate investment company has been active in New York recently
Harbor Group International is expanding into Los Angeles.
The real estate investment firm, which is opening an office in L.A., said it also tapped Greg Heller, a former executive at JRK Property Holdings, as senior vice president of acquisitions.
Harbor Group owns more than 200,000 square feet of commercial and retail space in California. In 2016, the firm paid $11 million to acquire a Wells Fargo-leased property on Pico Boulevard in West L.A.
The exact location for its new office is still being finalized, according to a spokesperson for the firm.
Heller will lead the new office, where he will be responsible for sourcing and underwriting acquisition opportunities on the West Coast, according to the statement. Prior to joining the firm, he completed over $2 billion of transactions, translating more than 16,000 apartment units, for JRK, a real estate private equity firm based in L.A.
In addition to its headquarters in Norfolk, Harbor Group has offices in New York City, Baltimore and Tel Aviv.
The commercial firm has been a big investor in the multifamily sector in recent years. In November, the firm acquired a 9,677-unit apartment portfolio from Lone Star Funds for $1.8 billion. The portfolio included rental properties around Washington, D.C., Philadelphia, Baltimore, Chicago and Boston.
Most recently, the firm listed for sale a 15-building portfolio in New York for $65 million. The company, in a joint venture with New York-based investor Isaac Kassirer, had acquired the portfolio, and 23 other buildings, for $140 million.
Combined, the firm’s real estate holdings include 4.8 million square feet of commercial properties and approximately 30,000 apartment units.