Harbor Group completes acquisition of $100 million Florida multi-family portfolio

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Harbor Group International has completed its purchase of three multi-family buildings in Florida this year for a combined cost of nearly $100 million, according to Commercial Property Executive. The firm is renovating all of the recently-acquired properties, which total 1,218 units in Fort Lauderdale, West Palm Beach and Orlando. It is spending around $5 million, or about $4,000 per unit on those renovations. “The acquisition of the portfolio reflects HGI’s strategic decision to expand our investment and operational presence in major Florida markets,” said HGI President T. Richard Litton. “All three of the assets are located in stable, high traffic submarkets and are well positioned to benefit from improving apartment fundamentals in South Florida and Orlando, particularly upon completion of our capital improvement program.” [Commercial Property Executive]