Harbor buys nearly 5,500-unit portfolio from Chetrit for $390M
Apartments are in Florida, Indiana, Kentucky, Ohio and Pennsylvania
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.