A joint venture of affiliates of Harbor Group International, LLC, a privately-owned international real estate investment and management firm, and affiliates of Benedict Realty Group, have acquired a portfolio of ten Florida apartment communities.
The portfolio consists of ten properties, totaling 1,209 units in the Orlando, Jacksonville, Daytona Beach and Pensacola markets.
“HGI continues to actively seek out and acquire portfolios of multifamily properties in key markets throughout the United States,” said T. Richard Litton, Jr., President of HGI, “HGI’s track record as an acquirer of multifamily portfolios uniquely positions the company to ‘buy wholesale and sell retail,’ treating each property with an individual business plan and maximizing value for our investors.” The acquisition increases HGI’s Florida holdings to 19 multifamily properties comprising more than 4,000 units.
Daniel Benedict, President and Founder of BRG, commented: “We are excited to significantly expand our multifamily holdings outside of NYC to continue purchasing multifamily properties in Florida, together with the talented team at HGI”.
Newmark Group’s Senior Managing Director Ryan Moody and Directors John Rutherford and Andrew Visnick represented the seller Stoneweg in the disposition.
HGI’s property management arm, Harbor Group Management Co., will provide property management services for the portfolio. BRG and HGI will jointly provide asset management services. The ten assets in the portfolio include the following: Branchwood (Winter Park); Wingwood (Orlando); Oak Shade (Orange City); Applewood (DeLand); Pelican Pointe (Jacksonville); Stonewood (Jacksonville); Kings Crossing (Jacksonville); Nova Glen (Daytona Beach); Nova Wood (Daytona Beach); and Broadview Oaks (Pensacola).
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $12.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company’s real estate holdings include 4.9 million square feet of commercial properties and 45,000 apartment units. For additional information, please visit www.harborgroupint.com.
About Benedict Realty Group, LLC
Benedict Realty Group, LLC is a private real estate company headquartered in New York. The company owns a multi-billion-dollar portfolio of multifamily and commercial assets in the United States. For additional information, please visit www.brgny.com.
