Harbor Group buys real estate projects for $88m.

Investment and management company purchases 440-unit Runaway Bay Apartments located in Virginia Beach.

June 12, 2008 23:06
Harbor Group buys real estate projects for $88m.

apartment 88. (photo credit: )


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Israeli-American real estate company Harbor Group has acquired two projects in Virginia and Texas, with more than 1,000 units, for $88 million. The investment and management company purchased the 440-unit Runaway Bay Apartments located in Virginia Beach, Virginia, from an affiliate of Apartment Investment and Management Company. Harbor Group also bought the 569-unit Holly Hall Apartments in Houston. The deal was a joint venture with Houston-based multifamily operator ARI. Harbor Group controls a portfolio of worldwide assets of more than $2 billion. The Company is headquartered in Norfolk, Virginia, with offices in New York, Chicago, London and Tel Aviv. It is controlled by Israel's Electra Real Estate (25 percent) and a group of American and Israeli partners.

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