Harbor Group Pays $144M For Alexandria Apartment Community
Harbor Group International has made its second $100M-plus Northern Virginia acquisition this year.
The Norfolk, Virginia-based investor acquired the Sussex at Kingstowne, a 556-unit apartment community in the Alexandria section of Fairfax County, for $144M, GlobeSt reports.
The 23-building garden apartment community was sold by a joint venture of Praedium Group and The Milestone Group. The JV acquired it in 2012 for $125.5M.
Sussex at Kingstowne features two swimming pools, a tennis court, an indoor racquetball court, a children's playground, a fitness center, a movie theater, an outdoor grilling area, a dog park and other amenities. Its available units range from 821 SF one-bedrooms to 1,350 SF two-bedroom units.
Harbor Group in March bought One Dulles Tower, an Amazon Web Services-leased office building in Herndon, for $226M from FCP. The acquisitions come after Harbor Group last year sold a Maryland multifamily portfolio to Morgan Properties for $247M. It also sold a Greenbelt apartment complex to Blue Ocean Realty for $50M.
