Harbor Group International to purchase 11 multifamily properties for $562M
Norfolk-based real estate investment and asset management firm Harbor Group International plans to purchase 11 multifamily properties from Virginia Beach-based AH Realty Trust for $562 million.
The transaction, jointly announced on March 16, is expected to close in the middle of this year. HGI has provided a $15 million nonrefundable deposit.
HGI did not immediately return requests for comment. According to AH Realty Trust, the locations are:
- Chandler Residences in Roswell, Georgia
- Greenside Apartments in Charlotte, North Carolina
- Chronicle Mill Apartments in Belmont, North Carolina
- 1405 Point St. in Baltimore
- 1305 Dock St. in Baltimore
- Allied Harbor Point in Baltimore
- Liberty Apartments in Newport News
- The Edison in Richmond
- Encore 4505 at Town Center Apartments in Virginia Beach
- Premier in Virginia Beach
- The Cosmopolitan Apartments in Virginia Beach
These properties collectively have 2,436 units.
“We are proud to announce this milestone transaction with a firm that, like us, has deep roots and a long history in Hampton Roads and a strong presence in this market,” AH Realty Trust President and CEO Shawn Tibbetts said in a statement. “HGI is acquiring a strong, stable portfolio that has served our company well.
“By realizing the value of these assets,” he continued, “AH Realty Trust is able to simplify our business, strengthen our balance sheet and continue executing our strategy with clarity and purpose.”
Last month, Armada Hoffler Properties rebranded as AH Realty Trust as part of an overhaul that includes selling major parts of its portfolio, cutting debt and creating a more focused business. At the time, the company said it was exiting the multifamily property sector and was also in talks to sell its construction business and a majority of its real estate financing platform investments. AH Realty Trust expects these deals to close this year and intends to use the proceeds to pay down debt. As of Dec. 31, 2025, the company had $1.5 billion in total outstanding debt.
According to AH Realty Trust, the 11 assets represent the majority of its multifamily portfolio. AHRT said it will retain Smith’s Landing in Blacksburg and plans to separately market The Everly in Roanoke and Solis Gainesville in Gainesville, Georgia.
“We are pleased to work with AH Realty Trust, a fellow Hampton Roads institution, on this transaction,” HGI President T. Richard Litton Jr. said in a statement. “We expect the acquisition of these high-quality multifamily properties to further enhance our growing portfolio.”
HGI owns or manages over 1,400 units across five properties within the Hampton Roads metropolitan area. Globally, the company owns and manages 504 assets worldwide, around 58,000 multifamily units and 5 million square feet of commercial real estate. It has 1,700 employees worldwide.
Founded in 1979, AH Realty Trust develops, builds, acquires and manages properties in the mid-Atlantic and Southeast.
View original article here.
