{"id":1004081489,"date":"2013-08-07T15:30:59","date_gmt":"2013-08-07T23:30:59","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=156072"},"modified":"2020-05-21T00:17:59","modified_gmt":"2020-05-21T08:17:59","slug":"virginia-beach-m-f-assets-command-73m-for-harbor-group-international","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/","title":{"rendered":"Virginia Beach M-F Assets Command $73M for Harbor Group International"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/em><\/p>\n

Harbor Group International, L.L.C. has sold two apartment communities in Virginia Beach this summer. The properties total 730 units and commanded a combined $72.5 million.<\/p>\n

Affiliates of Norfolk-based HGI sold the Chase Arbor \"\"<\/a> apartment community in June to Los Angeles-based JRK Property Holdings, a subsidiary of JRK Investors. ARA\u2019s Drew White and Mike Marshall, and Richmond-based broker Wink Ewing, represented the seller.<\/p>\n

Virginia Business<\/em><\/a> reported that the property traded for $44 million. HGI paid $35.35 million for Chase Arbor in 2011, when the Norfolk-based company acquired it as part of a nine-property, $166 million deal.<\/p>\n

Constructed in 1983, the 430-unit Chase Harbor community is located at the intersection of South Independence Blvd. and South Plaza near Virginia Beach Town Center. Amenities include a swimming pool, tennis courts, clubhouse with a tanning bed, fitness center, dog park, and a volleyball court. The property was 94% occupied at the time of the sale.<\/p>\n

In July, HGI announced the sale of the 300-unit Pembroke Lake apartment community to the Breeden Co, for $28.5 million. Pembroke Lake was acquired by HGI last year for $24.6 million and was part of the portfolio that included Chase Arbor.<\/p>\n

\u201cHGI was uniquely positioned to acquire the property as part of a large portfolio transaction and make the necessary upgrades to capitalize on its potential in a strong market,\u201d said T. Richard Litton, Jr., the company\u2019s president. \u201cWe are pleased with the property\u2019s performance and the value it provided for our investors.\u201d<\/p>\n

Located near the intersection of Independence Blvd. and Pembroke Blvd.\/N. Witchduck Road, Pembroke Lake is close to the area\u2019s major retail and employment centers and Virginia Beach\u2019s downtown. At the time of the sale, the property was 96% occupied.<\/p>\n

Photo: Google Maps.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Harbor Group International, LLC (HGI), a private real estate investment and management firm, has sold two apartment communities in Virginia Beach in the last two months. The two properties total 730 units and were sold for a combined $72.5 million.<\/p>\n","protected":false},"author":925,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[3457,3452],"class_list":["post-1004081489","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads","tag-hampton-roads","tag-richmond"],"acf":[],"yoast_head":"\nVirginia Beach M-F Assets Command $73M for Harbor Group International - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Virginia Beach M-F Assets Command $73M for Harbor Group International\" \/>\n<meta property=\"og:description\" content=\"Harbor Group International, LLC (HGI), a private real estate investment and management firm, has sold two apartment communities in Virginia Beach in the last two months. The two properties total 730 units and were sold for a combined $72.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-07T23:30:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-21T08:17:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/87129740917249017.jpg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Virginia Beach M-F Assets Command $73M for Harbor Group International\",\"datePublished\":\"2013-08-07T23:30:59+00:00\",\"dateModified\":\"2020-05-21T08:17:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/\"},\"wordCount\":298,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/07\\\/87129740917249017.jpg\",\"keywords\":[\"Hampton Roads (No longer used)\",\"Richmond\"],\"articleSection\":[\"Richmond\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/\",\"name\":\"Virginia Beach M-F Assets Command $73M for Harbor Group International - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/07\\\/87129740917249017.jpg\",\"datePublished\":\"2013-08-07T23:30:59+00:00\",\"dateModified\":\"2020-05-21T08:17:59+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/#primaryimage\",\"url\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/07\\\/87129740917249017.jpg\",\"contentUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/07\\\/87129740917249017.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Virginia Beach M-F Assets Command $73M for Harbor Group International\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\",\"name\":\"Adrian Maties\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g\",\"caption\":\"Adrian Maties\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/adrianmaties\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Virginia Beach M-F Assets Command $73M for Harbor Group International - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/","og_locale":"en_US","og_type":"article","og_title":"Virginia Beach M-F Assets Command $73M for Harbor Group International","og_description":"Harbor Group International, LLC (HGI), a private real estate investment and management firm, has sold two apartment communities in Virginia Beach in the last two months. The two properties total 730 units and were sold for a combined $72.5 million.","og_url":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2013-08-07T23:30:59+00:00","article_modified_time":"2020-05-21T08:17:59+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/87129740917249017.jpg","type":"","width":"","height":""}],"author":"Adrian Maties","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/"},"author":{"name":"Adrian Maties","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109"},"headline":"Virginia Beach M-F Assets Command $73M for Harbor Group International","datePublished":"2013-08-07T23:30:59+00:00","dateModified":"2020-05-21T08:17:59+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/"},"wordCount":298,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/87129740917249017.jpg","keywords":["Hampton Roads (No longer used)","Richmond"],"articleSection":["Richmond"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/","url":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/","name":"Virginia Beach M-F Assets Command $73M for Harbor Group International - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/87129740917249017.jpg","datePublished":"2013-08-07T23:30:59+00:00","dateModified":"2020-05-21T08:17:59+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/87129740917249017.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/07\/87129740917249017.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/virginia-beach-m-f-assets-command-73m-for-harbor-group-international\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Virginia Beach M-F Assets Command $73M for Harbor Group International"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6dfc8d1c9006c9fd1c89d69133130109","name":"Adrian Maties","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/5d44b73a0d511e855d0ea5f29d28e7d8527c86a0c6c0f67be8f2e9642a9d9e8d?s=96&d=mm&r=g","caption":"Adrian Maties"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/adrianmaties\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004081489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/925"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004081489"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004081489\/revisions"}],"predecessor-version":[{"id":1004445364,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004081489\/revisions\/1004445364"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004081489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004081489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004081489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}