Boston-based asset manager GID has acquired The Sussex at Kingstowne, a 556-unit apartment community in Fairfax, for $136.5 million from Harbor Group International (HGI). According to the Washington Business Journal, the property was rebranded as Windsor at Kingstowne after closing in April. This sale comes five years after HGI paid $144 million for the same property.
GID owns and manages approximately 51,000 multifamily units nationwide through its subsidiary Windsor Communities. Their Greater Washington holdings include The Woodley which they purchased for $180 million back in 2020. Richard Litton – President of HGI – commented on their ability to identify investment opportunities that are positioned to benefit from strong population growth and employment drivers with high barriers to entry: “The Sussex sale is a prime example of our ability” he said .
