**Harbor Group Under Contract for $740M New England Multifamily Portfolio**
An affiliate of Harbor Group International (HGI) is under contract to acquire a portfolio of five suburban multifamily communities from Apartment Investment and Management Company (Aimco) for $740 million. The portfolio comprises 2,719 units and is located throughout the greater Boston metropolitan area.
“The addition of these communities will deepen HGI’s presence within the Boston area, a market exhibiting robust multifamily fundamentals where we already have a strong operating footprint,” said Yisroel Berg, Chief Investment Officer of multifamily at HGI. “With limited new supply in the surrounding areas of each property, we will be well-positioned to leverage our local market knowledge to maintain stable occupancy levels and implement targeted renovations that enhance the resident experience.”
Wes Powell, President and CEO of Aimco, remarked, “The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders.” The Denver-based REIT is also under contract to sell a portfolio in the Miami area for $520 million.
The New England properties in the transaction were built between 1970 and 1974 and were 95.7% occupied as of July 2024. Since 2022, the portfolio has maintained an average occupancy rate of 97%.
*Pictured: Royal Crest Estates, Nashua, NH.*
