The sale includes 556 units
ALEXANDRIA, Va., April 12, 2023 /PRNewswire/ — Harbor Group International, LLC (“HGI”), a privately owned international real estate investment and management firm, today announced the sale of Sussex at Kingstowne, a 556-unit multifamily community in Alexandria, Va., a Washington, D.C. suburb.
HGI acquired the property in 2018 for $144 million and instituted a capital improvement program to increase overall curb appeal, renovate interior units, common areas and various outdoor amenities, as well as enhance overall property value.
“The Sussex sale is a prime example of HGI’s ability to identify multifamily investment opportunities in markets that are positioned to benefit from strong population growth, employment drivers and high barriers to entry,” said Richard Litton, President of HGI. “With this asset, we were able to leverage our market knowledge to reposition the community to attract new residents and achieve positive results through this sale. We continue to identify strategic opportunities to divest assets in the current market environment.”
The Sussex community is well-positioned near major highways and transport centers, providing convenient access to both Washington, D.C. and Northern Virginia employment centers, including Fort Belvoir, the largest employment hub in Fairfax County.
The property features a desirable amenity package including two swimming pools, a 24-hour fitness center, cybercafé and resident lounge.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $20 billion, including 58,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.
SOURCE Harbor Group International, LLC
Originally published at https://www.prnewswire.com/news-releases/harbor-group-international-sells-multifamily-community-in-washington-dc-submarket-301795195.html