Harbor Group International Sells Phoenix Area Apartment Community

Published: Oct 12, 2021 at 9:58 AM EDT|Updated: 3 hours ago

SCOTTSDALE, Ariz., Oct 12, 2021 / PRNewswire / – Harbor Group International, LLC (“HGI”), a privately held international real estate investment and management company, today announced the sale of Avia McCormick Ranch, a shared flat with 329 garden-style units in Scottsdale, Arizona., to the $ 96.3 million. HGI bought the property in 2019 for $ 63.5 million and additionally invested in the acquisition $ 4.4 million during renovations to update the interiors, landscaping and curb appeal.

Harbor Group International (PRNewsfoto / Harbor Group International, LLC)

Located in the prestigious McCormick Ranch community in downtown Scottsdale, the property is close to several recreational opportunities including two championship golf courses, over 25 miles of bike paths, numerous parks and seven accessible lakes. The property is also close to the Loop 101 freeway, which provides convenient access to several of Phoenix’s large employment centers.

“Avia McCormick Ranch is a great example of Harbor Group International’s value creation strategy in markets with strong apartment building fundamentals and high barriers to entry, “said T. Richard Litton, President of the HGI. “We were able to quickly implement our business plan for this property as a larger property Phoenix The region has benefited in recent years from an increase in job opportunities from financial services and technology companies that have moved to the city, which has increased the demand for well-located, high-quality housing. “

Year of construction 1978, Avia McCormick Ranch offers amenities such as four swimming pools with cabanas, an on-site clubhouse, 24-hour fitness center, basketball and tennis courts, and outdoor lounge areas.

The transaction was supported by CBRE.

About Harbor Group International
Harbor Group International, LLC and its affiliates control an investment portfolio of $ 14.5 billion including 4.4 million square feet of commercial space throughout the property The United States and the United Kingdom and 53,000 residential units in The United States. In addition to the company headquarters in Norfolk, Virginia, HGI has offices in new York, Baltimore, The angel, and Tel Aviv.

Media contacts:
Morgan McGinnis
mmcginnis@prosek.com

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SOURCE Harbor Group International, LLC

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