Harbor Group International Sells Manhattan Submarket Multifamily Community
18 Nov, 2019, 09:00 ET
NANUET, N.Y., Nov. 18, 2019 /PRNewswire/ -- A partnership of Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, and Azure Partners LLC, today announced its sale of the Peaks of Nanuet, a 504-unit apartment community in New York City's surrounding Rockland County, to Mill Creek Residential Trust.
"The transaction cycle of the Peaks of Nanuet demonstrates Harbor Group International's disciplined approach to investing in quality assets in high-demand areas and maximizing their potential," said Richard Litton, President of Harbor Group International. "We will continue to identify value-add properties within strong markets and divest these assets once they achieve their business plan to deliver strong returns to our investors."
Located 20 miles northeast of Manhattan in Nanuet, New York, the Peaks of Nanuet is an attractive option for Manhattan commuters who prefer to live in a suburban community. The property is close to major highways and mass transportation options, providing easy access to New York City, Westchester County and Bergen County.
Built in 1998, the property is situated in a densely populated and affluent area. Its excellent school district and proximity to transportation and shopping options make it an appealing area to residents, and it is expected to maintain high occupancy rates.
The sale follows several multifamily investments from HGI in desirable communities, including the recent purchase of the Palette Property in Hyattsville, Maryland's growing arts district, among others.
About Harbor Group International
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $9.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company's real estate holdings include 3.6 million square feet of commercial properties and 33,000 apartment units. For additional information, please visit www.harborgroupint.com.
SOURCE Harbor Group International, LLC
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