Harbor Group International purchased a portfolio of 3,590 units from a joint venture consisting of David Werner; Lakewood, New Jersey-based real estate investment and asset management company Onyx Partners; and New York City-based investment firm Carlton Associates for around $625 million. Subscription service Real Estate Alert first reported the news, according to a JPMorganChase email shared with Multifamily Dive.
The 11 garden-style properties included in the sale are located in South Carolina, Louisiana, Georgia and Tennessee. They were built between 1996 and 2010 and are 95% occupied. A small percentage, 15%, have been recently renovated.
While some buyers aren’t ready to jump back into the market, Norfolk, Virginia-based apartment owner HGI has been active in 2025.
In May, HGI bought The Kendrick from Toll Brothers for $182 million, according to RealPage. The sale of the property, built in 2018 by the Fort Washington, Pennsylvania-based home builder, ranked as one of the largest apartment transactions in the first quarter.
In February, affiliates of HGI announced the acquisition of Livano Canyon Falls, a newly constructed 300-unit apartment property in Northlake, Texas. It is part of the larger Canyon Falls master-planned community, which covers 1,199 acres across Northlake, Argyle and Flower Mound.
Late last year, HGI Chief Investment Officer of Multifamily Yisroel Berg signaled that the firm saw an opportunity to acquire apartments in 2025. “We are ready and eager to be active where the opportunities arise,” he told Multifamily Dive.
Those opportunities can come from a number of places. “There’s a path where there’s a ton of brand new units delivering,” he said. “There’s a path where there’s distress. There are a lot of different ways where volume can pick up dramatically.”
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