Harbor Group Buys Herndon, Va., Apartment Complex From Toll Brothers for $193M
A Norfolk, Va.-based investment firm, Harbor Group International, has purchased an 806-unit apartment complex in Herndon, Va. from Toll Brothers for $193 million, according to a press release from the company.
On August 27, Harbor Group bought Dulles Greene Apartments at 2150 Astoria Circle, about four miles from Washington Dulles International Airport and about 30 miles outside of Washington, D.C.
“This property supports two of our key investment objectives—acquiring multifamily properties in top-tier markets with value-add upside potential and acquiring investments in areas with strong employment drivers and public transportation infrastructure,” T. Richard Litton, the president of Harbor Group, said in a prepared statement.
Harbor Group did not have a broker in the deal. Toll Brothers was represented by a JLL team led by Christine Espenshade.
“Investors were attracted to this community because it was built to high standards, with excellent amenities, in a highly desirable location and also provides the opportunity for the owner to add value through continued unit upgrades, Espenshade told Commercial Observer. “We continue to see investors covet these types of assets as they hunt for yield within the multifamily sector.”
Constructed between 1998 and 2003, Dulles Greene Apartments has one-bedroom apartments starting at $1,537, two-bedroom units from $1,681 and three bedroom pads starting at at $2,029. The complex is currently 94 percent occupied, per the release.
“The investment signifies our positive long-term outlook on the Dulles Technology Corridor,” Litton added.
In March, Harbor Group acquired One Dulles Tower—an Amazon Web Services-anchored office building about three miles from Dulles Greene Apartments —for $226 million, as CO previously reported.