HGI Pays $180M for Long Beach Multifamily Portfolio
Portfolio consists of three mid-rise properties with 348 apartments
Harbor Group International (HGI), a privately owned investment and management firm, expanded its multifamily reach amid a recent uptick in action in Long Beach, Calif.
The Virginia-based firm paid $180 million for the Long Beach Coastal Collection, a portfolio of three mid-rise multifamily communities with 348 apartments. They are at 230 West Third Street, 101 Alamitos Avenue and 434 East Fourth Street.
“The Long Beach Coastal Collection is a strong addition to HGI’s West Coast portfolio given its central location in an established market that is experiencing renter demand for high-quality apartment housing,” HGI’s Greg Heller said in a statement. “We see significant opportunity for operational upside with this transaction, anticipating high occupancies and steady rent growth across the communities.”
Records show the portfolio was owned by Newport Beach-based Sares Regis Group, which did not return requests for comment. Geoff Boler of Eastdil Secured facilitated the transaction.
Long Beach has seen a noticeable increase in multifamily investment this year. LoanCore Capital recently provided a $75 million refinance loan for a 206-unit community at the Long Beach Traffic Circle Area, and MWest Holdings, Holland Partners and Gelt have also acquired multifamily assets in Long Beach this year.
Meanwhile, HGI is significantly expanding its multifamily footprint around the country, with major investments in New York, South Florida and Southern California. Earlier this year, the investment firm acquired 480 units in the Santa Clarita Valley for $230.3 million. HGI manages $19 billion worth of assets, including 4.9 million square feet of commercial space throughout the United States and the United Kingdom, and 63,000 apartment units in the U.S.
Gregory Cornfield can be reached at firstname.lastname@example.org.