HGI Sells Va. Apartments for $71M

Harbor Group International (HGI) is unloading a 244-unit development in West Springfield, Va., soon after acquiring a much newer apartment building in Reston.

Eagle Rock Properties put down $70.5 million to acquire HGI’s 13.2-acre apartment community at 8525 Burling Wood Drive and rebranded it as Eagle Rock Apartments at West Springfield. HGI acquired the asset in 2017 for $45.9 million as part of a larger $1.8 billion portfolio.

The Business Journals first reported the deal. Representatives for Eagle Rock and HGI did not immediately return requests for comment. 

The 1970s property includes one-, two- and three-bedroom units, a pool, a tennis court and a clubhouse. It’s near Old Keene Mill Shopping Center, at which Trader Joe’s is expected to open next month, and West Springfield Shopping Center, where Aldi is expected to open soon.

HGI’s sale of the Burling Wood Drive apartments comes very soon after the Norfolk-based firm acquired The Edmund at 2025 Fulton Street in Reston from Brookfield. The 352-unit apartment complex was built in 2021.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.