In what’s being hailed as one of the largest U.S. apartment sales ever, Virginia-based Harbor Group International paid $1.85 billion for the more than 13,000 apartments located in markets including Dallas-Fort Worth, Denver, Houston, San Antonio, Atlanta, Orlando, Phoenix, Salt Lake City, Albuquerque, St. Louis and Kansas City.
The transaction is the largest such apartment sale since 2016 and the fifth largest ever in the U.S.
California-based Aragon Holdings sold the rental units.
“The purchase of the portfolio demonstrates Harbor Group International’s significant growth and evolution as a leading industry player as we continue to execute on larger, more complex, and attractive opportunities for our investors,” CEO Jordan Slone said in a statement. “This transaction marks a significant step for Harbor Group International as we continue to grow our portfolio in lucrative markets and provide our investors with a strong, diversified portfolio.”
The sale is part of an even larger, $2 billion disposition of Aragon’s apartments in 12 cities and eight states.
Newmark Knight Frank, NorthMarq Capital and Meridian Capital Group handled the sale and financing of the properties.