A Virginia real estate company bought the Grand, a
564-unit apartment complex in Cherry Hill, N.J., that was part of a $300
million portfolio acquisition.
Harbor Group International of Norfolk, Va., bought the
property at 1910-1920 Frontage Road along with the Crest At Princeton Meadows,
a Plainsboro, N.J., property with 704 units, and Jefferson at Orchard Pond, a
complex with 748 units in Gaithersburg, Md.
The Grand in Cherry Hill, N.J.
The properties were bought from different sellers and
Harbor Group declined to disclose their names or the individual sale prices.
However, the two-building Cherry Hill complex was
reportedly sold by an entity involving Dubai Investment Group USA and Hirschfeld
Properties, which bought it in 2008 for $71.3 million.
At the time, it was known as Landmark apartments and the
new owners launched $21 million in upgrades to the property. They renamed it the
Grand.
Harbor Group plans to continue making investments in the
property, said Sid Bridge, a spokesman for the company. It also plans to
continue looking for other acquisitions throughout the region.
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“The market has been a focus of ours lately,” he said.
It is seeking out multifamily acquisitions as well as
High Street retail investments.
The Grand has 21,647 square feet of commercial space and
was 94 percent occupied at the time of this most recent sale.
Source: Philadelphia
Business Journal
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