Portfolio comprises 828 apartment units across three multifamily communities
SAN ANTONIO – Feb. 27, 2023 – Affiliates of Harbor Group International, LLC (“HGI”), a privately owned international real estate investment and management firm, announced the acquisition of a three-asset multifamily portfolio in San Antonio, Texas, spanning 828 apartment units. The properties, Spice Creek, The Clara and The Maxwell, add to HGI’s established presence in San Antonio and other Texas markets.
With the majority of units still in their original condition, HGI will implement a $11.65 million value-add program across the properties. The program will include the renovation of select interior units to upgrade finishes and appliances as well as improving common area amenities and overall curb appeal.
“The acquisition of this portfolio is an opportunity for HGI to grow our presence in Texas as the market exhibits solid multifamily fundamentals driven by a strong business environment,” said Richard Litton, President, HGI. “We plan to leverage our extensive operating and management experience in the region to enhance property performance and attract new residents.”
Each property is well-positioned and offers residents easy modes of access to major employment centers. The Clara and Spice Creek are located in the northwest submarket of San Antonio. The area is home to major corporate headquarters and employers, including the South Texas Medical Center, USAA’s headquarters, Hulu and University of Texas at San Antonio. The Maxwell is located on the west side of San Antonio and is proximate to a variety of employers such as Microsoft, JPMorgan, Wells Fargo, Nationwide and Southwest Research Institutes.
Each property ranges from approximately 200 to 300 units and contains similar amenities including resort-style swimming pools, clubhouses, business centers and pet friendly communities. The Clara and The Maxwell both have fitness centers.
About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $20 billion, including 58,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv.