Harbor Group International buys Virginia Beach apartments for $86M

Norfolk-based real estate investment and management firm Harbor Group International announced last week that it has acquired a 480-unit, garden-style apartment complex in Virginia Beach for $86 million.

Built in 1986, Reflections at Virginia Beach is a market-rate multifamily community spanning 19 two and three-story residential buildings across 30 acres. HGI says the acquisition will strengthen its presence in the Hampton Roads market.

While HGI didn’t disclose the seller, and the transaction has not yet been reflected in online records, property tax records show the most recent owner was a limited liability company that shared the address of Virginia Beach-based real estate development and management company The Breeden Co. The company did not immediately return requests for comment. The deal closed on Oct. 30.

According to HGI, Reflections recently underwent a $7 million capital improvement program that enhanced its amenities, including a resident clubhouse and lounge, an outdoor swimming pool, a 24-hour fitness center and a business center.

“The acquisition of Reflections at Virginia Beach underscores our commitment to expanding thoughtfully in markets where we have long-standing experience and strong performance,” said Yisroel Berg, HGI’s chief investment officer of multifamily, in a statement. “Virginia Beach is a dynamic market with robust employment and lifestyle fundamentals, making it an ideal location for our continued growth.”

A HGI spokesperson said the firm will manage the property and plans to do moderate unit renovations and amenity improvements.

Headquartered in Norfolk, HGI owns or manages over 1,400 units across five properties within the Hampton Roads metropolitan area. Globally, the company owns and manages 504 assets worldwide, around 58,000 multifamily units and 5 million square feet of commercial real estate. It has 1,700 employees worldwide.