Harbor Group International Enhances Portfolio with $86 Million Acquisition of Reflections at Virginia Beach

Harbor Group International (HGI), a globally recognized real estate investment and management firm, has solidified its position in the Virginia market with the strategic acquisition of Reflections at Virginia Beach. This $86 million transaction bolsters HGI's already respectable portfolio, demonstrating the firm’s targeted approach to expanding within familiar territories.

The Reflections at Virginia Beach encompasses a 480-unit garden-style community, adding considerable volume to HGI's multifamily investments. The property spans across a substantial 30 acres, featuring a total of 19 residential buildings. Built in 1986, the community provides a balance of one and two-bedroom apartments complemented by an ample number of parking spaces totaling 828.

Recently, the property has seen substantial enhancements, benefiting from a $7 million capital improvement program. Upgrades to the community accentuate its extensive range of amenities. Residents currently enjoy access to a clubhouse, outdoor swimming pool, 24-hour fitness center, and a business center with practical meeting rooms. Leisurely activities are supported with outdoor grilling stations and nearby nature trails—all within a convenient distance to the vibrant Virginia Beach oceanfront.

In line with HGI’s investment philosophy, the improved Reflections at Virginia Beach reflects its commitment to both quality housing and resident satisfaction. "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, Chief Investment Officer of Multifamily at HGI. The viability of this acquisition is underscored by the dynamic market of Virginia Beach, characterized by strong employment opportunities and an attractive lifestyle, marking it as a prime locale for HGI's continued expansion.

HGI's latest move is geographically strategic, situated just a 15-minute drive from its corporate headquarters in Norfolk. This close proximity enables HGI to leverage its extensive local knowledge and operational expertise in the Hampton Roads metropolitan area where it manages over 1,400 units across five properties.

The transaction is representative of HGI's discerning approach to investment and asset management. In a market known for its steady employment and desirable living conditions, the acquisition of Reflections at Virginia Beach not only strengthens HGI's foothold but also serves as a testament to the company's adept navigation of the real estate landscape.