An affiliate of Harbor Group International (HGI) is under contract for the $740-million acquisition of a portfolio of five suburban multifamily communities from Apartment Investment and Management Company (Aimco). Totaling 2,719 units, the properties are located across the greater Boston metro area.
“The addition of these communities will deepen HGI’s presence within the Boston area, a market exhibiting robust multifamily fundamentals where we already have a strong operating footprint,” said Yisroel Berg, CIO of multifamily at HGI. “With limited new supply in the surrounding areas of each property, we will be well-positioned to leverage our local market knowledge to maintain stable occupancy levels and implement targeted renovations that enhance the resident experience.”
At Aimco, president and CEO Wes Powell commented, “The agreement to sell our suburban Boston portfolio represents another important step in our ongoing commitment to maximize and unlock value for Aimco shareholders.” The Denver-based REIT is also under contract to sell a Miami-area portfolio for $520 million.
Built between 1970 and 1974, the New England portfolio was 95.7% occupied as of July. Historical occupancy has averaged 97% since 2022.
Pictured: Royal Crest Estates, Nashua, NH.
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