Real estate investor Harbor Group International recently sold two metro-Atlanta apartment portfolios for a combined $159.7 million. 

Together, the transactions included five properties with a total of 1,234 units. CBRE facilitated the purchases for Harbor Group. 

In the largest of the two transactions, LRE Management purchased three properties — Peachtree Landing in Fairburn, Eastwood Village in Stockbridge and Monterey Village in Jonesboro — with 778 total units for $102.5 million.  

In the smaller transaction, Greybrook purchased Meadow Springs and Meadow View in College Park. The communities have 456 apartments combined and were purchased for $57.2 million. 

Shea Campbell, Ashish Cholia, Kevin Geiger, Keith Geiger, Colleen Hendrix, Don Hoffman, Malcolm McComb and Kurt McGarry of CBRE Southeast Multifamily represented Harbor Group in both sales. 

“While many institutions are taking a ‘wait and see’ approach, savvy entrepreneurial investors with plenty of capital to deploy are making good investments today,” CBRE Vice Chairman Kevin Geiger said in a press release. “Both LRE and Greybrook will be rewarded in the near term as rents and occupancies rebound in a relatively short period of time. Most everyone in the multi-housing industry has acknowledged that there will be a shortage of housing over the next five years — and certainly, the new owners of these five properties are going to experience great value appreciation.” 

LRE Management is a real estate investment company with a focus on repositioning and renovating institutional-grade, multifamily properties in the Sun Belt and Midwest. Toronto-based Greybrook deploys equity on behalf of individual and institutional investors in large-scale real estate developments and existing properties.