BOSTON — Harbor Group International (HGI) has sold a portfolio of 1,722 units across six communities in the greater Boston area. HGI acquired the portfolio in 2019 for $384 million. The company instituted a $13.6 million capital improvement program to renovate interior units, update property amenities, address outstanding deferred maintenance items and enhance overall curb appeal. Newmark represented HGI in the deal. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer.
The properties included in the portfolio are:
- Commons at Haynes Farm in Shrewsbury, Massachusetts
- Middlesex Crossing in Billerica, Massachusetts
- Meadows at Marlborough in Marlborough, Massachusetts
- Heights at Marlborough in Marlborough
- Stone Ends in Stoughton, Massachusetts
- Village at Marshfield in Marshfield, Massachusetts