Harbor Group International Expands Virginia Portfolio with $86M Reflections at Virginia Beach Acquisition
In a tactical move that fortifies its Virginian footprint, Harbor Group International (HGI), a leading real estate investment and management firm, has recently marked a significant growth milestone with its $86 million acquisition of Reflections at Virginia Beach, a 480-unit garden-style multifamily community. This acquisition not only exemplifies HGI’s strategic approach to growth but also underscores its savvy investment insight into the lucrative Virginia real estate market.
The Reflections at Virginia Beach property, which encompasses 19 buildings across a expanse of 30 acres, brings forth a diverse array of living spaces with its one- and two-bedroom apartments, supported by ample parking with 828 spaces. The acquisition isn’t just of brick-and-mortar significance; it carries with it a history of enhancement, including a $7 million dollar capital improvement initiative that has burnished the community’s features—a resident clubhouse, lounge, outdoor pool, modern fitness center, and well-appointed business center, all complemented by outdoor grilling areas and the serenity of nearby nature trails.
Located a mere 15 minutes from HGI’s corporate heart in Norfolk, this property cements the firm’s investment ethos and track record within the Hampton Roads metropolitan area—a region they’re no strangers to, with over 1,400 units across five properties already under their command.
Strategic, not just in geography but also in timing, the acquisition reflects a considered approach to growth in a locality ripe with potential. Virginia Beach is highlighted for its dynamic market conditions, buoyant employment, and a lifestyle appeal that is increasingly attracting residents. Yisroel Berg, Chief Investment Officer of Multifamily at HGI, affirms this outlook, stating, “The acquisition of Reflections at Virginia Beach underscores our commitment to expanding thoughtfully in markets where we have long-standing experience and strong performance. Virginia Beach is a dynamic market with robust employment and lifestyle fundamentals, making it an ideal location for our continued growth.”
As the multifamily apartment industry continues to evolve, HGI’s latest maneuver provides a clear example of how seasoned real estate entities are doubling down on their proven regional markets, betting on the sustained vibrancy of these communities. Reflections at Virginia Beach stands not merely as a property but as a testament to HGI’s strategic foresight in building a portfolio positioned for continued success.