Harbor Group International Acquires Jacksonville Multifamily Community

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Jun 03, 2024, 15:15 ET

The acquisition brings HGI's Florida property count to 39 total assets

JACKSONVILLE, Fla., June 3, 2024 /PRNewswire/ -- Affiliates of Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced the acquisition of Ascend at Durbin Creek, a newly-built 350-unit multifamily property located in the South Jacksonville suburb of St. Johns, Florida. The property is in lease-up and 86.5% occupied as of May 2024 and has averaged 20 new leases per month over the past year, demonstrating strong lease-up performance and demand for high-quality apartment housing in the Jacksonville market.

"As a new development with convenient access to employment and lifestyle destinations, we are confident in the ability to complete a successful lease-up," said Yisroel Berg, Chief Investment Officer – Multifamily at HGI. "Given the rapidly growing population in the South Jacksonville area, we anticipate Ascend at Durbin Creek to maintain a strong renter base and achieve steady rent growth as the area continues to attract new residents."

Ascend at Durbin Creek is proximate to major employment centers of Jacksonville, including Flagler Center and Southside, which together provide upward of 126,000 jobs. Notable employers in the area include: Baptist Health South, Citi, Deutsche Bank, JPMorgan and Bank of America/Merrill Lynch. Residents are also a short drive to Pavilion at Durbin Creek, an open-air retail strip center with over 700,000 square feet of retail with Phase II to be delivered over the next several years.

Developed in 2023, the property features stainless steel appliances, quartz countertops, modern tile backsplash, hardwood-style flooring, large walk-in closets and screen-in patios/ private yards. The property also offers a premier amenity package, including a 24-hour state-of-the-art fitness center, saltwater pool, poolside pavilion, dog park, EV charging stations, cybercafé, business lounge, game lounge and detached garages. HGI plans to increase the number of electric vehicle charging stations, add bike racks and turf to the pool deck.

Institutional Property Advisors facilitated the sale and financing of the transaction. Erik Bjornson, Tyler Nilsson and Kyle Kundiger brokered the sale and Brian Eisendrath, Cameron Chalfant, Tyler Johnson, Jake Vitta and Jesse Zarouk sourced the debt.

About Harbor Group International
Harbor Group International, LLC, and its affiliates control an investment portfolio of approximately $19 billion, including 56,000 apartment units in the United States and 5.0 million square feet of commercial space throughout the United States and the United Kingdom. In addition to its corporate headquarters in Norfolk, Virginia, HGI maintains offices in New York, Baltimore, Los Angeles, and Tel Aviv. Follow HGI on LinkedIn.