Harbor Group International Sells Multifamily Community in Washington D.C. Submarket

Harbor Group International, LLC ("HGI"), a privately owned international real estate investment and management firm, today announced the sale of Sussex at Kingstowne, a 556-unit multifamily community in Alexandria, Va., a Washington, D.C. suburb.

HGI acquired the property in 2018 for $144 million and instituted a capital improvement program to increase overall curb appeal, renovate interior units, common areas and various outdoor amenities, as well as enhance overall property value.

"The Sussex sale is a prime example of HGI's ability to identify multifamily investment opportunities in markets that are positioned to benefit from strong population growth, employment drivers and high barriers to entry," said Richard Litton, President of HGI. "With this asset, we were able to leverage our market knowledge to reposition the community to attract new residents and achieve positive results through this sale. We continue to identify strategic opportunities to divest assets in the current market environment."

The Sussex community is well-positioned near major highways and transport centers, providing convenient access to both Washington, D.C. and Northern Virginia employment centers, including Fort Belvoir, the largest employment hub in Fairfax County.

The property features a desirable amenity package including two swimming pools, a 24-hour fitness center, cybercafé and resident lounge.

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