A real estate investment and management firm has acquired The Pavilions, a 932-unit, garden-style multifamily apartment in Manchester.
Affiliates of Harbor Group International announced its purchase of the property, acting through a joint venture with Cammeby’s International Group, which will manage the community.
“The Pavilions acquisition represents HGI’s ability to identify and transact on attractive investments at all cycles of the market,” said Richard Litton, president of HGI. “In an environment of increased interest rates, we are confident that the investment will benefit from the long-term financing with a below market rate.”
The Pavilions is at 345 Buckland Hills Drive, which is near The Shoppes at Buckland Hill, Interstate 84 and Interstate 91.
The Pavilions includes studio, one-, two- and three-bedroom units, along with two outdoor swimming pools, two fitness centers, a picnic and grilling area, multiple resident lounges, two tennis courts, two racquetball courts, a sand volleyball court and a dog park.Â
HGI is planning $21.2 million in upgrades to the units, common areas and exterior of the building, according to a release.Â
Harbor Group International LLC controls about $20 billion in investments, including 59,000 apartment units in the United States. The company is headquartered in Norfolk, Virginia and has offices in New York, Baltimore, Los Angeles and Tel Aviv.
