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Harbor Group sells multifamily asset for $145M

Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, today announced the sale of The Crest at Princeton Meadows (The Crest), a 704-unit garden style property in Plainsboro, N.J., for $145 million.

The sale follows a $6.2 million continued capital improvement initiative by HGI to maintain the interior renovations and enhancements to the multifamily community.

Built in 1985, The Crest is recognized as one of the highest quality apartment communities in the affluent Princeton submarket of Plainsboro with a strong occupant history. Consisting of 37 three-story buildings, the property is well located between the large metropolitan areas of New York City and Philadelphia. The Princeton area has consistently attracted large corporate users and major retailers to the region due to its large labor pool, strong demographics, emphasis on higher education and quality of life.

“Located in a prominent submarket with a high barrier to entry, The Crest generated significant value for our investors,” said Richard Litton, President of Harbor Group International. “We will continue our strategic approach to developing specific business plans for our properties and maximize our assets to achieve high returns on our investment goals.”

HGI purchased The Crest in 2015.

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