An affiliate of Harbor Group International LLC has purchased a 234-unit apartment tower on the northern edge of Baltimore City for $26.1 million, the Norfolk-based real estate firm said Friday.
Harbor Group, a private real estate investment and management company, said it plans to invest another $2.6 million in renovations to Belvedere Towers Apartments on Northern Parkway, including finishing apartment upgrades that had been started by the seller. The seller, Belvedere Towers Associates LLC, bought the high-rise building for $23 million in 2007, according to state property tax records.
Harbor Group has become active as an investor in the Baltimore-area apartment market, where it says it has been attracted by low vacancy rates and the potential for rent growth. In July, the firm acquired a portfolio of apartments with a total 1,984 units. The company owns more than 3,500 apartment units in the Baltimore area.
Belvedere Towers, built in 1965, has some of the largest apartments in the immediate area, with units averaging 1,169 square feet, and ground-level commercial tenants.