Dealmaker: Harbor Group Acquires $475M North Carolina Workforce Housing Portfolio
Harbor Group International LLC, Norfolk, Va., acquired an eight-asset workforce housing portfolio in North Carolina’s Research Triangle for $475 million.
Located throughout the Research Triangle, an area known for its research universities and STEM companies, the portfolio totals 2,356 units and features four communities in Durham, three communities in Raleigh and one community in Charlotte.
Harbor Group said it plans to invest nearly $22 million across the properties to renovate one-quarter of the interior units.
Newmark Managing Director Jason Kon and Executive Managing Directors Henry Stimler and Bill Weber represented seller Dasmen Residential LLC, Ramsey, N.J., and facilitated the debt for the acquisition.
“The Research Triangle is an important target market for Harbor Group International as we seek to acquire well-located communities in high-growth markets,” said Richard Litton, HGI President. He noted the area’s high-paying STEM jobs continue to attract new residents and increase demand for housing.
Kon noted the deal was a large off-market transaction. “Dasmen entrusted the Newmark team to execute this deal in a very quiet and select manner,” he said.
The Raleigh-Durham properties within the portfolio have direct access to Research Triangle Park, placing residents within driving distance of more than 22 million square feet of office and lab space and more than 275 businesses. More than 9,000 jobs have been created in the Research Triangle area since 2020, driven by the expansion of technology and life science companies. Major area employers include Cisco, IBM and Bayer Crop Science. Apple is building its first East Coast campus in Research Triangle Park, which could bring an additional 3,000 jobs to the area.