Willkie Farr & Gallagher represented Harbor Group in the acquisition.
Harbor Group executed the acquisition of a 36 multifamily property portfolio from Aragon Holdings. The deal is one of the largest apartment portfolio sales in recent years, comprising 13,243 units, and increases Harbor Group’s apartment portfolio to just under 50,000 units.
The portfolio, which had been acquired over the last 10 years, is primarily in the southern portion of the United States, from Arizona to Florida. The properties average 350 units each, comprised of two- and three-story buildings located in suburban areas near employment centers, shopping, highly rated schools and easy transportation access.
Harbor Group International is headquartered in Norfolk, Va., with offices in New York, Baltimore, Los Angeles and Tel Aviv. Founded in 1985, it controls a portfolio valued at $12.5 billion.
Aragon Holdings, based in Los Angeles, creates private investment funds with the goal of providing tax-deferred monthly income to investors by acquiring commercial real estate properties throughout the US, in cities that have exhibited, and are projecting, healthy economies with positive employment growth.
The Willkie deal team was led by partner Carly Saviano (Picture) and associates Elizabeth Case and Brandon Brauer. Partner Dan Backer took the lead on the financing of a portfolio of 9 of the 35 properties, with associates Jacob Moss and Erin Kennedy-Gebhart.
Involved fees earner: Daniel Backer – Willkie Farr & Gallagher; Brandon Brauer – Willkie Farr & Gallagher; Elizabeth Case – Willkie Farr & Gallagher; Carly Glover Saviano – Willkie Farr & Gallagher; Jacob Moss – Willkie Farr & Gallagher;
Law Firms: Willkie Farr & Gallagher;
Clients: Harbor Group International (HGI);