Affiliates of Harbor Group International, LLC (HGI), a privately owned international real estate investment and management firm headquartered in Norfolk, Virginia, announced the acquisition of The Statesman, a newly built 336-unit multifamily community in the northeast Atlanta suburb of Cumming, Georgia. The financial aspects of the acquisition were not disclosed.
The Statesman features one- and two-bedroom units with amenities including a resort-style saltwater pool with a sundeck, communal grilling area, 24-hour state-of-the-art fitness center, pet spa and residential lounge. Apartment interiors include large granite islands, designer lighting, energy-efficient LED fixtures, mosaic tile backsplash and expansive walk-in closets. The property is 89% occupied and has averaged more than 20 move-ins per month.
“Forsyth County has had very little new development over the last 10 years and has minimal future multifamily supply slated, creating significant demand for new and modern apartment housing,” said Yisroel Berg, chief investment officer – multifamily at HGI. “As a new development with high-quality amenities, we expect The Statesman to garner a strong renter base as the greater Atlanta market continues to benefit from both job and population growth.”