Harbor Group Buys 2,433-Unit Mid-Atlantic/Southeast Multifamily Portfolio for $562M

AH Realty Trust, a Virginia Beach-based REIT formerly known as Armada Hoffler, agreed to sell 11 of its 14 apartment properties to Norfolk-based Harbor Group International for $562 million in an all-cash transaction. The portfolio totals 2,433 units spread across properties in Virginia, Maryland, North Carolina, and Georgia. HGI provided a $15 million nonrefundable deposit; the deal is not contingent on financing. Expected closing is mid-2026. The 11 properties include Chandler Residences (Roswell, GA), Greenside Apartments (Charlotte, NC), Chronicle Mill Apartments (Belmont, NC), 1405 Point St. and 1305 Dock St. (Baltimore, MD), Allied Harbor Point (Baltimore, MD), Liberty Apartments (Newport News, VA), The Edison (Richmond, VA), Encore, Premier, and The Cosmopolitan (Virginia Beach, VA). - Harbor Group International: Norfolk, VA-based multifamily owner and operator led by Richard Litton. Ranked by MSCI as the top U.S. multifamily buyer in 2025 with $2.55 billion in acquisitions. Continues a major buying streak in 2026. - AH Realty Trust (NYSE: AHRT): Virginia Beach-based REIT (rebranded from Armada Hoffler two weeks before the announcement) that is pivoting away from multifamily to focus on retail and office. CEO Shawn Tibbetts noted the sale allows the company to "simplify our business, strengthen our balance sheet and continue executing our strategy." The acquisition is an all-cash deal with no financing contingency. HGI's $15 million nonrefundable deposit was funded without external debt commitment requirements.