Home Finance Norfolk-Based Harbor Group International Buys Burien Apartments for $119.15MM

Norfolk-Based Harbor Group International Buys Burien Apartments for $119.15MM

Harbor International Group, Burien, Bel Canto Watt Alturas, Alcove at Seahurst,
Courtesy of Alcove at Seahurst

By Meghan Hall

Norfolk, Va.-based Harbor Group International has just closed on a sizable multifamily acquisition in Burien, Wash. According to records on file with King County, the real estate investment and management firm purchased the Alcove at Seahurst Apartments, plus some vacant land, for $119.15 million. Records indicate that the seller is an entity associated with Bel Canto Watt Alturas LLC. 

The property is located at 14001 Ambaum Blvd. SW and is known as the Alcove at Seahurst Apartments. The apartment complex is sizable, spanning 44 buildings and 543 units, according to King County assessor’s data. The complex was originally constructed in 1948. 

The community features a mix of one-, two- and three-bedroom units. Community amenities include a fitness center with a spin and cardio room, business lounge, playground, and green space.

Harbor Group International also acquired acreage adjacent to the property. In all, the parcel totals about 10.45 acres.

Harbor Group International’s real estate holdings include more than 4.3 million square feet of commercial properties and 48,000 apartment units, according to its website. Its worldwide portfolio is valued at $13.5 billion.

In May of 2021, the firm announced the closing of its first CRE CLO, called HGI 2021-FL1, which had an aggregate deal balance of about $558 million. The offering is made up of bridge loans on multifamily assets across the United States. The firm currently manages about $2.3 billion of real estate debt investments.