Monday, June 28, 2021

Harbor Group International Pays $59.5 Million for Philadelphia-Area Apartment Complex

By Rachel Whaley CoStar Research

Harbor Group International has purchased Royal Athena, a 275-unit waterfront apartment complex in the greater Philadelphia area.

Harbor Group International acquired the multifamily property for $59.5 million, the privately owned investment and management firm said in a press release. The company didn't disclose the name of the seller.

Royal Athena is located at 600 Righters Ferry Road, about 6 miles from Center City in Bala Cynwyd within the newly rebranded Pencoyd Landing development, a $30 million, 11-acre redevelopment project. The apartment complex comprises a mix of one- and two-bedroom floor plans, according to CoStar data.

"Royal Athena is located in a strong Philadelphia submarket with healthy demographics and increasingly strong job drivers," T. Richard Litton Jr., president of Harbor Group International, said in the press release. "This strategic acquisition directly aligns with HGI's pursuit of luxury apartment communities that are attractive to residents."

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