The two companies bought the 660-residential unit for $33.9 million in September 2009.
Harbor Group International LLC and Shaul Elvotich-controlled Eurocom Global Real Estate Ltd. (TASE: EGRE) have sold a residential project in Virginia for $44 million. The 73,000-square meter project has 660 apartments. The companies bought it for $33.9 million in September 2009.
This is Harbor Group's second property sale this month. It sold a 287-unit project in Virginia Beach for $27.6 million. The company bought the project for $22.1 million in June 2009.
Harbor Group chairman and CEO Jordan Slone said that the company was in talks to sell a 300-unit project in Richmond, Virginia.
Elovitch's Eurocom Group and EGRE chairman Dr. Yair Weil each own 47.2% of EGRE. US-Israeli real estate investment firm Harbor Group has made several joint investments in US properties with Israeli financial and real estate companies over the years, including the purchase of a residential project in an Atlanta suburb with EGRE.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2011
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