The Hunt Valley firm had taken a 9.75 percent ownership stake in Preston Hills Apartments in Atlanta, and the Lakeshore Apartments in Indianapolis. Both properties are managed by Harbor Group International LLC, a real estate property firm based in Norfolk, Va.
Sinclair's move highlights the firm's attempts to diversify its portfolio beyond television broadcast stations. In November, Sinclair (NASDAQ:SBGI) acquired a majority stake in a company that funds security alarm businesses for $5.5 million.
In May it bought Triangle Sign & Service Inc., a Baltimore firm that designs retail stores, sports complexes and other businesses.
Harbor Group holds an investment portfolio in excess of $2 billion, office space in the U.S., Canada and the United Kingdom and more than 12,000 apartments in the U.S.
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source: bizjournals.com
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