By Peter Grant and Will Parker
Investors are continuing to pay top prices for apartment buildings in many parts of the country, despite growing political support for rent control measures that could make this business riskier.
Norfolk, Va.-based real-estate investors Harbor Group International LLC bought a portfolio of 13,243 apartment units in eight southern and mountain states valued at $1.85 billion, one of the largest multifamily purchases over the past decade, earlier this month.
Kushner Cos., the family business of senior White House aide Jared Kushner, also this month agreed to buy 1,058 units in a deal that values the apartments at $266.5 million.
Both firms say they are planning to drive profits by increasing rents, a strategy that is coming under attack from lawmakers throughout the U.S. Read more.