H.I.G. Realty Partners said Wednesday it sold an eleven building, 296 unit rental apartment portfolio for $131.5 million. The portfolio is located in New York City. H.I.G. Realty, the real estate platform of H.I.G. Capital, acquired the portfolio in November 2012 for $73 million.
NEW YORK–(BUSINESS WIRE)–H.I.G. Realty Partners (“H.I.G. Realty”), a leading fund manager in the small-to-mid cap real estate sector, announced today that it has sold an eleven building, 296 unit rental apartment portfolio for $131.5 million. The portfolio is located throughout the Upper East Side, Murray Hill, East Village and West Village neighborhoods of Manhattan, and Boreum Hill in Brooklyn. H.I.G. Realty acquired the portfolio in November 2012 for $73 million and subsequently embarked on an extensive renovation program geared towards upgrading unit interiors, increasing unit efficiency, adding bedroom count by combining units, renovating common areas and re-leasing units post-renovation. This transaction represents H.I.G. Realty’s third successful realization or partial realization in the last five months. H.I.G. Realty has acquired and/or developed approximately 10,000 multifamily and student housing units in 17 investments across the U.S.
About H.I.G. Realty Partners
H.I.G. Realty is the real estate platform of H.I.G. Capital, LLC (“H.I.G.”), managing $1.3 billion in opportunistic investments in small-to-mid cap real estate assets across property types located in the U.S. and Europe. In the U.S., H.I.G. Realty has committed approximately $600 million of equity capital in 37 real estate investments across the asset class spectrum (investments comprised of multifamily, hotel, office, medical office, condominium, industrial, mixed use, retail, student housing and affordable housing). H.I.G. Realty targets the acquisition of value-add investments, employing a hands-on, operationally focused approach that seeks to generate substantial cash flow and asset appreciation through rehabilitating, redeveloping, repositioning and rebranding assets that have been capital starved and/or poorly managed.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with more than $17 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:
1) H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2) H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3) Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 80 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.