Source: H.I.G. Realty Partners / #Apartments #Multifamily
NEW YORK, NY - H.I.G. Realty Partners, a leading fund manager in the small-to-mid cap real estate sector, announced 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.
H.I.G. Realty is the real estate platform of H.I.G. Capital, LLC, 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).