Image from HiberniaTower.com
HRI Properties has secured an investment from a New York investment group that it will use to fund future developments after doubling its income in 2013 from $98 million to $200 million.
The New Orleans-based real estate development and property management firm landed a $150 million investment from Almanac Realty Investors.
“The projects that HRI creates fit well with Almanac’s investment criteria, particularly our work in urban centers and our ability to adapt and reuse historic buildings,” HRI’s president and chief operating officer Tom Leonhard said in a news release.
Leonard said the commitment from Almanac gives HRI the ability to invest capital into their projects, which is something it didn’t have in the past. He explained that its previous redevelopment projects were pitched to an assortment of investors.
The company owns $400 million in assets now and has a goal of increasing that to $1 billion in five to seven years, Leonhard said. The company sees the potential for going public when it reaches that goal, Leonard told nola.com. HRI owns multi-family properties in five states: Louisiana, Mississippi, Missouri, North Carolina and Virginia.
Leonhard said HRI’s focus continues to be larger historic restoration projects in urban areas. The company targets projects that typically run in the $50 million to $100 million range that can involve mixed uses.
Recent HRI projects include 225 Baronne and Hibernia Tower, among many others.