H.I.G. Realty Partners Acquires Apartment Complex in Philadelphia, PA

NEW YORK--()--H.I.G. Capital (“H.I.G.”), a leading global private equity and alternative asset investment firm with more than $20 billion of equity capital under management, is pleased to announce that its affiliate, H.I.G. Realty Partners (“H.I.G. Realty”), has acquired Charter Court Apartments, a 500-unit apartment complex located in Philadelphia, PA. H.I.G. Realty will implement an extensive renovation program, which will include remodeled common areas, amenities and unit upgrades. Ira Weidhorn, Managing Director of H.I.G. Realty, commented, “Charter Court Apartments is located in a strong submarket of Philadelphia and we believe that our comprehensive renovation program will cater to the significant tenant demand in the area.”

Built in 1950, Charter Court Apartments is located in close proximity to several higher education institutions, including Drexel Medical School and Philadelphia University, and between downtown Philadelphia and the Main Line / King of Prussia, two major local employment and cultural hubs.

About H.I.G. Realty Partners

H.I.G. Realty Partners is the real estate platform of H.I.G., managing $1.4 billion in capital commitments focused on small-to-mid cap real estate assets across property types located in the U.S. and Europe. H.I.G. Realty Partners 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 over $20 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá 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. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

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 100 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 managed by H.I.G. Capital and affiliates.

Contacts

H.I.G. Realty Partners
David S. Hirschberg, 212-351-5700
Managing Director
dhirschberg@higrealty.com
or
Ira Weidhorn, 212-351-5700
Managing Director
iweidhorn@higrealty.com
www.higrealty.com

Release Summary

H.I.G. Realty Partners acquired Charter Court Apartments, a 500-unit apartment complex located in Philadelphia, PA.

Contacts

H.I.G. Realty Partners
David S. Hirschberg, 212-351-5700
Managing Director
dhirschberg@higrealty.com
or
Ira Weidhorn, 212-351-5700
Managing Director
iweidhorn@higrealty.com
www.higrealty.com