NEW ORLEANS—Real estate developer HRI Properties, LLC says Almanac Realty Investors LLC (Almanac) has committed up to an additional $50 million in growth capital, a move that demonstrates continued confidence in HRI's national growth and development of mixed-use and revitalization projects. Almanac initially invested $150 million with New-Orleans-based HRI beginning in 2014. 
Justin Hakimian Tom Leonhard's “HRI Properties has proven its expertise in revitalizing urban centers and its ability to develop and operate apartments and hotels nationwide,” said Leonhard, HRI Properties president and CEO. “We are very proud of our partnership and that HRI continues to provide compelling opportunities for Almanac, as well as other investors seeking to align with HRI as we emerge as a key player in the national real estate market.” Since its founding, HRI has completed more than 70 large-scale projects in 16 states totaling more than $2.5 billion. HRI Properties successfully deployed Almanac's $150 million of capital into sixteen properties in eight states, creating a diversified national portfolio of 1,500 apartments and 2,200 hotel rooms. With the additional $50 million Almanac commitment, the company expects to control a real estate portfolio valued in excess of $1 billion. HRI Properties projects currently under development include:
Justin Hakimian Tom Leonhard's “HRI Properties has proven its expertise in revitalizing urban centers and its ability to develop and operate apartments and hotels nationwide,” said Leonhard, HRI Properties president and CEO. “We are very proud of our partnership and that HRI continues to provide compelling opportunities for Almanac, as well as other investors seeking to align with HRI as we emerge as a key player in the national real estate market.” Since its founding, HRI has completed more than 70 large-scale projects in 16 states totaling more than $2.5 billion. HRI Properties successfully deployed Almanac's $150 million of capital into sixteen properties in eight states, creating a diversified national portfolio of 1,500 apartments and 2,200 hotel rooms. With the additional $50 million Almanac commitment, the company expects to control a real estate portfolio valued in excess of $1 billion. HRI Properties projects currently under development include: - Bienville Basin (Phases 3 – 4), that will add an additional 269 apartments to the project
- A new-build Homewood Suites by Hilton adjacent to the Bienville Basin project that will provide 207 hotel suites
- The historic Mayflower Building in downtown Dallas, with 215 apartments and ground floor retail space
- Plymouth Building in Minneapolis, a local landmark, is being converted into a 290-room Embassy Suites hotel
- Liberty Title in Philadelphia is slated to become an Aloft hotel (Starwood brand)
- 1508 Orleans Apartments, New Orleans, will be offsite housing adjacent to Iberville/Bienville Basin
- 1601 Orleans Apartments, New Orleans, will be offsite housing adjacent to Iberville/Bienville Basin
- Capitol Art Lofts Jackson, MS
- James Robertson Hotel, Nashville, is scheduled to become a 190-room Hyatt Collection Hotel
HRI Properties (HRI) is a full-service real estate development company and a national leader in the adaptive reuse of historic structures and the redevelopment of neighborhoods. Since its founding in 1982, HRI has completed 70 large-scale projects. It owns and manages 24 hotels and 43 apartment communities in 16 states, in addition to more than 1.4 million square feet of retail and office space, with a total development cost of $2.5 billion. Almanac Realty Investors is a leading provider of growth capital to public and private real estate companies. From the time of its founding in 1981, originally under the name Rothschild Realty, the group has raised $4.6 billion related to a wide array of real estate opportunities.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
