Atlanta-based private equity firm Hibernian Pacific Holdings (HPH) has bought a portfolio of 45 single family attached and detached residential properties in DeKalb County, Georgia.
The properties were bought from a private seller, with terms not to be disclosed.
Since its inception in 2009, HPH has focused its efforts on acquiring cash-flowing and value-add commercial real estate properties, not residential properties.
“Our core and focus at HPH has been commercial real estate assets and non-performing commercial real estate loans owned by community banks,” says Hibernian Pacific Holdings president and chief executive Jason Joseph (pictured). “This transaction was a strategic step to grow a portfolio of assets in the residential market, because we are going to continue to see this type of asset in the community bank sector.”
Throughout the country and especially in Atlanta, the investor-led housing recovery is adding to the strong gains in the residential market.
“Some of the top real-estate investment institutions are setting up multi-billion dollar funds to specifically buy homes in distressed markets (like Atlanta) at prices well below their pre-crisis peak levels, and current replacement cost,” says James Freeman, executive vice president, Hibernian Pacific Holdings. “HPH saw an opportunity to invest in an asset that will continue to benefit from the imbalance between supply and demand for rental units. We feel this portfolio provides HPH with an excellent opportunity to provide superior returns for our investors by delivering both strong asset appreciation and current income via our rental programme. We plan to investigate other opportunities like these assets (in DeKalb County) throughout other areas of the country.”
