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The Real Deal Los Angeles

H.I.G. closes $593M RE investment fund

Fund behind Garland Center purchase will focus on value-add assets
May 11, 2017 08:30AM

From left: H.I.G. co-CEOs Sami Mnaymneh and Tony Tamer

H.I.G. Realty Partners, one of the new owners of Downtown L.A.’s Garland Center, is sitting on a lot of dry powder.

The firm has raised $593 million from investors for a fund focused on value-add deals, surpassing its hard cap of $500 million. Contributors include the fund’s general partner and H.I.G. Realty, a co-investment vehicle that put down $52 million.

So far, the fund, headed by Sami Mnaymneh and Tony Tamer, has acquired eight assets, Commercial Property Executive reported. Last year, it plopped down $210 million alongside Silverpeak Real Estate Partners and Rising Realty Partners to buy the Garland Center.

Those assets account for just 20 percent of the capital commitments the firm has received.  [CPE]Cathaleen Chen