BIRMINGHAM, Ala., Feb. 13, 2019 (GLOBE NEWSWIRE) -- Harbert United States Real Estate Fund VI, L.P. (“HUSREF VI”), in conjunction with Priya Living (“Priya”), recently acquired a Class B multifamily community in Fremont, California.
Priya and HUSREF VI closed on the multifamily community on December 19, 2018 and intend to invest an additional $9.9 million to reposition the property under Priya’s successful demographic focused apartment living brand. The property is located within the Fremont/Hayward submarket of the San Francisco Bay area’s East Bay, and was a prime acquisition target for Priya’s strategy due to its proximity to relevant cultural infrastructure, unit mix, and high percentage of unrenovated units. Built in 1970, Mosaic Fremont totals 122 units across nine two-story and one three-story residential buildings.
About Priya Living
Priya Living is a San Francisco based multifamily operator that caters to a very specific segment of the population – Asian Indians. Priya developed this uniquely focused “ethnic multifamily” concept to take advantage of the supply/demand imbalance created by the dramatic growth of the Asian Indian population in the U.S. in recent years and the simultaneous underserving, from a housing perspective, of this demographic’s needs and preferences. Founded by Arun Paul in 2012, Priya has successfully acquired, renovated, and stabilized two communities in the Bay Area. The group is actively seeking to grow its portfolio by acquiring target assets in specific locations in the Bay Area and Los Angeles MSAs with plans to expand into other target markets across the U.S.
About HMC
Harbert Management Corporation (“HMC”), an alternative asset management firm with approximately $6.4 billion in Regulatory Assets Under Management as of January 31, 2019, is a privately owned firm formed in 1993 to sponsor alternative asset investment funds. HMC serves foundations and endowments, funds of funds, pension funds, financial institutions, insurance companies, family offices, and high net worth individuals across multiple asset classes. Investment strategies include infrastructure, European and U.S. real estate, seniors housing, growth equity, credit solutions, European growth capital, and public securities. To learn more about HMC please visit, www.harbert.net.