StepStone Real Estate, a private real estate investment firm affiliated with the StepStone Group, is set to invest up to $87.5 million in HRI Properties, a New Orleans–based real estate company that develops, acquires, owns and manages premium branded and independent hotels, upscale apartments, and mixed-use properties in major urban U.S. markets.
The investment will fund the continued expansion of HRI’s portfolio into growing, dynamic urban markets. StepStone’s commitment dovetails with prior rounds of growth capital funded by Almanac Realty Investors in 2014 and 2016. StepStone’s investment will fund HRI’s ongoing growth through the acquisition, development and redevelopment of urban projects.
StepStone closed its latest fund, StepStone Real Estate Partners III, in February with $700 million in capital commitments and a total of $1.1 billion including committed co-investment capital.
