ALPHARETTA, Ga.--(BUSINESS WIRE)--The Atlanta metro area has seen a double-digit spike in home values in the first quarter of 2013, and Atlanta-based Hibernian Pacific Holdings, LLC (HPH) sees an opportunity to ‘test the waters’ of the single family real estate market. Today, the company purchased a portfolio of 45 single family attached and detached residential properties in DeKalb County, GA. 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,” said Hibernian Pacific Holdings President & CEO, Jason Joseph. “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,” said 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 program. We plan to investigate other opportunities like these assets (in DeKalb County) throughout other areas of the country.”
About Hibernian Pacific Holdings
Hibernian Pacific Holdings, LLC, is a real estate investment company based in Alpharetta, GA. The company was established to acquire commercial real estate assets and non-performing commercial real estate loans.
HPH is focusing its efforts on acquiring cash-flowing and value-add commercial real estate properties and non-performing loans. In a short time, Hibernian Pacific has acquired millions of dollars in distressed assets from community banks around the country, and recently expanded into Europe, thus making the company a real market competitor. www.hibernianpacific.com.
