HGI Capital Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), HGI Capital Management, LLC reported 17 stock positions worth $114.6 million. Its top holding was Elme Communities (ELME) at 34.1% of the portfolio, followed by Vivmark Residential (VMRK, 7.1%) and Newmark Class A (NMRK, 5.8%). Compared with Q2 2024, it opened 4 new positions, sold out of 6, added to 7 and reduced 6. The biggest buy was a new position in Sila Realty Trust (SILA) and the biggest sale Elme Communities (ELME, shares −13%).
- Most Recent 13F
- Q3 2025
- Location
- NEW YORK, NY
- CIK
- 0001595907
- Portfolio Value
- $114.6M (Q3 2024)
- SEC Filing
- 0001595907-24-000007 ↗ filed Nov 14, 2024
Holdings Value
Holdings 17 stocks · $114.6M
| ELME Elme Communities | 34.15% | 2,225,520 | $39.1M | Reduce -13.4% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 7.07% | 108,886 | $8.1M | Add +51.4% |
| NMRK Newmark Group Inc. Class A | 5.84% | 431,122 | $6.7M | Reduce -13.4% |
| CPT Camden Property Trust | 5.15% | 47,838 | $5.9M | Add +10.2% |
| CBRE CBRE Group Inc. Class A | 5.14% | 47,312 | $5.9M | Reduce -21.9% |
| CWK Cushman & Wakefield UK Holdc | 4.94% | 415,201 | $5.7M | Reduce -3.3% |
| SAFE Safehold Inc. | 4.87% | 212,887 | $5.6M | Add +74.5% |
| SILA Sila Realty Trust Inc. | 4.39% | 199,067 | $5.0M | New |
| VRE Veris Residential Inc. | 4.15% | 266,707 | $4.8M | Add +21.4% |
| WPC WP Carey Inc. | 4.01% | 73,728 | $4.6M | New |
| WSR Whitestone REIT | 3.65% | 308,952 | $4.2M | Add +115.0% |
| BNL Broadstone Net Lease Inc. | 3.56% | 215,154 | $4.1M | New |
| INVH Invitation Homes Inc. | 3.17% | 102,914 | $3.6M | Add +3.7% |
| COLD Americold Realty Trust Inc. | 3.10% | 125,843 | $3.6M | Reduce -29.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.92% | 100,554 | $3.3M | New |
| AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC | 2.36% | 250,000 | $2.7M | Add +44.4% |
| FR First Industrial Realty TR | 1.54% | 31,450 | $1.8M | Reduce -61.9% |
Portfolio Sells Q2 2024 → Q3 2024
| ELME Elme Communities | Reduce -13.4% | 34.15% | −4.29 |
| IVT Inventrust Properties Corp. | Sold out | 0.00% | −3.89 |
| AMH American Homes 4 Rent- A | Sold out | 0.00% | −3.75 |
| DOC Healthpeak Properties Inc. | Sold out | 0.00% | −3.08 |
| HR Healthcare Realty Trust Inc. | Sold out | 0.00% | −2.83 |
| UDR Udr Inc. | Sold out | 0.00% | −2.51 |
| FR First Industrial Realty TR | Reduce -61.9% | 1.54% | −2.15 |
| O Realty Income Corp. | Sold out | 0.00% | −2.12 |
| COLD Americold Realty Trust Inc. | Reduce -29.6% | 3.10% | −1.19 |
| CBRE CBRE Group Inc. Class A | Reduce -21.9% | 5.14% | +0.07 |
| CWK Cushman & Wakefield UK Holdc | Reduce -3.3% | 4.94% | +0.75 |
| NMRK Newmark Group Inc. Class A | Reduce -13.4% | 5.84% | +1.06 |
Portfolio Buys Q2 2024 → Q3 2024
| SILA Sila Realty Trust Inc. | New | 4.39% | +4.39 |
| WPC WP Carey Inc. | New | 4.01% | +4.01 |
| BNL Broadstone Net Lease Inc. | New | 3.56% | +3.56 |
| VICI Vici Properties Inc. | New | 2.92% | +2.92 |
| SAFE Safehold Inc. | Add +74.5% | 4.87% | +2.66 |
| VMRK Vivmark Residential | Add +51.4% | 7.07% | +2.39 |
| WSR Whitestone REIT | Add +115.0% | 3.65% | +1.85 |
| VRE Veris Residential Inc. | Add +21.4% | 4.15% | +1.06 |
| CPT Camden Property Trust | Add +10.2% | 5.15% | +0.71 |
| AHRT Ah Realty Trust Inc. | Add +44.4% | 2.36% | +0.56 |
| INVH Invitation Homes Inc. | Add +3.7% | 3.17% | −0.18 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 21 | $36.4M | EQIX, CBRE, FR, DLR, HD |
| Q2 2025 | 23 | $73.8M | UDR, DLR, ESRT, VMRK, PSA |
| Q1 2025 | 22 | $80.2M | VMRK, FR, VICI, VTR, VRE |
| Q4 2024 | 18 | $97.2M | ELME, VMRK, INVH, WSR, VTR |
| Q3 2024 | 17 | $114.6M | ELME, VMRK, NMRK, CPT, CBRE |
| Q2 2024 | 19 | $106.5M | ELME, CBRE, NMRK, VMRK, CPT |
| Q1 2024 | 43 | $92.8M | ELME, FR, VMRK, NMRK, CBRE |