HGI Capital Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), HGI Capital Management, LLC reported 18 stock positions worth $97.2 million. Its top holding was Elme Communities (ELME) at 33.6% of the portfolio, followed by Vivmark Residential (VMRK, 7.6%) and Invitation Homes (INVH, 6.7%). Compared with Q3 2024, it opened 7 new positions, sold out of 6, added to 4 and reduced 6. The biggest buy was a new position in Ventas (VTR) and the biggest sale an exit from Safehold (SAFE).
- Most Recent 13F
- Q3 2025
- Location
- NEW YORK, NY
- CIK
- 0001595907
- Portfolio Value
- $97.2M (Q4 2024)
- SEC Filing
- 0001595907-25-000001 ↗ filed Feb 13, 2025
Holdings Value
Holdings 18 stocks · $97.2M
| ELME Elme Communities | 33.64% | 2,141,094 | $32.7M | Reduce -3.8% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 7.58% | 102,725 | $7.4M | Reduce -5.7% |
| INVH Invitation Homes Inc. | 6.69% | 203,391 | $6.5M | Add +97.6% |
| WSR Whitestone REIT | 6.18% | 423,740 | $6.0M | Add +37.1% |
| VTR Ventas Inc. | 5.89% | 97,133 | $5.7M | New |
| CPT Camden Property Trust | 5.39% | 45,131 | $5.2M | Reduce -5.7% |
| COLD Americold Realty Trust Inc. | 4.81% | 218,640 | $4.7M | Add +73.7% |
| HST Host Hotels & Resorts Inc. | 4.67% | 258,887 | $4.5M | New |
| VRE Veris Residential Inc. | 4.56% | 266,707 | $4.4M | No change |
| CBRE CBRE Group Inc. Class A | 3.87% | 28,634 | $3.8M | Reduce -39.5% |
| PEB Pebblebrook Hotel Trust | 3.35% | 240,381 | $3.3M | New |
| NMRK Newmark Group Inc. Class A | 3.28% | 248,792 | $3.2M | Reduce -42.3% |
| CWK Cushman & Wakefield UK Holdc | 3.17% | 235,235 | $3.1M | Reduce -43.3% |
| DRH Diamondrock Hospitality Co. | 2.01% | 216,646 | $2.0M | New |
| FR First Industrial Realty TR | 1.89% | 36,680 | $1.8M | Add +16.6% |
| LEN Lennar Corp. Class A | 1.86% | 13,257 | $1.8M | New |
| LINE Lineage Inc. | 1.00% | 16,571 | $971K | New |
| STRW Strawberry Fields REIT Inc. | 0.17% | 15,486 | $163K | New |
Portfolio Sells Q3 2024 → Q4 2024
| SAFE Safehold Inc. | Sold out | 0.00% | −4.87 |
| SILA Sila Realty Trust Inc. | Sold out | 0.00% | −4.39 |
| WPC WP Carey Inc. | Sold out | 0.00% | −4.01 |
| BNL Broadstone Net Lease Inc. | Sold out | 0.00% | −3.56 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −2.92 |
| NMRK Newmark Group Inc. Class A | Reduce -42.3% | 3.28% | −2.56 |
| AHRT Ah Realty Trust Inc. | Sold out | 0.00% | −2.36 |
| CWK Cushman & Wakefield UK Holdc | Reduce -43.3% | 3.17% | −1.77 |
| CBRE CBRE Group Inc. Class A | Reduce -39.5% | 3.87% | −1.27 |
| ELME Elme Communities | Reduce -3.8% | 33.64% | −0.51 |
| CPT Camden Property Trust | Reduce -5.7% | 5.39% | +0.23 |
| VMRK Vivmark Residential | Reduce -5.7% | 7.58% | +0.51 |
Portfolio Buys Q3 2024 → Q4 2024
| VTR Ventas Inc. | New | 5.89% | +5.89 |
| HST Host Hotels & Resorts Inc. | New | 4.67% | +4.67 |
| INVH Invitation Homes Inc. | Add +97.6% | 6.69% | +3.52 |
| PEB Pebblebrook Hotel Trust | New | 3.35% | +3.35 |
| WSR Whitestone REIT | Add +37.1% | 6.18% | +2.53 |
| DRH Diamondrock Hospitality Co. | New | 2.01% | +2.01 |
| LEN Lennar Corp. Class A | New | 1.86% | +1.86 |
| COLD Americold Realty Trust Inc. | Add +73.7% | 4.81% | +1.71 |
| LINE Lineage Inc. | New | 1.00% | +1.00 |
| FR First Industrial Realty TR | Add +16.6% | 1.89% | +0.36 |
| STRW Strawberry Fields REIT Inc. | New | 0.17% | +0.17 |
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 |