NORFOLK, VA – Harbor Group International, a privately owned international real estate investment and management firm, announced that its Multifamily Credit Fund (“the fund”) has secured a total of approximately $1.6 billion in capital commitments, including a $585 million USD commitment from CPPIB Credit Investments III Inc., a wholly-owned subsidiary of the Canada Pension Plot Investment Board (“CPP Investments”). The commitment marks CPP Investments’ third investment with HGI since 2019.
The fund seeks to achieve attractive risk-adjusted returns by investing in U.S. multifamily credit opportunities including senior mortgage loans, Freddie Mac K-series bonds, preferred equity and mezzanine debt investments, and investments in securitized multifamily mortgage products.
“We are thrilled to continue our relationship with CPP Investments through this partnership as our lead investor for the Multifamily Credit Fund,” said Richard Litton, President, HGI. “The fund is uniquely positioned to build on HGI’s track record both as an investor in multifamily credit strategies and as a multifamily operator with a large national portfolio. We also expect to benefit from the current rate environment as we seek to achieve positive returns for our investors.”
The commitment strengthens HGI’s and CPP Investments’ tenured relationship. In 2020, CPP Investments served as the lead investor in HGI’s multifamily whole loan platform, committing $110 million, and in 2019, CPP Investments committed $180 million to HGI’s Freddie Mac Supplemental Loan program.
“We continue to view multifamily credit investments as resilient assets that are well positioned to drive strong returns for the CPP Fund over the long term,” said Geoffrey Souter, Managing Director, Head of Real Assets Credit at CPP Investments. “HGI is a market leader in this space and we are pleased to extend our relationship with them through this new investment.”
As a national commercial real estate investor, owner and operator, more than 80% of HGI’s portfolio is composed of multifamily-related investments.

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PFLUGERVILLE, TX – TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, FL, announced the acquisition of The Dalton and The Beacon at Pfluger Farm located in the Pflugerville suburb of Austin, TX.
“We are proud to complete this double acquisition of The Dalton and The Beacon. These buys will bring our Class A new apartment holdings in the Austin area to approximately 1,000 units. The submarkets these holdings are in are some of the fastest growing in the US with 50% population growth over the last 12 years. This combined with major national employers, high average family incomes, and premier amenities give us comfort and confidence. We are a tenant centric company that will focus on resident quality of life and positive energy for the communities,” said Steve Hagenbuckle, TerraCap Founder and Managing Partner.
The Dalton, a 2022-built, 350-unit apartment complex, features one, two, and three-bedroom units. The property is located near I-35 and is 25 minutes from downtown Austin. The property’s amenities include a swimming pool, a 24-hour fitness studio, a self-serve wine membership, a luxury pool house with grilling stations, an on-demand Starbucks Coffee bar, and a private dog park.
The Beacon, also built in 2022, is a 258-unit apartment complex located in Pflugerville with access to major employment and retail hubs. The one, two, and three-bedroom units feature stainless steel appliances, a farmhouse kitchen sink, custom lighting fixtures, and walk-in closets. The community’s amenities include a swimming pool with a sunning deck, an outdoor lounge with a fireplace, shuffleboard, billiards table, and a fitness studio.
“We’re excited to expand our holdings in a dynamic growth market such as Austin,” added Steve Excellent, TerraCap Partner and National Director of Acquisitions. “These are two high-quality assets that are well-located within one of the fastest growing communities in the Austin area. Both properties are accessible to downtown, fantastic retailers, and high-income employers such as Samsung, Amazon, Tesla, Apple, Google, Facebook, Micron, and Dell, among others. There is quite a growth tale in Austin, and we look forward to finding future opportunities within the market.”

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BYRON, GA – Carter Multifamily has announced its acquisition of Brighton Park, a 200-unit apartment community on Watson Boulevard in Byron (Warner Robins), Georgia for the buy price of $34.5 million. Built in 2001 and spanning approximately 222,392 rentable square feet, Brighton Park offers well-designed one, two, and three-bedroom apartment homes.
The property is located in the growing Middle Georgia region, an brilliant location for residents given its proximity to thoroughfares I-75 and I-16 which allows for simple access to the surrounding logistics and manufacturing employment hubs, and to companies such as Perdue Farms, Northrop Grumman and Frito Lay. The Middle Georgia region is also exemplary for higher education, with six universities within a 50-mile radius, such as Mercer University and Georgia Military Institute.
“We’re excited to continue to grow our footprint in the burgeoning market of Warner Robins/Middle Georgia. We believe the area continues to be an attractive multifamily market as evidenced by continuous population and job growth, as well as brilliant connectivity to the country’s leading industry hubs of aerospace, manufacturing, and logistics. We believe that the Warner Robins submarket will continue to fuel demand growth for high-quality, affordable multifamily housing, and that Brighton Park will be a valuable addition to our real estate portfolio,” said Ray Hutchinson, chief investment officer of Carter Multifamily.
Property amenities include: pool, fitness center, playground, gated community, clubhouse, parking, carwash, tennis courts, laundry facilities, business center, grills, dog park, movie theater, and a vegetable garden. Carter Multifamily intends to do a value-add strategy which will include operational improvements, upgrades to community amenities, interior unit renovations, and exterior plant improvements.

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