What HRI Properties does

HRI Properties is a privately held, vertically integrated real estate development and property management company founded in 1982 in New Orleans as Historic Restoration, Inc. by Pres Kabacoff and Eddie Boettner. The firm develops, owns, designs, builds, and manages upscale-branded hotels, market-rate and affordable apartments, and mixed-use properties across 16 states, with cumulative development value of $3.8+ billion across 113+ large-scale projects. Operations are organized through wholly owned divisions—HRI Hospitality, HRI Management, HRI Communities, HCI Architecture, HCI Construction, and the HRI Community Resources (HCR) 501(c)(3) nonprofit—covering the full project lifecycle from acquisition and architectural design through construction, leasing, and ongoing resident services.

The company monetizes across four revenue streams: rental income from 6,200+ owned apartment units (2,996 designated affordable and supported by project-based Section 8 vouchers); property management fees on 5,060+ third-party and affiliated units through HRI Management; hospitality management of 120+ upscale-branded and independent hotels under Marriott, Hilton, and Hyatt flags; and development fees on new project origination. Pricing varies by asset class—market-rate apartments billed monthly at competitive local rates, affordable units capped at 30% of resident income under federal regulations, and hotels priced on nightly transient rates. Differentiation rests on historic adaptive-reuse expertise, vertically integrated execution, and specialization in disaster-resilient construction under the IBHS FORTIFIED Multifamily Gold standard.

HRI's go-to-market is sales-led and event-driven, targeting government entities, housing authorities, and private developers through public-private partnerships, HUD Choice Neighborhoods Initiative funding, LIHTC allocations, and CDBG-DR disaster recovery loans. The company serves four primary segments: residential renters (market-rate and mixed-income urban households), affordable-housing residents (low-to-moderate-income families and seniors), hospitality guests, and government/housing authority clients. Headquartered at 812 Gravier Street, Suite 200, New Orleans, the firm operates with 1,900+ employees and is led by CEO A. Thomas Leonhard Jr. alongside co-founder Pres Kabacoff as Executive Chairman.

Name

HRI Properties

Legal name

HRI Properties

Website

https://hriproperties.com

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

HRI Properties is a New Orleans-based, vertically integrated real estate firm founded in 1982 that develops, designs, builds, and manages upscale-branded hotels, market-rate and affordable apartments, and mixed-use properties across 16 states, serving residential renters, affordable-housing residents, hospitality guests, and government clients.

Ownership category

akta.pro rank

Product category

Real Estate Development and Property Management

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131), Nonresidential Property Managers (531312), New Multifamily Housing Construction (except For-Sale Builders) (236116)

SIC

Operators Of Apartment Buildings (6513), Hotels & Motels (7011), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Senior & Assisted Living Residential Property Management (BPAJAFAE)

akta.pro secondary industries

Extended-Stay Brand Residences (Managed Residences) (THAGAEAM), Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

Keywords

• Real estate development
• Property management services
• Hospitality management
• Historic adaptive reuse
• Affordable housing

Headquarters

HQ city

New Orleans

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure

Revenue model

1. Property Management Fees: Revenue from managing 5,060+ apartment units across owned and third-party properties through HRI Management division
2. Development Fees: Fees earned from development services including project identification, financing, construction management, and project delivery for new developments
3. Hospitality Operations: Revenue from managing 120+ upscale-branded and independent hotel properties including major brands such as Marriott, Hilton, and Hyatt
4. Apartment Rental Income: Monthly rental income from 6,200+ apartment units including market-rate, mixed-income, and affordable housing properties

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

HRI Properties is a vertically integrated real estate company that develops, owns, designs, constructs, and manages upscale hotels, market-rate and affordable apartment communities, and mixed-use properties across 16 states. Operating through divisions including HRI Hospitality, HRI Management, HRI Communities, HCI Architecture, and HCI Construction, the company manages 120+ lodging and residential properties totaling over 5,060 apartment units under management and 6,200+ total units developed, specializing in historic adaptive reuse and disaster-resilient construction.

Product overview

HRI Properties is a vertically integrated real estate company operating multiple divisions: HRI Hospitality manages upscale hotels and lodging properties; HRI Management handles apartment operations for over 5,060 units nationwide; HRI Communities develops mixed-income, senior, and affordable housing with 48+ completed developments; HCI Architecture provides full-service design and architecture; and HRI Community Resources (HCR) delivers resident support services. The company specializes in urban revitalization through adaptive reuse of historic properties and new construction, with projects spanning hotels, apartments, and mixed-use developments nationwide. Notable projects include Blue Plate Artist Lofts, Bienville Basin, West Tunnel Lofts, Mid-City Lofts, Touro Shakspeare renovation, LTV Tower, and Miller & Rhoads.

Differentiator

Problem solved

Functional benefit

Products and services

• HRI Hospitality Hotel management services for upscale-branded and independent hotel properties, operating 120+ lodging properties under brand partnerships with Marriott, Hilton, and Hyatt for travelers and guests.
• HRI Management Apartment property management services for 5,060+ units nationwide, providing professional marketing, leasing, compliance, and operational performance for third-party owners and investors across luxury, affordable, mixed-income, and mixed-use apartments.
• HRI Communities Real estate development services for mixed-income, senior, and affordable housing communities, with 48+ completed developments and 6,200+ total apartment units delivered using sustainable building practices and complex public-private partnership financing.
• HCI Architecture Full-service architectural design, interior design, planning, and construction administration services for HRI and external clients, with 65+ large-scale projects completed across multifamily, hospitality, and mixed-use sectors.
• HCI Construction Construction management services including owners' representative, project management, estimating, procurement, and environmental coordination for HRI development projects and select external clients.

Quantifiable outcome

• $913 million invested in housing through Iberville/Bienville Basin redevelopment
• +2 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

17 partnerships are on record, tiered core and minor.

• HCI ArchitecturecoreImplementation/ SI/ Consulting PartnerInternal architecture division serving as architect of record for HRI Properties developments. Completed 65+ large scale projects with over 4,300 apartment units, 4,900 hotel rooms, and 560 condo units. Provides full-service design including programming, planning, architectural design, interior design, and construction administration.
• HRI ManagementcoreImplementation/ SI/ Consulting PartnerApartment management affiliate managing over 5,060 units nationwide with average 30 years of leadership experience. Provides professional marketing, leasing, compliance, and operational performance for owners and investors.
• HRI HospitalitycoreImplementation/ SI/ Consulting PartnerHospitality management division operating upscale-branded and independent hotels nationwide. Partners with major brands including Marriott, Hilton, and Hyatt.
• HRI Community Resources (HCR)coreStrategic or Co-development Partner501(c)(3) nonprofit organization enhancing lives of residents in affordable and mixed-income communities through programs including after-school tutoring, health and wellness initiatives, job readiness, and community-building events. Supports residents across New Orleans, Lake Charles, Houma, Hammond, New Iberia, Shreveport, and Lafayette.
• McCormack Baron SalazarminorStrategic or Co-development PartnerStrategic partnership on Bienville Basin redevelopment transforming the 23-acre Iberville Public Housing Development into mixed-use, mixed-income community.
• Landis Construction Co., LLCminorImplementation/ SI/ Consulting PartnerDesign-build general contractor partner with extensive history of successful projects with HRI. Christian Generes noted 5 large projects completed with design-build arrangements totaling significant development value.
• RNGD (Wes Palmisano)minorImplementation/ SI/ Consulting PartnerDesign-build partner with collaborative relationship spanning over 25 large scale projects with total development value in range of $1.2 billion. Palmisano noted HCIA's ability to simultaneously consider aesthetics and design along with construction means and methods.
• Neville DevelopmentminorStrategic or Co-development PartnerDevelopment partner on multiple New Orleans projects with James Neville praising HCI Architecture's knowledge of building codes, program requirements, and aesthetic design.
• The Housing Authority of New Orleans (HANO)coreStrategic or Co-development PartnerLocal housing authority partnership for public housing redevelopment including Iberville transformation and Touro Shakspeare project-based Section 8 voucher assistance.
• City of Lake CharlescoreStrategic or Co-development PartnerMunicipal partner for Mid-City Choice Neighborhoods Transformation Plan. Mayor Simien emphasized project role in long-term recovery following Hurricanes Laura and Delta.
• Community Foundation of Southwest LouisianacoreStrategic or Co-development Partner$2.5 million philanthropic gift from Angela and David Filo helped bring partners together. Foundation enabled collaboration on Just Imagine 50-Year Resilience Master Plan.
• Calcasieu Parish Police JuryminorStrategic or Co-development PartnerParish government partner in Lake Charles recovery efforts and Mid-City Lofts project supporting families returning home.
• RNGD Builders, LLCcoreImplementation/ SI/ Consulting PartnerDesign-build general contractor for West Tunnel Lofts. Generated approximately $2 million in participation from local businesses and vendors through extensive outreach efforts.
• ILSI Engineering (Integrated Logistical Support, Inc.)coreStrategic or Co-development PartnerM/WBE (minority- and women-owned business enterprise) holding ownership interest in Managing Member alongside HRIC. Served as civil engineering firm designing robust stormwater management system.
• Urban Strategies, Inc.coreStrategic or Co-development PartnerResident-centered services and long-term community support partner for Mid-City Choice Neighborhoods Transformation. Emphasizes people-centered strategies and community engagement.
• Enterprise Green CommunitiescoreOthersGreen building certification partner for sustainable affordable housing. Multiple HRI properties certified including West Tunnel Lofts and Bottle Art Lofts.
• Insurance Institute for Business & Home Safety (IBHS)coreStrategic or Co-development PartnerIndustry organization providing FORTIFIED construction standards certification. HRI received Pioneer Award recognition for contributions to disaster-resistant construction standard.

Scale indicators11 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• The Michaels Organization: The Michaels Organization is one of the largest affordable housing developers and property managers in the U.S., operating over 75,000 units across 300+ properties with a similar mixed-income, mixed-use focus. Directly comparable to HRI in development-to-management integration and affordable housing expertise.
• WinnCompanies: WinnCompanies is a vertically integrated affordable and market-rate housing developer, owner, and manager with ~109,000 units across 700+ properties. Highly comparable to HRI in combining LIHTC/HUD-driven development with third-party property management services.
• L+M Development Partners: L+M is a New York-based affordable and mixed-income housing developer with deep expertise in public-private partnerships and HUD programs. Directly comparable to HRI Communities in mission-driven mixed-income development and government partnership model.
• BRIDGE Housing: BRIDGE Housing is a nonprofit affordable housing developer and manager operating ~30,000 units across California, Oregon, and Washington. Comparable to HRI in affordable/mixed-income focus and integration of supportive community services through affiliated nonprofit.
• The NRP Group: NRP is a vertically integrated developer, owner, and operator of affordable and market-rate multifamily housing, with ~36,000 units and strong LIHTC expertise. Directly comparable to HRI Communities in development-plus-management integration and affordable housing pipeline.
• McCormack Baron Salazar: McCormack Baron Salazar is a national urban mixed-income developer specializing in Choice Neighborhoods and HOPE VI redevelopments. HRI's existing Bienville Basin JV partner and directly comparable in transformative urban revitalization projects.
• Jonathan Rose Companies: Jonathan Rose Companies is a mission-driven real estate developer, owner, and operator focused on affordable, mixed-income, and green communities. Comparable to HRI in integrating sustainability (Enterprise Green Communities) with affordable housing development.

Broad incumbents

• The Related Companies: The Related Companies is one of the largest U.S. real estate developers with a significant affordable housing arm (Related Affordable). Broader portfolio includes luxury, commercial, and mixed-use, but its affordable segment is directly comparable to HRI Communities.
• Greystar Real Estate Partners: Greystar is the largest apartment property manager globally with ~950,000 units under management. Comparable to HRI Management at scale but operates as a fee manager rather than integrated developer-owner-operator.
• Bozzuto Group: Bozzuto is a diversified residential property manager, developer, and constructor with ~100,000 units managed. Comparable to HRI in vertical integration (development + construction + management), though more focused on market-rate luxury than affordable.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HRI Properties