Real estate investment firm Harbor Group International promoted Yisroel Berg to chief investment officer for multifamily after a year where the firm invested more than $2 billion in buying apartments.
Berg started with the Norfolk, Virginia-based firm in 2010 as an analyst and has worked his way up the multifamily investment ladder, most recently serving as managing director of multifamily.
"His deep knowledge of the multifamily sector has been pivotal in driving the growth of our portfolio and in identifying valuable opportunities for our investors,” Richard Litton, Harbor Group’s president, said in a statement.
The apartment industry has been surging as higher interest rates prompt more renters to stay put rather than buy houses with increased mortgage payments. That in turn is leading more real estate companies to look putting more of an emphasis on multifamily property.
Berg has been involved with large portfolio transactions over the past two years, including a collection of eight properties in Raleigh-Durham’s Research Triangle area for $475 million last year.
Last March, he oversaw Harbor Group's purchase of ParkLine Miami for $450 million, the top deal in South Florida in 2022’s first quarter.
More Investments
In his new role, Berg said in a statement he plans to "examine new opportunities to deliver robust returns for our investors."
In 2021, Harbor Group made a splash on the office side when it paid $760 million for the CBS Building, also known as Black Rock, in New York City. ViacomCBS, which changed its name to Paramount Global in February, leased back the building.
In anticipation of growing its office portfolio, Harbor Group recently named Mike Nathan as chief investment officer for office real estate. Nathan, who joined Harbor Group in its New York City office, served as a partner and managing principal at New York firm TKF Real Estate Investment prior to joining Harbor Group.
"Mike's diverse experience and deep knowledge in the office sector will allow us to expand and develop high-quality office investment strategies and scale our existing capabilities to meet investors' needs in 2023 and beyond," Litton said last month.