HGI Multifamily Equity Fund II, LP

Private equity fund
Rule 506(b)
Norfolk, Virginia
Filed Oct 15, 2026

Raising: $499,000,000
Sold so far: $128,550,000; 26% sold
Investors: 40
Average check: $3,213,750; Sold ÷ investors
Minimum: $1,000
Sales commissions: $0; Issuer's estimate

In plain English

HGI Multifamily Equity Fund II, LP, a private equity real estate fund based in Norfolk, Virginia, filed a Form D with the SEC on Oct 15, 2026 to raise $499 million. It reports about $129 million raised from 40 investors, 26% of its target. That works out to roughly $3,214,000 per investor. The smallest investment it accepts from an outside investor is $1,000.

It filed under Rule 506(b), which means the offering can't be advertised to the public. Investors in these deals usually already have a relationship with the sponsor.

How it compares

Against the 594 real estate offerings filed Oct 6 – Nov 4, 2026.

This offeringMedian

Raise size$499M vs $7.7M median

Larger than 97% of the 460 offerings that set a size.

How much is sold26% sold vs 50% median

Behind 58% of the 460 offerings with a set size.

Minimum investment$1,000 vs $50,000 median

Lower than 95% of the 427 offerings that stated a minimum.

Where the sponsor is based

The Virginia housing market

Typical home value $412KChange, 12 months 2.1%Virginia Beach metro $371K

Form D lists the issuer's principal place of business, not where its properties are. Home values for Sep 2026.

See Virginia market data

Filing details

File number: 021-601347
Latest filing: Form D, Oct 15, 2026
Accession number: 0002152213-26-000001
Entity type: Limited Partnership
Industry group: Pooled Investment Fund
Fund type: Private Equity Fund
Principal place of business: Norfolk, Virginia
Exemption claimed: Rule 506(b)
First sale: Oct 2, 2026

Timeline

First sale
Oct 2, 2026
Form D filed with the SEC
Oct 15, 2026
$129M sold (26% of the target)
As reported Oct 15, 2026

Other recent filings from Virginia

All fund filings

This page summarizes a notice HGI Multifamily Equity Fund II, LP filed with the SEC. Fidelis First is not affiliated with HGI Multifamily Equity Fund II, LP, has not reviewed this offering and does not recommend it. Nothing here is an offer to sell or a solicitation of an offer to buy any security. Figures are as the issuer reported them on Oct 15, 2026 and may have changed since.

Sales commissions are the issuer's estimate for the whole offering, not amounts paid so far. Average check is derived: amount sold divided by number of investors. Issuers don't have to amend a Form D when sales or investor counts change, so these can lag.

Source: SEC EDGAR, Form D · As of Oct 15, 2026

Source: Data Provided by Zillow Group · As of Sep 2026