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Hamilton Point Buys Multifamily Property Near Spartanburg for $19 Million

Hamilton Point Investments, a sponsor of real estate private equity investment funds, purchased Villas at Lawson Creek – a 202-unit multifamily community in the Spartanburg suburb of Boiling Springs, South Carolina for $19 million.

Hamilton Point Investments acquired the asset for its HPI Real Estate Opportunity Fund IV LLC, which closed to new investors at the end of 2016 having raised $85 million of equity from more than one thousand individual high-net-worth investors. The fund has three other acquisitions scheduled close over the next six weeks and will total about $225 million of apartment investments. The firm launched its fifth fund, HPI Real Estate Fund V LLC earlier this month.

“HPI’s funds acquire post-2000 construction apartment communities located in growing secondary markets for below replacement cost pricing. We then initiate a modest common area and unit interior upgrade program to increase revenues,” said Matt Sharp, the firm’s co-founder.

Built in 2009, Villas at Lawson Creek comprises nine two- and three-story residential buildings plus a clubhouse/leasing office with a pool, poolside fitness center, movie theater room, coffee bar and grilling area.

“The growth in Upstate South Carolina, particularly in the logistics, automotive and aerospace industries, is incredibly strong,” said co-founder David Kelsey. “Roughly a third of the new jobs are with international companies expanding into the region. This area represents everything for which people and employers flee the high-cost, strangling-regulation areas of the Northeast, West Coast and Upper Midwest”.

The property is located in the Spartanburg school district, which is ranked in the top 10 of schools in the state. The population within a three-mile radius increased by 10.8 percent between 2010 and 2015 and is projected to grow by another 8.1 percent by 2020. The metro area experienced employment growth of 16.7 percent over the last five years.

Hamilton Point Investments is a real estate investment company that owns and manages multifamily apartment properties and invests through a series of Reg D real estate private equity investment funds. The company has acquired more than 9,000 apartment units since formation and manages its assets through wholly-owned Hamilton Point Property Management LLC. The company is based in Old Lyme, Connecticut with its asset management office located in Atlanta.

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