Hamilton Point Buys Two Multifamily Properties for $32 Million
Hamilton Point Investments, a sponsor of real estate private equity investment funds, purchased two multifamily properties totaling 410 units for $32.2 million. The two properties were acquired by HPI Real Estate Fund IV LLC, which closed to new investors in December 2016.
Built in 2007, Windsor Upon Stonecrest is a 220-unit apartment community located in Burlington, North Carolina. The 211,000-square-foot property is situated on 15.6 acres and is comprised of one-, two-, and three-bedroom units. Community amenities include a swimming pool, coffee lounge, barbeque area, fitness center and onsite laundry. Windsor Upon Stonecrest was purchased for $20.7 million.
Lexington Apartments is a 190-unit apartment property located in Biloxi, Mississippi on 6.2 acres. The 154,000-square-foot property includes one-, two-, and three-bedroom units and includes a swimming pool, fitness center, pet park, and onsite laundry. Lexington Apartments was purchased for $11.5 million.
The company plans to complete modest common area and interior unit upgrades at both properties over the coming year.
HPI Real Estate Fund IV has acquired 11 multifamily properties and has one acquisition under contract that will close in April, at which point the fund will be fully invested, having acquired 2,616 units for $214 million, or $81,800 per unit. The firm is currently raising HPI Real Estate Fund V LLC, which recently closed on its first acquisition.
Hamilton Point Investments is a real estate investment company based in Old Lyme, Connecticut that owns and manages multifamily apartment properties and invests through a series of Reg D real estate private equity investment funds. HPI manages its assets through wholly-owned Hamilton Point Property Management LLC, which is located in Atlanta.
