Hamilton Point Fund Buys Multifamily Property Near Atlanta
HPI Real Estate Fund IV LLC, a real estate private equity investment fund sponsored by Hamilton Point Investments, purchased the Retreat at Stonecrest, a 276-unit multifamily community located in the Atlanta suburb of Stonecrest, Georgia. The property was purchased for $23 million, or $83,333 per unit.
Constructed in 2003, Retreat at Stonecrest is comprised of 10 residential buildings with a mix of one-, two-, and three-bedroom units. The 288,000-square-foot property includes a swimming pool, BBQ and picnic area, and 24-hour fitness center.
“Retreat was a pre-crash TIC deal where the original sponsor disappeared long ago,” said Matt Sharp, HPI co-founder and managing principal. “Minimal investment in capital reserve and improvement items occurred over the years leaving it well-suited for the common area and unit upgrade program HPI generally pursues. We expect to realize some management upside as well.”
This marks the final acquisition of HPI Real Estate Fund IV LLC, which closed to new investors in December 2016. The fund purchased 12 properties totaling 2,616 units with an average construction year of 2003. The fund raised $86 million in equity and paid $215 million for the HPI Fund IV properties, an average of $82,187 per unit.
HPI Fund IV is now fully invested and the firm is currently raising HPI Real Estate Fund V LLC, which recently closed on its first acquisition and has its second under contract.
Hamilton Point Investments is a real estate investment company based in Old Lyme, Connecticut that acquires post-2000 construction apartment properties located in high-growth secondary markets and buys for below replacement cost. HPI manages its assets through wholly-owned Hamilton Point Property Management LLC, which is located in Atlanta.
