HPI Real Estate Opportunity Fund IV LLC, a private equity fund managed by Hamilton Point Investments, purchased The Bristol multifamily community in Indianapolis, Indiana for $19.5 million. The purchase also includes a 9-acre site that is entitled and permitted for the development of 112 additional units.
The Bristol is a 211-unit, class A property situated on 22 acres and is comprised of one-, two-, and three-bedroom units that average 1,039 square feet. Individual units include nine-foot ceilings, a balcony/patio, washer/dryer connections and other amenities, while the property features a swimming pool, fitness center, business center, and clubhouse.
“The Bristol fits well with our profile of properties that have potential for increased cash flow from prudent, targeted capital projects, said David Kelsey, co-founder and managing principal of Hamilton Point. “It’s our fourth acquisition in Indianapolis, which is a dynamic and growing market.”
In other HPI Fund IV news, last month, the company purchased Claypond Commons in Myrtle Beach, South Carolina for $13.2 million.
Hamilton Point Investments LLC is a real estate investment company that owns and manages multifamily apartment properties. HPI invests through a series of real estate private equity investment funds and 1031 exchange DST programs. The company has sponsored four real estate funds and seven DST offerings since 2009, acquiring more than 7,000 multifamily units.