Hamilton Point Fund Buys Myrtle Beach Multifamily Property for $13.2 Million
HPI Real Estate Opportunity Fund IV LLC, a private equity fund sponsored by Hamilton Point Investments LLC, purchased Claypond Commons in Myrtle Beach, South Carolina for $13.2 million.
Built in 2001, the 188-unit multifamily property is comprised of studio, 1- and 2-bedroom units and is located five minutes from Myrtle Beach International Airport and downtown Myrtle Beach. Community amenities include a pool with sun deck, garages, onsite laundry, picnic area, and playground. The company plans to construct a new leasing office and clubhouse, and to complete modest unit interior upgrades to the property.
“We paid $70,000 per unit for a 2001 construction property in a growing market we know well and like,” said Matt Sharp, co-founder and managing principal. “Replacement cost would be at least $115,000 per unit. Buying newer properties in growing markets for below replacement cost is what we try to do.”
The purchase of Claypond Commons marks Hamilton Point’s third acquisition in the Myrtle Beach area.
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 2010, acquiring more than 7,000 multifamily units.
