Hamilton Point Buys Two Multifamily Properties for Nearly $63 Million
Hamilton Point Investments, a sponsor of real estate private equity investment funds, has purchased two apartment properties for a combined $62.6 million on behalf of one of its funds. The acquisitions include The Villas at Countryside, a 360-unit apartment community located in the Oklahoma City suburb of Moore, Oklahoma and Park at Clearwater, a 280-unit apartment community located in Aberdeen, North Carolina.
The Villas at Countryside was purchased for $34.6 million, and Park at Clearwater was purchased for $28 million. Both properties were built in 2002 and offer one-, two- and three-bedroom floorplans with full Class A apartment interior and community amenities.
“We paid about $98,000 per unit for these properties, which would easily cost $140,000 per door to build new today,” said HPI co-founder Matt Sharp. “We’ll spend about $3,000 per door for unit interior and common area upgrades, which will make us directly competitive with any newer construction, but at slightly lower rates”.
Hamilton Point Investments was founded in 2009 and invests through a series of real estate private-equity investment funds raised through a network of broker-dealer financial advisors. It acquires post-2000 construction apartment properties located in secondary growth markets for below replacement cost and has completed acquisitions totaling more than 12,000 apartment units for over $1 billion. Hamilton Point Investments is based in Old Lyme, Connecticut, and its wholly-owned asset management office, Hamilton Point Property Management, is located in Atlanta, Georgia.
