Hamilton Point Fund Buys Multifamily Property Near Columbus, Ohio
HPI Real Estate Opportunity Fund IV LLC, a private equity fund managed by Hamilton Point Investments, purchased Troy Farms located in the Columbus suburb of Delaware, Ohio for $27 million ($89,000 per unit).
Troy Farms, a 304-unit apartment community built in 2006, is comprised of 41 two- and three-story residential buildings on 28.5 acres. The property offers one-, two- and three-bedroom apartments and townhomes averaging 1,000 square feet in size. The apartments have nine-foot ceilings, crown moldings, washer/dryer connections, walk-in closets and outdoor space. Amenities include a swimming pool, leasing center, parking garages, several walking trails and two large ponds.
“We like the property and the market and our basis, which is well below replacement cost for 2006 construction,” said Matt Sharp, Hamilton Point Investments co-founder and managing principal.
Troy Farms is the seventh acquisition in HPI Real Estate Fund IV LLC, which is managed by Hamilton Point Investments. The fund will close to new investors in December.
Hamilton Point Investments is a real estate investment company that owns and manages multifamily apartment properties. The firm was formed in 2009 and invests through a series of real estate private equity investment funds. The company has acquired more than 9,000 apartment units since formation and manages its assets through Hamilton Point Property Management. Hamilton Point is based in Old Lyme, Connecticut with its asset management office located in Atlanta.
