Hamilton Point Fund Nets $3.3 Million Profit on Oklahoma City Multifamily Property Disposition
Hamilton Point Investments announced yet another profitable property sale on behalf of HPI Real Estate Fund VIII with the disposition of Tinker at Forty8. The 152-unit, multifamily property is located in Oklahoma City, Okla., and was built in 2005.
This transaction represents Hamilton Point’s 89th property sale, all of which have been profitable, according to the company.
Tinker at Forty8 was acquired by HPI Real Estate Fund VIII in May 2021 for $10.95 million and was sold in October 2024 for approximately $14.25 million.
The property was originally rent regulated and Hamilton Point acquired the asset shortly after it was released from its rent restrictions period. The company then upgraded the property both physically and in terms of tenant credit quality, allowing for increased rents and value.
“During our hold period of this property, [Hamilton Point] was able to increase average rental rates and [net operating income] by about 20%,” said Josh Grenier, president of Hamilton Point Investments. “This is yet another example of how [Hamilton Point] identifies value-add opportunities and delivers on our stated objectives of investment strategy, hold period and returns to investors.”
HPI Real Estate Fund VIII raised approximately $115 million and acquired 12 multifamily assets. The sale of Tinker at Forty8 represents the sixth property disposition of the fund.
This is just the latest in what has been a month of disposition announcements for Hamilton Point. In October 2024, it reported the sales of HPI Real Estate Fund VIII’s Edmond at Twenty500, a 160-unit multifamily property in Edmond, Okla., for $21 million; and The Den, a 158-unit student housing apartment property located in Columbia, Mo., for $27.5 million.
Over the summer, Hamilton Point announced the close of HPI Real Estate Fund XII LLC. Launched in March 2023 seeking to raise up to $150 million from accredited investors, the fund ultimately raised $196 million through 32 independent broker-dealers and 18 registered investment advisers. The equity was invested in eight multifamily properties totaling 2,118 apartment units.
Connecticut-based Hamilton Point Investments owns and manages multifamily properties, hotels, student housing, and manufactured housing communities. It raises equity from accredited individual investors in a series of closed-end real estate private equity fund. Since inception in 2009, it has acquired nearly 35,000 apartment units for some $3.5 billion. The firm has over 350 employees nationwide.
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