Hamilton Point Fund Sells Multifamily Property Near Atlanta
HPI Real Estate Opportunity Fund III LLC, a Reg D private equity fund sponsored by Hamilton Point Investments, sold Reserve at Garden Lake, a 334-unit multifamily property located in the Atlanta suburb of Riverdale, Georgia. The sale marks the first disposition of a Fund III property, which Hamilton Point intends to fully liquidate in the coming months.
HPI Fund III purchased the property in October 2013 for nearly $11.1 million and sold it for $19.4 million.
Built in 1990 on 18 acres, Reserve at Garden Lake is comprised of one-, two-, and three-bedroom units ranging from 720 to 1350 square feet. Community amenities include a clubhouse, pool, laundry facility, playground, and access to a 25-acre lake. Unit amenities include sunrooms with ceiling fans, private patios or balconies, fireplaces, and washer/dryer connections in select units.
The property is centrally located off Georgia Highway 85, the primary north/south transportation artery through Clayton County and is within close proximity to Hartsfield-Jackson International Airport.
The company went full-cycle on 23 properties in its first two funds in 2014 and 2016.
Hamilton Point Investments LLC is a real estate investment company that owns and manages multifamily apartment properties. HPI invests thorough a series of real estate private-equity investment funds that seek to acquire apartment communities in growing markets at below replacement cost pricing. To date, HPI has acquired nearly 11,000 units.