HPI Real Estate Fund IV LLC, a real estate private equity investment fund sponsored by Hamilton Point Investments, has sold Cushendall Commons, a 168-unit multifamily property located in the Charlotte suburb of Rock Hill, South Carolina for nearly $17.4 million.
Cushendall Commons, the first property purchased by the fund, was acquired in in June 2015 for approximately $13.4 million. The loan on the property at the time of acquisition was nearly $10.2 million.
Following the acquisition, Hamilton Point’s asset management team completed modest unit interior and common area upgrades, allowing the company to push rental rates and revenue, the company said.
“This property fit well into our strategy – fast growing secondary market, nice 2002-built property in great condition, and an opportunity to benefit from some upgrades,” said Matt Sharp, Hamilton Point co-founder and managing principal.
Cushendall Commons is comprised of one-, two-, and three-bedroom units with walk-in closets and private balconies. Property amenities include a pool and clubhouse, business center, and 24-hour fitness center. The property is within close proximity to York Technical College, The Galleria Mall, and the Rock Hill Downtown Historic District.
In other Hamilton Point news, HPI Real Estate Opportunity Fund III fully liquidated earlier this month, yielding investors an 18.23 percent IRR.
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. The company has sponsored six real estate funds to date. Hamilton Point is based in Old Lyme, Connecticut, and its wholly-owned asset management office, Hamilton Point Property Management, is located in Atlanta, Georgia.