Hamilton Point Investments Buys Mississippi Multifamily for $12.4 Million
Hamilton Point Investments LLC, a sponsor of alternative investment offerings, purchased Cambridge Apartments in Gulfport, Mississippi for $12.4 million on behalf of a real estate private equity fund sponsored by the company.
Constructed in 2002, the 201-unit, class A- multifamily property is situated on 16.7 acres and offers one-, two- and three-bedroom apartments. The 11-building complex is 86 percent occupied.
“The seller was a TIC group that bought it in 2007 for nearly $17 million,” said firm co-founder, Matt Sharp, adding that minimal money had been spent on the asset over the seller’s hold period. “We paid $62,000…[and] are confident that, with a little money on capital upgrades and more focused management, the place will be leased to stabilized occupancy by summertime. Buying post-2000 construction apartments in growing markets for well-below replacement costs is what we try to do.”
Cambridge Apartments is located four miles from Interstate 10, two miles from the Gulf Coast and less than ten minutes from the Gulfport-Biloxi International Airport.
Hamilton Point Investments is a real estate private equity firm based in Old Lyme, Connecticut with an asset management office in Atlanta, Georgia. Since 2009, the firm has acquired $500 million of multifamily properties comprising more than 7,000 apartment units, mostly in the southeast and Gulf Coast. The company invests through a series of private-equity investment funds raised through a network of broker-dealer financial advisors. Its properties are managed by Hamilton Point Property Management.
