Hamilton Point Investments, a sponsor of real estate private equity investment funds, purchased North Park at Eagles Landing, a 224-unit apartment property located in Stockbridge, Georgia, 17 miles south of downtown Atlanta. The company paid $19.8 million for the property through its HPI Real Estate Opportunity Fund IV.
North Park at Eagles Landing, built in 1999, is comprised of eight three- to four-story residential buildings, four garage structures and a clubhouse. The property is adjacent to Piedmont-Henry Hospital, the second largest employer in the county.
“We’ve owned in this market for five years and the continued growth of Atlanta and this submarket are as strong as you’ll see,” said Matthew Sharp, HPI co-founder and managing principal. “We bought this property for $83 per square foot, a price that allows for some common area and unit upgrades to increase rents and the property value, and the market totally supports that.”
The units average 1,059 square feet and feature laundry rooms, walk-in closets, private balconies/patios, and fireplaces in select units. Property amenities include a swimming pool, clubhouse, fitness center, movie theater, parking garages, car care center, a volleyball court and a tennis court.
Hamilton Point Investments is a real estate investment company based in Old Lyme, Connecticut that owns and manages multifamily apartment properties and invests through a series of Reg D real estate private equity investment funds. The company has sponsored five real estate funds and seven DSTs to date, acquiring more than 9,500 apartment units since formation. HPI manages its assets through wholly-owned Hamilton Point Property Management LLC, which is located in Atlanta.