Hamilton Point Snaps Up 2 Communities for $32M

With Fund IV now nearly fully invested, the company is already acquiring under Fund V.

Winsor Upon StonecrestOld Lyme, Conn.—Hamilton Point Investments has acquired two apartment properties in the South for $32.2 million. One property is Windsor Upon Stonecrest, which is in Burlington, N.C. The other is Lexington Apartments in Biloxi, Miss.

Winsdor is a 220-unit community built in 2007, while Lexington Apartments has 190 units. The buyer plans to complete modest common area and interior unit upgrades at both properties over the coming year.

The two properties were acquired through HPI Real Estate Fund IV LLC, which closed to new investors in December of last year. The fund has acquired 11 multifamily properties and has one acquisition under contract that will close in April. At that point the fund will be fully invested, having acquired 2,616 units for $214 million, or $81,800 per unit. The firm is currently raising HPI Real Estate Fund V LLC, which recently closed on its first acquisition.

Hamilton Point, founded in 2009 by managing principals David Kelsey and Matt Sharp, has completed acquisitions totaling over 10,000 apartment units thus far. The company invests through a series of real estate private-equity investment funds raised through a network of broker-dealer financial advisors.

The funds’ targets are post-2000 construction apartment properties located in secondary markets for below replacement cost. Hamilton Point is based in Old Lyme, Conn., and its asset management office is in Atlanta. Its properties are managed directly by Hamilton Point Property Management.

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