HPI Acquires Houston Portfolio
The four communities total 1,174 units.
Hamilton Point Investments has acquired a four-property portfolio of apartment properties in the Houston area totaling 1,174 units from a Texas-bsed developer. The identity of the developer could not immediately be learned.
The properties, which were built in 2022, were acquired for $195 million, representing a cost per unit of $166,100. Three of the asset sales closed in late June, while one has closed the prior month.
The portfolio comprises the 360-unit Prose Champion property and the 361-unit Prose Copperfield community, both located in Houston, as well as the 240-unit Prose Cypress Creek property in Cypress, Texas, and the 213-unit Prose Franz community in Katy, Texas.
Interest in Texas
HPI raises equity from individual investors via independent broker-dealers, as well as from registered investment advisors in a series of closed-end private equity funds. The firm, which has been increasingly active in Texas, owns and manages multifamily properties. Its portfolio includes student housing properties and manufactured housing communities, as well as hotels.
Last year, HPI acquired a pair of properties in Omaha, Neb. The communities, Vantage at Coventry and Vantage at Stone Creek, totaled a combined 588 units. Northmarq secured a combined $67.3 million financing for both properties through its Optigo status as a Freddie Mac lender.
