HPI Snags Memphis-Area Community
- Jun 28, 2017
Hamilton Point Investments acquired Annandale Gardens, formerly Annandale Commons, in the Memphis suburb of Olive Branch, Miss. This marks the second acquisition of HPI Real Estate Fund V.
“Annandale is 20 minutes away, across the border in North Mississippi,” Matt Sharp, co-founder & managing principal of HPI, told Multi-Housing News. “The population and employment growth there over the last decade have been strong, as people flee Memphis down I-78. It’s very much the sort of growth corridor markets where HPI likes to buy.”
The pet-friendly, 400-unit community comprises one-, two- and three-bedroom floorplans ranging from 750 to 1,210 square feet across 34 two- and three-story buildings. Located at 10862 Nichols Blvd., the property was built in 2000 and currently has a 97.5 percent occupancy, according to Yardi Matrix. Interior features include washer/dryers, oversized closets, air conditioning, balconies, vaulted ceilings and ceramic tile in the tub and showers. Residents have access to amenities such as a fitness center, clubhouse, playground, two swimming pools, tennis courts and 500 parking spaces.
HPI plans on making common area upgrades that include signage, landscaping and clubhouse re-design, as well as updates to unit interiors.
“Minimal investment in capital items occurred over the years, leaving the property well suited for the common area and unit upgrade program HPI generally pursues. We expect to realize some management upside as well,” said David Kelsey, co-founder of HPI.
Image courtesy of Hamilton Point Investments