Hamilton Point Fund Sells Another Property for Attractive Profit
Hamilton Point Investments announced its second profitable property disposition this week on behalf of HPI Real Estate Fund VIII with the sale of Edmond at Twenty500. The multifamily property, located in Edmond, Okla., was built in 2004 and consists of 160 units.
This transaction represents Hamilton Point’s 88th property sale, all of which have been profitable, according to the company.
Edmond at Twenty500 was acquired by HPI Real Estate Fund VIII in May 2021 for $14.7 million and was sold less than 3.5 years later on Oct. 21 for $21 million.
The property was originally rent regulated and Hamilton Point acquired the asset shortly after it was released from its rent restrictions period. The company then upgraded the property both physically and in terms of tenant credit quality, allowing for increased rents and value.
“Purchasing Edmond at Twenty500 during its de-control period was well-suited to [Hamilton Point’s] value-add strategy,” said Josh Grenier, president of Hamilton Point Investments. “Our transition of the asset to full market rate apartments was well-executed and created meaningful value upside for our investors.”
HPI Real Estate Fund VIII raised approximately $115 million and acquired 12 multifamily assets. The sale of Edmond at Twenty500 represents the fifth property disposition by the fund.
Earlier this week, Hamilton Point announced the sale of HPI Real Estate Fund VIII’s The Den, a 158-unit student housing apartment property located in Columbia, Mo. Its October 2024 $27.5 million sale followed a 3.5-year hold period and represented a $6.25 million profit.
Over the summer, Hamilton Point announced the close of HPI Real Estate Fund XII LLC. Launched in March 2023 seeking to raise up to $150 million from accredited investors, the fund ultimately raised $196 million through 32 independent broker-dealers and 18 registered investment advisers. The equity was invested in eight multifamily properties totaling 2,118 apartment units.
Connecticut-based Hamilton Point Investments owns and manages multifamily properties, hotels, student housing, and manufactured housing communities. It raises equity from accredited individual investors in a series of closed-end real estate private equity fund. Since inception in 2009, it has acquired nearly 35,000 apartment units for some $3.5 billion. The firm has over 350 employees nationwide.
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