Hamilton Point Investments announced the acquisition of two apartment properties for $32.2 million.
Windsor Upon Stonecrest, a 220-unit apartment community built in 2007, is located in Burlington, NC. Lexington Apartments is a 190-unit apartment property located in Biloxi. MS.
The company plans to complete common area and interior unit upgrades at both properties over the coming year.
The two properties were acquired by HPI Real Estate Fund IV LLC, which closed to new investors in December 2016. 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 Investments, founded in 2009 by David Kelsey and Matt Sharp, has completed acquisitions to date totaling over 10,000 apartment units. The Old Lyme, CT-based company invests through a series of real estate private-equity investment funds.