HPI Real Estate Fund V LLC, a real estate private equity investment fund sponsored by Hamilton Point Investments, has purchased Preston Lakes, a 260-unit multifamily property located in Tulsa suburb of Owasso, Oklahoma, for $26.4 million.
Built in 2008, Preston Lakes is comprised of one- and two-bedroom units with patios/balconies, central air conditioning, fully equipped kitchens, walk-in closets, and washer/dryer hook-ups. Property amenities include a swimming pool and clubhouse, fitness center, picnic area, and onsite management.
Hamilton Point co-founder Matt Sharp noted that the attractive cost basis for 2008 construction and the location in a growing submarket make it a strong addition to the fund’s portfolio.
“We are focused on buying in growing markets for well below replacement cost,” said Sharp. “HPI paid just over $100,000 per unit for Preston Lakes, which would easily cost $140,000 per unit to build new today.”
The property is located within close proximity to shopping and restaurants, St. John’s Hospital, Bailey Medical Center, the new Tulsa Technology Center, and Centennial Park.
HPI Real Estate Fund V LLC closed to new investors in January 2018. With the addition of Preston Lakes, the fund is now fully-invested, acquiring a $261 million multifamily portfolio at an average purchase price of $86,650 per unit.
Hamilton Point Investments is a real estate investment company that owns and manages multifamily properties. The company invests through a series of real estate private-equity investment funds that seek to acquire apartment communities in growing markets at below replacement cost pricing. To date, Hamilton Point has completed 65 real estate investments totaling 12,000 units and $1 billion of value.