WINTER PARK, Fla., March 04, 2021 (GLOBE NEWSWIRE) — Hillpointe, LLC, a totally built-in actual property growth and funding agency centered on workforce housing within the southeastern United States, as we speak introduced the closing of Hillpointe Workforce Housing Partnership II, LP (the “Fund”) at $110 million. The oversubscribed Fund is concentrated on the event of Class A high quality flats competitively priced for workforce tenants.
“Hillpointe’s profitable fundraise and increasing investor base marks one other vital milestone for our firm,” famous Steven Campisi, Co-Founder and Managing Accomplice of Hillpointe. “The Fund will enable for the event of the subsequent eight workforce housing tasks in our pipeline representing roughly $320 million of whole asset worth and roughly 2,400 workforce housing models within the southeastern United States. There’s vital unmet demand for newly constructed multifamily product with rental charges between $1.00 and $1.20 per sq. foot and we imagine the flexibility to ship such product at a horny value foundation considerably insulates our workforce housing technique in opposition to draw back dangers.”
“We’re happy to have acquired such a excessive stage of curiosity in our workforce housing technique,” stated Jeff Goll, Hillpointe Managing Director and Head of Capital Markets. “Our group is grateful for our long-term traders and excited to welcome new restricted companions that embody establishments, household workplaces and multi-family workplaces nationwide. We tremendously worth these relationships and look ahead to rising with our companions as we execute our technique on this Fund and future funds.”
Because of the huge undersupply of workforce housing, Hillpointe sees a chance to develop prime quality, newly constructed housing focused at renters who earn between 60% and 120% of space median revenue. Multifamily, and particularly the workforce housing sector within the southeastern United States, has continued to outperform different actual property product sorts. Suburban places, sunbelt states, secondary markets and the workforce housing subsector have been robust performers in 2020 as COVID-19 accelerated and amplified demographic tailwinds that have been already in movement.
“Our funding thesis resonates with our traders and tenants alike,” stated Kelly Mahoney, Co-Founder and Managing Accomplice of Hillpointe. “We make the most of an built-in growth mannequin to deliver new housing property, priced at rents which might be corresponding to 10+ yr outdated absolutely occupied housing, within the goal market. Hillpointe’s absolutely built-in method and our capacity to ship accomplished tasks at a extremely engaging value foundation gives a novel aggressive benefit versus different actual property investments. We’re in a position to supply newly constructed flats to renters at comparable charges to a lot older, inferior product, permitting for speedy stabilization and engaging funding efficiency throughout the market cycle.”
The Hillpointe Workforce Housing Partnership II, LP exceeded its $100 million goal and achieved its arduous cap of $110 million. There was no placement agent for the Fund. Greenberg Traurig, P.A. served as authorized counsel.
Hillpointe, LLC is a totally built-in actual property growth and funding administration agency that boasts full in-house basic contracting, supplies procurement, asset administration and capital markets capabilities. With company workplaces situated in Winter Park, FL and Athens, GA, Hillpointe is led by Kelly Mahoney and Steven Campisi. Hillpointe’s principals have developed and acted as basic contractor on over 4,000 models of housing representing over $500 million of asset worth over the previous twenty years.