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Hillpointe Raises $190M for SE Workforce Multifamily Developments
Winter Park, FL-based Hillpointe, LLC, has closed Hillpointe Workforce Housing Partnership III, LP, at its hard cap of $190 million.
“Fund III was oversubscribed and received significant interest from both new and existing investors, with participation from endowments, insurance companies, family offices and multi-family offices,” said Jeff Goll, managing director and head of capital markets.
The fund focuses exclusively on workforce multifamily housing developments in the Southeastern U.S. It is expected to allow for the development of Hillpointe’s next 12 projects — including those in Florida, Georgia and South Carolina —representing approximately $500 million of total asset value and 3,500 housing units.
According to a statement from Hillpointe, the fund was formed to take advantage of significant unmet demand for newly built multifamily product with rental rates between $1.00 and $1.20 per square foot targeted at renters who earn between 60% and 120% of area median income.
Photo: Pointe Grande in Kingsland, GA
- ◦Financing
