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HPP Real Estate, Machine Investment Group Recap $28M Virginia Beach Multifamily
HPP Real Estate has closed on the recapitalization of North Hill Apartments, a 148-unit multifamily in Virginia Beach, VA. HPP acquired the property in September 2021 for $28.2 million.
The recapitalization marks the first transaction between HPP and Machine Investment Group. The new joint venture plans to complete the value-add program that has been started and to continue to reposition the asset into a Class A community.
“The closing of this transaction with MIG marks the successful realization of HPP’s strategy to combine the depth of our GP family office-based capital structure with top tier institutional level LP investment partners,” said Mitchel Hill, managing partner at HPP Real Estate.
Following the purchase, HPP (a division of Hill Property Partners, LLC) embarked on a significant multimillion-dollar capital improvement program and retained Greystar to manage the property. As a result, HPP has realized rent increases of more than 25% property wide in less than 12 months.
- ◦Financing
