WINTER PARK, Fla., March 08, 2022 (GLOBE NEWSWIRE) — Hillpointe, LLC, a fully integrated real estate development and investment firm focused on the development of workforce housing in the Southeastern United States, today announced the sale of Pointe Grand Savannah, a 288-unit project located in the Port Wentworth submarket of the Savannah MSA, for $86.4 million or $300,000 per unit. The sale established a record per unit price for garden style multifamily in the Savannah MSA.
“Pointe Grand Savannah’s record sale price provides further endorsement of the institutional demand for high quality multifamily product,” noted Steven Campisi, Co-Founder and Managing Partner of Hillpointe. “We believe the high internal rate of return and equity multiple of this sale demonstrates Hillpointe’s unique ability to develop new workforce housing with highly attractive investment returns.”
Pointe Grand Savannah was completed by the Hillpointe Construction team in May 2021 and reached full occupancy in under six months.
“The United States remains significantly underhoused, with occupancies and rents at record highs,” noted Kelly Mahoney, Co-Founder and Managing Partner of Hillpointe. “With a construction pipeline of over 5,000 multifamily units in the Southeastern U.S. and a proven institutional model for the creation of workforce housing, Hillpointe is well positioned to continue addressing the housing affordability crisis.”
Hillpointe, LLC is a fully integrated real estate development and investment management firm that boasts full in-house general contracting, materials procurement, property management and capital markets capabilities. With corporate offices located in Winter Park, FL and Athens, GA, Hillpointe is led by Kelly Mahoney and Steven Campisi. Hillpointe has extensive experience in the development of high-quality workforce housing. Hillpointe’s senior management team has developed and built more than 4,000 units of residential and multifamily housing assets, representing over $750,000,000 in asset value.