WINTER PARK, Fla., March 04, 2021 (GLOBE NEWSWIRE) — Hillpointe, LLC, a fully integrated real estate development and investment firm focused on workforce housing in the southeastern United States, today announced the closing of Hillpointe Workforce Housing Partnership II, LP (the “Fund”) at $110 million. The oversubscribed Fund is focused on the development of Class A quality apartments competitively priced for workforce tenants.
“Hillpointe’s successful fundraise and expanding investor base marks another significant milestone for our company,” noted Steven Campisi, Co-Founder and Managing Partner of Hillpointe. “The Fund will allow for the development of the next eight workforce housing projects in our pipeline representing approximately $320 million of total asset value and approximately 2,400 workforce housing units in the southeastern United States. There is significant unmet demand for newly built multifamily product with rental rates between $1.00 and $1.20 per square foot and we believe the ability to deliver such product at an attractive cost basis significantly insulates our workforce housing strategy against downside risks.”
“We are pleased to have received such a high level of interest in our workforce housing strategy,” said Jeff Goll, Hillpointe Managing Director and Head of Capital Markets. “Our team is grateful for our long-term investors and excited to welcome new limited partners that include institutions, family offices and multi-family offices nationwide. We greatly value these relationships and look forward to growing with our partners as we execute our strategy in this Fund and future funds.”