HPP Real Estate, a division of Hill Property Partners, has closed on the recapitalization of North Hill Apartments, a 148-unit multifamily rental property located in Virginia Beach, Va., just one year after purchasing the asset.
The recapitalization marks the first transaction between HPP and Machine Investment Group (MIG), a real estate investment platform focused on opportunistic, distressed, and special situations across the United States, as the two companies look to form a strategic partnership to buy value-add properties throughout the country. The new joint venture plans to complete the value-add program that has been implemented and continue to reposition the asset into a class A rental community in the desired Hilltop submarket of Virginia Beach, just minutes from the beach.
HPP acquired the 126,936-square-foot property in September 2021 for $28.18 million. Following the purchase, HPP embarked on a significant multimillion-dollar capital im
