HCP Planning Extensive Value-Add, Capital Improvements Campaign at Property
Hudson Capital Properties (HCP), a multifamily real estate investment and development firm focused on value-added acquisitions in Southeastern US markets, today announced the $55 million acquisition of Cornerstone, a 302-unit, Class-B garden apartment community located in the affluent Triangle submarket of Cary, NC.
“We are planning an extensive value-add, capital improvements campaign at Cornerstone, which includes upgrading all 302 units to top of the market finish levels and significantly enhancing the property’s amenity set,” said Robert B. Cohen, II, Chief Investment Officer of HCP. “The community will also benefit from the its proximity to Apple’s new headquarters, which is expected to bring as many as 10,000 jobs to North Carolina, including a major investment in Research Triangle Park.”
Built in 1997 on High House Road, between NC Highway 55 and Davis Drive, Cornerstone is proximate and accessible to Research Triangle Park, the area’s largest employment node and largest research park in the United States, as well as the affluent Preston single-family neighborhood surrounding the Prestonwood Country Club Golf Course.Additionally, Cornerstone is adjacent to a range of retail options, including Harris Teeter and Publix, while also enjoying the desirable distinction of being the only apartment community zoned for top-rated Davis Drive elementary and middle schools.
HCP targets assets that deliver immediate value through improved cash flowby seeking properties valued at or below their replacement cost, with attractive stabilized yields, and havethe potential to add value through capital improvements.The firm and its principals invest considerable equity capital into its transactions and take a true owner-operator’s view of the strategy and timeline for each investment. HCP’s target markets have high barriers-to-entry and supply constraints with regard to properties located in established neighborhoods, CBDs and in educational and medical centers and often in state capitals. HCP is an expert at sourcing deals, frequently transacting with capital constrained sellers that have completed some phases of value add, and with sponsor groups seeking early exit following a quick uptick in value.
About Hudson Capital Partners
Founded in 2009, Hudson Capital Properties (HCP) is a multifamily real estate investment and development company. Through its affiliated companies, Hudson Capital acquires, owns, and operates a portfolio of multifamily properties in the Southeastern United States that currently comprises over 6,500 units, and is currently constructing more than 500 apartment units just outside of Manhattan. Led by industry leaders James S. Cohen, Frank Huttle III and Robert B. Cohen II, the HCP team has developed a track record of value creation through the acquisition, development, and management of multifamily properties. With in-house expertise in development, construction, asset management and finance, HCP has proven its ability to source opportunities, close transactions quickly and efficiently manage and perform large scale improvements on its properties.
