--- title: "Hamilton Point paid $57 million for Verso. The 2022 price is not the underwriting." description: "Hamilton Point Investments bought Verso Luxury, a 250-unit Class A community in Davenport, Florida, for $57 million, about 33 percent below what the seller paid in 2022. A discount to a peak-era price is not your basis, your NOI, or your exit. Rebuild from the T-12 and the rent roll." canonical: "https://acquios.ai/blog-hamilton-point-verso-2022-price-not-underwriting" category: "Market Commentary" tags: ["Multifamily"] last-updated: "2026-10-05" site: "AcquiOS" --- # Hamilton Point paid $57 million for Verso. The 2022 price is not the underwriting. > Hamilton Point Investments bought Verso Luxury, a 250-unit Class A community in Davenport, Florida, for $57 million, about 33 percent below what the seller paid in 2022. A discount to a peak-era price is not your basis, your NOI, or your exit. Rebuild from the T-12 and the rent roll. Hamilton Point Investments bought Verso Luxury, a 250-unit Class A community in Davenport, Florida, for $57 million, about 33 percent below what the seller paid in 2022. A discount to a peak-era price is not your basis, your NOI, or your exit. Rebuild from the T-12 and the rent roll. A one-third discount to the last sale is an easy story to pitch. Verso Luxury in Davenport, Florida, shows why the last sale price does not belong in your basis, your income, or your exit. Hamilton Point Investments bought the 250-unit Class A community from ECI Group for $57 million, according to a September 30, 2026 Multi-Housing News exclusive by Simona Tudose, citing Yardi Matrix. The buyer financed the purchase with a $40.5 million Citibank loan that matures in 2031. The price is roughly 33 percent below ECI's 2022 purchase at $85.5 million, or about $342,000 a door. At $57 million, Verso trades near $228,000 a door, close to where it sold after lease-up in 2021. A deep discount to a prior sale tells you what someone else paid in a different rate and supply environment. It does not tell you that [net operating income, or NOI](https://acquios.ai/what-is-noi-commercial-real-estate) (income after operating expenses, before debt service) has bottomed, that concessions (free rent or move-in discounts) have burned off, or that your exit cap rate (the rate the next buyer will use to value the property when you sell) should tighten. ## What the Verso sale actually shows Pin down the asset before the story gets ahead of the file. Verso Luxury sits on about 20 acres at 6100 Echelon Way in Davenport, near Interstate 4 in the Central Florida corridor between Tampa and Orlando and close to ChampionsGate. It opened in 2020 as 21 two-story buildings with private patios or yards, one- to three-bedroom units from 757 to 1,477 square feet, and a pool, fitness center, outdoor kitchen, and 340 parking spaces. That is product color. It is not income. Public coverage does not include the T-12 (the trailing twelve months of a property's actual income and expenses), the [rent roll](https://acquios.ai/blog-rent-roll-analysis), occupancy, or in-place rents. If those numbers are not in the exhibits you have, do not back into them from the headline discount. Note what is missing, then rebuild from what you can verify. In January, Katz Properties paid $70 million for the 330-unit Ridge at Champions, also in Davenport, which Greystar completed in 2023. Same corridor, different vintage, different basis. Submarket activity is useful context. It does not price the offering memorandum, or OM (the broker's marketing package for a sale) in your inbox. ## A discount and a premium a week apart Hamilton Point is not running one national discount playbook. The week before the Verso deal, the firm bought Pavilion Village, a 294-unit garden-style community in Northeast Charlotte, from Pearlmark and BCAP for $56.75 million, a 29 percent premium to its 2019 sale at $44 million. That deal closed with a $36.7 million Freddie Mac loan originated by KeyBank, also maturing in 2031, with the property about 96 percent occupied. One buyer, about a week apart: roughly 33 percent below a 2022 Florida price, and roughly 29 percent above a 2019 Charlotte price. Basis, submarket supply, occupancy, and capital structure drive the bid. A headline that Sun Belt apartments are on sale does not. For your investment committee, or IC, treat both sales as closed comps with the buyer, debt, and vintage attached, not as one direction for every Southeast bid. ## The 2022 price was not a floor Verso's own trade history makes the floor argument hard to defend. The developer, Garrett, sold the property in March 2021 after lease-up for $57.75 million, about $231,000 a door, to a joint venture of TTI Capital and Viking Companies, according to CRE Direct and GrowthSpotter. ECI bought it for $85.5 million in May 2022, about $342,000 a door, a gain of roughly 48 percent in just over a year. Hamilton Point's $57 million brings the property nearly full circle to the 2021 price. The 2022 price was a peak-era number, not a floor under value. Sellers sometimes treat 33 percent off the last sale the way they treat a metro absorption headline: as proof the downside is capped and your going-in yield already clears. Keep three layers separate in your memo: what the closed sale shows (price, buyer, and debt), what the submarket's supply, demand, and concessions look like now, and what the property's trailing cash flow and capital plan support. Only the third belongs in the income and expense tabs. A [cap rate](https://acquios.ai/what-is-cap-rate) (NOI divided by purchase price) only exists once you have NOI you trust. Without the T-12 and rent roll, $228,000 a door is a statement about price, not about income. The $40.5 million Citibank loan against a $57 million price is useful capital-structure context with a 2031 maturity. It does not tell you whether in-place rents cover that debt after today's insurance, taxes, and payroll. ## Rebuild from income, not the old price When an OM leans on a prior sale, a percentage discount to peak, or a same-corridor comp like Ridge at Champions to support its pricing or a tighter exit, rebuild NOI from the T-12 and the rent roll. Check whether in-place rents sit below asking rents once concessions are counted, and whether taxes, insurance, and utilities are growing faster than income. Ask whether the broker's comps are closed sales of similar-vintage product in the same submarket, and what capital work sits between today's file and the stabilized NOI the seller wants you to underwrite. AcquiOS helps without pretending to decide whether a 33 percent discount to 2022 fits your buy box (the screens that decide which deals you pursue). It moves the OM, T-12, rent roll, and supporting exhibits into your team's existing Excel template with source citations, so analysts spend their time testing cash flow, concession burn-off, and the exit instead of retyping pages. AcquiScore can mark Proceed, Caution, or Pass against your written screens once the file is built. It does not tell you whether Davenport Class A has found a floor. That judgment stays with your IC. ## What to do this week Take one multifamily OM that cites a prior purchase price, a percentage discount to a 2021 or 2022 peak, or a same-corridor Class A sale as support for its pricing or a tighter exit. Add a one-page check with three parts: what the closed sale shows (price, buyer type, and debt), what the T-12 and rent roll say about in-place income and concessions, and what a realistic exit clears at your cost of capital. If the thesis only works when you borrow the seller's 2022 basis as a floor under today's bid, say so in the memo and size the bid accordingly. ## Frequently Asked Questions ### Does a 33 percent discount to the prior sale mean Verso is cheap? Not by itself. The 33 percent compares today's $57 million with ECI's 2022 purchase at $85.5 million, a price set in a different rate and supply environment. A lower purchase price only helps if in-place NOI, capital needs, and the exit still clear your return targets after you rebuild the file. ### Why does Hamilton Point's Charlotte premium matter for a Florida deal? Because the same buyer paid a 29 percent premium for Pavilion Village in Charlotte about a week before it bought Verso well below its 2022 price. That contrast shows submarket, occupancy, vintage, and basis drive underwriting, not a national discount story. Use both sales as closed comps with their context attached. ### Should my IC treat the 2021 or 2022 Verso price as a floor? No. The 2021 sale at $57.75 million and the 2022 peak at $85.5 million are historical data points, and Hamilton Point's $57 million shows the 2022 number was not a floor. Rebuild from today's T-12, rent roll, and a believable exit. ### How does AcquiOS help when brokers sell a prior price or a headline discount? AcquiOS moves the OM, T-12, rent roll, and exhibits into your team's existing Excel template with citations, so your team can test cash flow and the exit without treating a 2022 peak price or a 33 percent discount as stabilized NOI. It supports judgment. It does not replace it. - [Dallas-Fort Worth apartments are on sale. The discount is not the underwriting.](https://acquios.ai/blog-dfw-multifamily-discount-not-underwriting) - [Property Reserve paid nearly $900,000 a door in Mountain View. The headline price is not the underwriting.](https://acquios.ai/blog-property-reserve-mountain-view-price-not-underwriting) - [How to Underwrite a Multifamily Deal](https://acquios.ai/blog-how-to-underwrite-multifamily) - [Rent Roll Analysis](https://acquios.ai/blog-rent-roll-analysis) ## Ready to see AI underwriting on a real deal? Book a demo and bring an OM you are working on. We will run it live and show you model output in your template in under two minutes. --- AcquiOS is an acquisitions operating system for commercial real estate. Index: [llms.txt](https://acquios.ai/llms.txt) · Agent guidance: [/ai](https://acquios.ai/ai) · Free valuation tool: [/value-my-deal](https://acquios.ai/value-my-deal)