Hamilton Point Launches $27.9M DST for 312-Unit Ohio Apartment Community
Hamilton Point Investments has launched HPI Deer Creek DST, seeking to raise $27.9 million in equity to acquire Xenia Trails, a 312-unit apartment complex outside Dayton, Ohio. The offering is Hamilton Point’s 11th Delaware statutory trust and its second this year, following the January launch of HPI Farmhouse DST, a South Carolina-based DST that fully subscribed in May.
Hamilton Point said the trust anticipates a first-year cash flow of 4.5%, increasing annually, and a loan-to-value ratio of 47.5%.
Hamilton Point is acquiring Xenia Trails for $46 million, or $147,000 per unit – below replacement cost, according to the company.
“The property has experienced strong, organic historical performance highlighted by 7.4% average annual income growth and 8.65% average annual [net operating income] growth over the past four years under Hamilton Point Property Management,” said Joshua Grenier, president of Hamilton Point Investments. The company said there is no new multifamily construction within five miles of the property and that the surrounding apartment market is 95% occupied.
Xenia Trails was built between 2005 and 2008 and comprises 312 one-, two-, and three-bedroom units. The property is 95% occupied and achieving 6% rent increases on new leases, according to the company. The surrounding five-mile radius has an average household income of more than $131,000, Hamilton Point said.
Since its inception in 2009, Hamilton Point has acquired more than 35,000 apartment units for approximately $4 billion, according to the company. Hamilton Point said it has raised nearly $120 million in DST equity since inception, including more than $70 million since 2025.
The firm has taken eight funds and seven DSTs full cycle, all within a three- to six-year hold period, with a weighted average internal rate of return of 17.1% net to investors – a tally Hamilton Point reached with the full liquidation of HPI Real Estate Fund VIII in June. Hamilton Point said it anticipates Fund IX will go full cycle within the next nine months.
In July, Hamilton Point returned $9 million to investors in HPI Real Estate Fund IX through a special distribution following the full-cycle sale of The 2900, a student housing property in Norman, Okla., the company said.
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