Hamilton Point Fully Subscribes $27.9M HPI Deer Creek DST
Hamilton Point Investments, or HPI, has fully subscribed HPI Deer Creek DST, raising $27.9 million in equity through broker-dealers and registered investment advisers for Xenia Trails, a 312-unit apartment community outside Dayton, Ohio, the company said.
The offering, which launched in August, is Hamilton Point’s 11th Delaware statutory trust and its second this year. It follows HPI Farmhouse DST, a South Carolina offering that fully subscribed in May.
At launch, Hamilton Point said the trust anticipated a first-year cash flow of 4.5%, increasing annually, and a loan-to-value ratio of 47.5%. The trust acquired Xenia Trails for $46 million, or $147,000 per unit, according to the company.
Hamilton Point said the offering seeks to provide investors with predictable monthly cash flow and the potential for capital appreciation.
Xenia Trails was built between 2005 and 2008 and comprises 312 one-, two-, and three-bedroom units. The property had been achieving 6% rent increases on new leases, according to the company. The area within five miles of the property has an average household income of more than $131,000, Hamilton Point said.
“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,” Hamilton Point Investments President Joshua Grenier said. The company said there is no new multifamily construction within five miles of the property and that the surrounding apartment market is 95% occupied.
Hamilton Point acquired Xenia Trails for HPI Real Estate Fund IX in March 2022 for $35.5 million. Fund IX’s sale of the property was one of two that returned $53 million to Fund IX investors in September, according to the company.
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 $150 million in DST equity since inception, including more than $100 million since 2025, up from nearly $120 million and more than $70 million, respectively, when Deer Creek launched in August.
Hamilton Point delivered seven DST offerings between 2012 and 2016. All seven went full cycle within five years, with a weighted average internal rate of return of 14% net to investors, the company said. Hamilton Point said it expects to offer additional DSTs in 2027, alongside its apartment funds.
In September, Hamilton Point named Sean Hall senior vice president of tax deferral strategies to lead equity fundraising for its DST offerings. Hall joined from Inland Securities Corp., where he spent 15 years.
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