Hamilton Point Investments Fully Subscribes $20.7M DST Offering

Real estate investment firm Hamilton Point Investments LLC has fully subscribed HPI Bandera DST. The offering was made available for broker-dealer due diligence in April 2025, and the company said it raised $20.7 million in equity just 34 days after executing its initial selling agreement.

According to data from Mountain Dell Consulting, 59 DST programs have been fully subscribed so far this year as of June 15. On average, those programs were on the market for nearly 231 days.

HPI Bandera DST is Hamilton Point’s eighth DST offering since inception. HPI delivered seven DST offerings between 2012 and 2016, with its final sale in April 2021. According to the company, all seven went full cycle with a weighted average internal rate of return of 14% net to investors.

HPI’s next DST investment is expected to be available for due diligence in September 2025.

A 232-unit market rate apartment community located in Las Cruces, N.M., the DST’s Casa Bandera is directly adjacent to the 15,000-student campus of New Mexico State University. According to HPI, the acquisition cost of $34.3 million was well below appraised value, and the first year’s cash flow to investors is 4.75% with leverage of 47.6% utilizing a 10-year interest only fixed rate loan.

HPI Bandera DST seeks to provide investors with predictable monthly cash flow and the potential for capital appreciation through modest unit and common area improvements that are projected to result in both increased net operating income value upon sale.

In February of this year, HPI announced the profitable full-cycle sale of two properties from its student housing-focused HPI Real Estate Fund IX.

According to the company, the two assets were acquired in March 2023 for a combined price of $44.25 million and sold in February 2025 for $67.9 million, a 53.4% increase in value in less than two years.

The Oliver, a 612-bed student housing apartment property located in Baton Rouge, La., and 21 Oaks, a 662-bed student asset property located in Columbia, S.C., were acquired as part of a four-property portfolio from a California-based operator following the COVID-19 pandemic.

Since its inception in 2009 Hamilton Point Investments has acquired nearly 35,000 apartment units for some $3.5 billion. The firm has taken 14 investment programs full cycle – seven funds and seven DSTs all within a three to five-year hold period.

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