Hamilton Point Liquidates HPI Fund VIII, Delivers 10.83% Annual Yield to Investors
Hamilton Point Investments LLC has fully liquidated HPI Real Estate Fund VIII, delivering a reported 10.83% average annual yield and a 1.54x average equity multiple, net to investors after all fees, on a six-year hold that spanned the pandemic and eviction moratoriums, as well as a sharp interest-rate cycle.
The Connecticut-based real estate private equity firm began raising capital for Fund VIII in November 2019 and closed the offering to new investors in November 2020. The $115 million fund used leverage to assemble a 12-property multifamily portfolio at a combined acquisition cost of approximately $251.3 million. The properties were sold over time for a combined $329.4 million – a 31% increase in value over the hold period.
AltsWire has tracked Fund VIII’s wind-down across multiple dispositions over the past two years. In October 2024, Hamilton Point sold three Fund VIII assets – Tinker at Forty8 and Edmond at Twenty500 in Oklahoma and The Den student housing property in Columbia, Mo. – and in December 2024 sold Yukon on 15th in Oklahoma City for a 56% gain in less than four years. In February 2026, the firm sold Forty649 North Hills in El Paso, Texas, for $51 million, returning $20 million to investors in a special distribution.
The fund’s asset mix was opportunistic. “We remain an opportunistic investor, as demonstrated in Fund VIII’s asset mix of distressed student housing acquired during COVID, as well as more traditional value-add properties that we determined provided a good risk/reward profile,” said Joshua Grenier, president of Hamilton Point Investments.
David Kelsey, co-founder and managing principal, added that despite headwinds and inflation, “Hamilton Point Investments was able to deliver double-digit returns to our investors.”
With Fund VIII’s completion, Hamilton Point reports it has now taken 15 investment programs full cycle – eight funds and seven Delaware statutory trusts, all within a three- to six-year hold period. The firm’s eight full-cycle funds carry a weighted average internal rate of return of 17.1% net to investors; the seven full-cycle DSTs carry a weighted average IRR of 14%. Since inception in 2009, Hamilton Point has acquired more than 35,000 multifamily, manufactured housing, and hotel units with total fund investment value of more than $5 billion.
Hamilton Point’s current active programs include HPI Real Estate Fund XIV, which raised approximately $230 million and became fully subscribed, and HPI Real Estate Fund XV, a $225 million Regulation D 506(c) offering launched in August 2025 targeting multifamily assets in what Hamilton Point describes as high-growth markets. HPI Farmhouse DST, the firm’s 10th DST offering, was fully subscribed in May 2026.
For more Hamilton Point Investments news, visit its directory page.
