Hamilton Point Investments LLC has launched HPI Bandera DST, a $20.7 million total equity offering comprised of Casa Bandera Apartments, a 232-unit property located in Las Cruces, N.M.
According to the real estate investment company, it has managed the property since 2020 and has produced strong cash flows highlighted by 11.7% average annual revenue growth and 13.7% average annual net operating income growth. HPI projects a 47.7% loan-to-value ratio inclusive of reserves and a 4.75% initial yield for the Delaware statutory trust offering.
“HPI has managed Casa Bandera for nearly five years and knows the apartment market and resident base well. The property’s continued strong performance makes this a great opportunity to provide value to DST investors,” said Joshua Grenier, president of Hamilton Point Investments.
HPI delivered seven DST offerings between 2012 and 2016, all of which went full cycle with a weighted average internal rate of return of 14% net to investors.
One such DST was HPI Garden Park DST, a 246-unit multifamily community in Fayetteville, Ark. The asset was syndicated to 1031 investors in March 2013 at a total capitalization of $14.9 million and provided investors with a 1.61x multiple on their investment, including distributions. It was sold for $17.5 million in February 2016.
A more recent offering was HPI Real Estate Fund VIII, which raised approximately $115 million and acquired 12 multifamily assets. The October 2024 full-cycle sale of one of its student-housing properties, The Den in Columbia, Md., followed a 3.5-year hold period.
In February 2025, HPI announced the full-cycle sale of two student-housing properties associated with HPI Real Estate Fund IX following a 53.4% increase in value in two years.
Since its inception in 2009, Connecticut-based 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. It has more than 350 employees.
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