Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
HPI Deer Creek DST is a Delaware Statutory Trust offering sponsored by Hamilton Point Investments LLC to acquire Xenia Trails, a 312-unit garden-style apartment community located at 1600 Deer Creek Drive in Xenia, OH. The property was built in 2005/2008 and is being acquired for a purchase price of $46,000,000 at a 6% acquisition cap rate. The total offering price is $53,229,065, structured with $27,929,065 in offering equity and $25,300,000 in fixed-rate debt financing. The 10-year debt financing reflects a 47.5% loan-to-value ratio and an initial debt service coverage ratio (DSCR) of 2.02x. Total upfront fees and offering expenses are $2,738,084, representing a 6% load on offering price and a 7.75% load on equity. Total capitalized reserves across lender requirements, master tenant reserves, and planned improvements equal $2,918,400 within total acquisition costs including reserves of $53,229,065.
0.0% of the offering is closed
$27,929,065 still available
$27,929,065
$0
0.0% of offering$0
Pending subscription$27,929,065
Open for subscriptionThe offering seeks to raise $27,929,065 in equity from accredited investors. Selling commissions are set at 6.00% of gross cash proceeds, with additional front-end allocations including a $488,759 dealer fee, $488,759 placement agent fee, and $279,291 each for broker-dealer marketing and due diligence allowances.
Sector
Multifamily
Investment Category
DST
Projected First Year Cashflow
—
Avg. — over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$53,229,065
$170,606 per unit
Offering Debt
$25,300,000
10 years
LTV
47.5%
On acquisition price
Units / Tenants
312
1600 Deer Creek Drive, Xenia, OH 45385
Property Age
Xenia Trails is a garden-style apartment community built in 2005/2008.
The offering covers a 312-unit garden-style multifamily asset in Xenia, OH, purchased for $46,000,000. Total capitalization is $53,229,065, supported by $27,929,065 of equity and $25,300,000 of fixed debt. The leverage profile is conservative at 47.5% LTV with a 2.02x DSCR.
Low Leverage Profile
47.5% LTVConservative leverage reduces refinancing and debt service exposure over the 10-year fixed term.
Strong Coverage Ratio
2.02x DSCRRobust debt service coverage provides substantial operational cushion above required debt payments.
Established Multifamily Sponsor
$3.0B AUMHamilton Point Investments manages 66 properties and over 12,000 units with 320+ employees.
Syndication Load
7.75% Load on EquityFront-end offering fees and expenses total $2,738,084, alongside a $1,150,000 acquisition fee.
Asset Vintage
Built 2005/2008Property age necessitates ongoing capital allocation, supported by a $1,925,000 improvement reserve.
Refinancing Fee Clause
2.5% FeeThe sponsor or affiliate is entitled to a 2.5% refinancing fee upon future debt restructuring.
The financing is structured with a conservative 47.5% LTV and a strong 2.02x DSCR on a 10-year fixed-rate term. Hamilton Point Investments brings established institutional scale, managing over $3,000,000,000 in AUM and 66 properties totaling over 12,000 units. Substantial capital reserves are established at closing, including $1,925,000 for improvements and $575,000 for master tenant operations.
Offering Equity
52.5% of offering
Offering Debt
47.5% LTV on acq.
Acquisition Cost
94.9% of offering
Offering Expenses
5.1% of offering
Reserves
9.9% of offering
Total Offering
$53.23M
Equity $27.93M + debt $25.30M
Acquisition Cost
$50.49M
94.9% of offering to the property
Total Fees & Expenses
$2.74M
6.00% of offering
Reserves
$5.26M
9.9% of offering
Total sources comprise $27,929,065 in offering equity and $25,300,000 in loan proceeds for a total capitalization of $53,229,065. Uses include the $46,000,000 property purchase price, $2,738,084 in total offering expenses and fees, $1,150,000 in acquisition fees, $997,581 in financing expenses and carry costs, and $2,918,400 in total reserve allocations.
Tone reflects relative strength, not a rating
Leverage & Debt
Conservative 47.5% LTV with 10-year fixed rate terms and 2.02x DSCR.The loan structure features fixed-rate financing of $25,300,000 against a $46,000,000 acquisition value, minimizing interest rate risk and default likelihood.
Syndication Fees
Front-end load on equity stands at 7.75%.Total offering expenses of $2,738,084, paired with a $1,150,000 acquisition fee, constitute typical but material DST equity dilution.
Physical Asset & Vintage
Constructed in 2005/2008 (312 units).The property is approximately 16-19 years old, requiring capital preservation; $1,925,000 is reserved upfront for property improvements.
Sponsor Scale
Institutional track record with $3B AUM across 66 assets.Hamilton Point Investments operates 12,000+ units across 13 states with an in-house management team exceeding 320 employees.
Key considerations include a 2005/2008 asset vintage requiring a dedicated $1,925,000 improvement reserve. Upfront offering and acquisition fees total over $3,888,000, creating equity dilution above the base real estate cost. The investment relies on master tenant performance under a Delaware Statutory Trust structure governed by statutory operating restrictions.
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load on Offering
6.00%
Total fees ÷ offering price
Load on Equity
7.75%
Total fees ÷ offering equity
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
115.7%
Offering price ÷ acquisition price
Price per Unit
$170,606
Offering price ÷ 312 units
The total offering cost of $53,229,065 represents a $7,229,065 (15.7%) spread over the $46,000,000 purchase price. Total front-end fees and expenses of $2,738,084 reflect a 7.75% load on the $27,929,065 equity raise. Capitalized reserves, financing expenses, and acquisition fees comprise the remaining spread above the property purchase price.
Sponsor
Hamilton Point Investments LLC was founded in 2010 and focuses on acquiring and managing multifamily real estate. The firm oversees $3.0B in AUM across 66 assets and 12,000+ units, employing over 320 personnel.
• Hamilton Point Investments currently owns and operates 66 properties totaling over 12,000 units in thirteen states.
Properties owned or managed
$3,000,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
Hamilton Point Investments and its subsidiary property management company employ over 320 people.
Disclosed headcount
Multifamily
Stated strategy
Hamilton Point Investments LLC was formed on March 18, 2010, and focuses on commercial real estate investments within the multifamily sector. The sponsor manages approximately $3,000,000,000 in AUM across 66 properties and over 12,000 units in 13 states. Hamilton Point Investments and its affiliated property management company employ more than 320 professionals.
Extensive multifamily portfolio comprising 66 properties across 13 states
Vertically integrated operations with over 320 employees in management and operations
Demonstrated track record structuring and managing DST syndications
Multiple affiliate fees including acquisition (2.5% of equity approx. / $1.15M) and refinancing fees (2.5%)
The property
$46,000,000 acquisition price
HPI Deer Creek DST
apartment community
Xenia Trails is a garden-style apartment community built in 2005/2008.
1600 Deer Creek Drive, Xenia, OH 45385
1600 Deer Creek Drive, Xenia, OH 45385
$46,000,000
100.0% of portfolio
The offering utilizes 0% leverage with no debt encumbering the properties. This all-equity structure eliminates mortgage amortization, debt service obligations, and maturity refinancing risk.
$25,300,000
10 years
—
Fixed
—
2.02x
47.5%
47.5%
The properties were acquired for $48,433,606 at a 6.66% cap rate, at a discount exceeding $1,350,000 to appraised value. Total acquisition costs including closing expenses and carry reach $52,476,257.
$46,000,000
$53,229,065
—
—
7.75%
6%
6%
—
—
—
—
Gross offering proceeds of $60,051,084 are allocated to the $48,433,606 purchase, $5,674,827 in fees and offering expenses, $1,046,823 in carry costs, and $1,750,000 in reserves.
Total Fees & Expenses
$2,738,084
% of equity
7.75%
% of offering
6.00%
Total fees & expenses
$2.74M
6.00% of offering
Offering expenses
$2.74M
5.14% of offering
Reserves held
$5.26M
9.89% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,150,000 | 4.12% | 2.16% |
| Title & Recording Costs | $25,000 | 0.09% | 0.05% |
| Reserves (Loan Proceeds) | $2,343,400 | 8.39% | 4.40% |
| Reserves (Lender Required) | $418,400 | 1.50% | 0.79% |
| Reserves (Master Tenant) | $575,000 | 2.06% | 1.08% |
| Reserves (Improvements) | $1,925,000 | 6.89% | 3.62% |
| Finance Expenses | $997,581 | 3.57% | 1.87% |
| Total Acquisition Cost | $50,490,981 | 180.78% | 94.86% |
| Total Acq. Cost (Reserves) | $53,229,065 | 190.59% | 100.00% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $1,675,744 | 6.00% | 3.15% |
| Dealer Fee | $488,759 | 1.75% | 0.92% |
| Placement Agent Fee | $488,759 | 1.75% | 0.92% |
| Wholesaling Fee | $209,468 | 0.75% | 0.39% |
| BD Due Diligence Allowance | $279,291 | 1.00% | 0.52% |
| BD Marketing Allowance | $279,291 | 1.00% | 0.52% |
| O&O Expenses | $294,291 | 1.05% | 0.55% |
| Third Party DD | $10,500 | 0.04% | 0.02% |
| Carry Costs | $558,581 | 2.00% | 1.05% |
| Total Offering Expenses | $2,738,084 | 9.80% | 5.14% |
| Total Fees / Expenses | $2,738,084 | 9.80% | 5.14% |
Sponsor-related compensation and third-party fees include an acquisition fee of $1,331,924, a 0.40% annual asset management fee, a $750,639 dealer fee, and $1,591,354 in BD allowances.
$1,150,000
4.12%
$488,759
1.75%
$209,468
0.75%
$2,738,084
5.95%
Operations are structured around a master tenant lease with $1,750,000 in dedicated master tenant and improvement reserves. Base Year 1 distributions are set at 4.97%, scaling to an average of 6.12% across the 10-year term.
2.5%
The
Trust will be governed by a form Amended and Restated Trust Agreement (the "Trust Agreement") by and among the Depositor, the Manager (also in its capacity as Signatory Trustee (as defined herein)), The Corporation Trust Company, as the Delaware Trustee (the "Delaware Trustee"), and Ricardo Beausoleil, as the Independent Trustee (the "Independent Trustee" and, together with the Delaware Trustee and the Signatory Trustee, the "Trustees").
Standing
13 of 57
Blended percentile across 12 extracted metrics.
Pricing
77th pct
Leverage
40th pct
Cost
69th pct
Ongoing
0th pct
Structure
47th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Acquisition cap rate
73rd pct6.00%median 5.50%
Acquisition LTV
36th pct47.50%median 46.50%
DSCR
61st pct2.02xmedian 1.99x
Total upfront load
68th pct5.14%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 6.00% | 5.50% | 5.00% – 6.00% | +0.50% | 73rd |
| Price per unitPricing | $171K | $293K | $184K – $434K | −$123K | 80th |
| Acquisition LTVLeverage | 47.50% | 46.50% | 18.89% – 50.20% | +1.00% | 36th |
| Offering LTVLeverage | 47.50% | 46.09% | 2.67% – 49.80% | +1.41% | 33rd |
| DSCRLeverage | 2.02x | 1.99x | 1.73x – 2.12x | +0.03x | 61st |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 5.14% | 7.50% | 4.89% – 9.50% | −2.35% | 68th |
| Selling commissionCost | 3.15% | 6.00% | 5.00% – 6.00% | −2.85% | 88th |
| Acquisition feeCost | 4.12% | 2.52% | 1.74% – 3.58% | +1.60% | 19th |
| ReservesCost | 18.84% | 5.53% | 1.67% – 8.66% | +13.31% | 100th |
| Equity share of capitalStructure | 52.47% | 100.00% | 52.93% – 100.00% | −47.53% | 22nd |
| Hold periodStructure | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 71st |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| NexPoint Waterford DST | NexPoint Real Estate Advisors IV, L.P. | 5.28% | 48.60% | 2.01x | 4.80% | 10 yrs | 93% |
| NexPoint Small Bay III DST | NexPoint Real Estate Advisors IV, L.P. | 5.50% | 44.90% | — | 5.15% | — | 91% |
| BDP Southlake DST | BDP Holdings, LLC | — | 50.40% | 1.98x | 5.36% | — | 89% |
| BR Parkview Multifamily DST | BVEX | 5.81% | 49.45% | 1.91x | 4.78% | 10 yrs | 86% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 86% |
| Net-Leased Portfolio 76 DST | ExchangeRight Real Estate, LLC | — | 43.32% | 1.35x | 4.08% | 14.7 yrs | 86% |
| FREX DB SERIES I DST | Fortress Real Estate Exchange LLC | — | 47.10% | — | 5.55% | 11 yrs | 85% |
| NexPoint Life Sciences III DST | NexPoint Real Estate Advisors IV, L.P. | 5.83% | 50.52% | 1.03x | 4.63% | 9 yrs | 85% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.