Spotlight: Hamilton Point Investments and Its Multifamily Delaware Statutory Trusts

The Connecticut sponsor buys apartments in its value-add funds, manages them in-house for years, then offers the stabilized ones to 1031 exchange investors.

September 7, 2026

Hamilton Point Investments is an Old Lyme, Connecticut sponsor of closed-end real estate private equity funds and Delaware statutory trusts, founded in 2009 by Matthew A. Sharp and J. David Kelsey. The firm reports acquiring more than 180 properties for $4 billion since inception, including more than 35,000 apartment units, with over 320 employees. Apartments are the core business; the funds also hold manufactured housing communities and hotels.

From fund holding to DST offering

The DST offerings come out of the funds. Xenia Trails, a 312-unit community outside Dayton, sits on Hamilton Point’s current property roster and is the asset behind HPI Deer Creek DST, launched in August 2026. President Joshua Grenier credited the property’s four-year record, which the firm puts at 7.4% average annual income growth and 8.65% average annual net operating income growth, to Hamilton Point Property Management, the wholly owned manager that runs the portfolio. HPI Farmhouse DST and HPI Bandera DST followed the same route. Grenier said the firm had managed Casa Bandera in Las Cruces for nearly five years before syndicating it to 1031 exchange investors in April 2025.

Hamilton Point delivered seven DSTs between 2012 and 2016 and then left the structure alone for close to a decade. It returned in April 2025 with HPI Bandera DST, a $20.7 million offering the firm said filled within 34 days of its first selling agreement, and has issued three more since. HPI Farmhouse DST, a 224-unit Easley, South Carolina community built in 2023, fully subscribed in May 2026 at roughly $28.8 million. Deer Creek, the eleventh, seeks $27.9 million against a $46 million acquisition price, with a projected first-year cash flow of 4.5% and loan-to-value near 47.5%. The firm reports nearly $120 million in DST equity raised since inception, more than $70 million of it since 2025.

Operations kept in-house

Hamilton Point Property Management handles staffing, leasing, maintenance and reporting. The firm also keeps renovation work in-house through a capital projects division staffed by a senior vice president and project managers hired out of multifamily general contracting, plus a vice president of design who oversees renovations, vendor relationships and asset rebranding. Manufactured housing and hotels run on a different model, with Hamilton Point acting as fund manager while an outside partner serves as asset manager: Manufactured Housing Partners for the communities, BPM & Co. for the hotels.

Track record and current programs

Hamilton Point reports eight funds and seven DSTs taken full cycle within three- to six-year holds, at a 17.1% weighted average net internal rate of return for the funds and 14.0% for the DSTs. The eighth fund closed out in June 2026. HPI Real Estate Fund VIII raised approximately $115 million, assembled twelve multifamily properties for about $251.3 million, and sold them for a combined $329.4 million, which the firm reports produced a 10.83% average annual yield and a 1.54x multiple.

Distribution runs through Hamilton Point Capital, the firm’s equity sales group, which operates as a branch office of Orchard Securities rather than as an affiliated broker-dealer. Hamilton Point reports selling agreements with more than forty broker-dealers and registered investment advisors employing over 6,000 advisory professionals, and assigns one sales role to RIAs and family offices across all states. HPI Real Estate Fund XIV closed fully subscribed at approximately $230 million. HPI Real Estate Fund XV, a $225 million Regulation D 506(c) offering launched in August 2025, is the apartment fund currently raising.

In July 2026 the firm returned $9 million to investors in HPI Real Estate Fund IX through a special distribution after selling The 2900, a student housing property in Norman, Oklahoma. It was the sixth disposition from a fund that raised $195 million and closed to new investors in February 2022. Hamilton Point said in August that it expects Fund IX to reach full cycle within nine months.