Hamilton Point Investments Closes $24 Million Multifamily DST
Hamilton Point Investments, a sponsor of alternative investment offerings, purchased Villas by the Lake in the Atlanta suburb of Jonesboro, Georgia for nearly $24 million on behalf of Delaware statutory trust investors.
Built in 2003, Villas by the Lake is a class A, 256-unit apartment community situated on 25 acres of land. The property offers one- and two-bedroom units that include fully equipped kitchens, nine-foot ceilings, walk-in closets, and patios or balconies. Property amenities include an outdoor swimming pool, fitness center, clubhouse, tennis court, business center, detached garages, and controlled access gates.
“Our DSTs tend to sell out very quickly,” said HPI co-founder Matt Sharp. “This allows us to avoid using bridge financing which seems to be an expensive component in some programs.”
The property, which is the company’s sixth DST offering, has a loan-to-value ratio of 58.3 percent with 30-year amortization and a fixed rate of 4.01 percent for the 10-year term. The selling group included nine independent broker-dealers that placed 29 investors into the offering.
Hamilton Point Investments LLC is a real estate investment company that owns and manages multifamily apartment properties. HPI invests through a series of real estate private equity investment funds and 1031 exchange DST programs. The company has sponsored four real estate funds and six DST offerings since 2009, acquiring more than 7,000 apartment units.
