BR Churchill Downs DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
BR Churchill Downs DST
Exchange-X, along with managing partner Bluerock, is pleased to announce the offering of BR Churchill Downs DST. BR Churchill Downs DST is a 272-unit apartment community located at 800 Churchill Downs Drive in Aberdeen, North Carolina. Situated on 21.31 acres, the property comprises 34 residential buildings with a mix of 96 direct-entry townhome units and 176 garden-style apartments, totaling 288,480 net rentable square feet. The community, built between 2000 and 2003. Units boast spacious kitchens with bar-top seating, luxury wood-style plank flooring, in-unit washer/dryer connections, high ceilings, generous closet space, and private patios or balconies; select units offer plantation-style blinds, scenic views, and microwaves. The property provides an array of amenities including an upgraded clubhouse with a coworking lounge and Starbucks coffee bar, an enhanced fitness center with Echelon equipment, a lounge pool with cabanas, a leash-free dog park, a grilling pavilion, an expanded putting green, and a pet spa. Recent capital improvements totaling approximately $1.5 million encompass renovations to common areas, roof replacements, landscaping, and parking lot refinishing, with further interior and exterior upgrades planned to enhance value and increase rental rates.
This property in the Pinehurst Metro area, the “Home of American Golf,” offers excellent walkability to retail, dining, and entertainment, and is directly across from the Southern Pines Golf Club. Strategically located equidistant from the growing Charlotte and Raleigh-Durham metros, the area boasts strong tenant demographics with an average household income of nearly $79,000 and employment in stable sectors like military, healthcare, and education. The property was acquired for $1.3 million below its appraised value, indicating immediate value creation. The Pinehurst Metro is experiencing robust wage and employment growth fueled by new businesses and expansions in retail and construction, supported by a business-friendly climate with low property and corporate tax rates. The golf industry is a major economic driver, with 40 courses nearby attracting 1.5 million annual visitors and benefiting from significant investments like the United States Golf Association’s second headquarters, the World Golf Hall of Fame, and future U.S. Open tournaments.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
FSC Industrial 34 DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
FSC Industrial 34 DST
Exchange-X, along with managing partner Peachtree Group is pleased to announce the offering of FSC Industrial 34 DST. FSC Industrial DST is a dual property industrial portfolio located in Hanson Kentucky and Easley South Carolina.
The Carhartt property is a 681,000 SF purpose-built distribution hub located at 380 Estill Baker Road Hanson, Kentucky 42413. Originally constructed as a build-to-suit for Carhartt in 1998 and expanded in 2009, the Property serves as Carhartt’s primary national SKU facility in the U.S. Carhartt has invested over $70 million in supply chain automation including robotics, racking, and conveyor systems over the years, signifying the Property’s role as a mission-critical asset within Carhartt’s vertically integrated U.S. distribution footprint.
Sitting on 54.8 acres, the building’s exterior is constructed with masonry block and metal siding and a TPO membrane roof. The warehouse features clear height’s up to 70′, 48 dock doors, 6 grade level doors, 514 car parking spaces, and more than 100 trailer stalls.
The Carhartt property is strategically located in the middle of Carhartt’s U.S. manufacturing facilities (Madisonville Cutting Plant – 4 miles north, Camden Sewing Plant – 133 miles south, Edmonton Sewing Plant – 144 miles east). The property benefits from direct access to I-69, enabling efficient north–south freight movement through Western Kentucky and to key regional markets including Indianapolis, Louisville, and Nashville. CSX rail service runs through Hanson with interchange access to the Paducah & Louisville Railway
in nearby Madisonville. Two Ohio River ports—Henderson and Owensboro—offer multimodal freight capabilities within an hour’s drive, while proximity to Nashville, Louisville, and Indianapolis supports next-day regional distribution.
Carhartt, Inc. is a privately held American apparel company renowned for producing durable, high-quality workwear built to serve hardworking people. Founded in 1889 by Hamilton Carhartt in Detroit, Michigan
The Eaton Corporation property is an industrial warehouse for Eaton’s Electrical business segment located at 1730 East Main Street Duncan, South Carolina 29334. Originally constructed in 1980, the building totals 315,273 square feet and is comprised of 265,800 square feet of warehouse space, 37,304 square feet of manufacturing space, and 12,169 square feet of office space. Positioned on a 30.3-acre site, the building’s exterior is constructed with masonry block and metal siding and a thermoplastic polyolefin and standing seam metal roof. The warehouse features clear heights of 29 to 31 feet and 38 dock doors with three grade level doors spanning over 570 feet
along the Property. The site provides two access points from Main Street that lead to the parking lot in front of the building that offers 184 parking spaces to the Eaton employees.
The Eaton property is part of the Greenville-Spartanburg Industrial Market and is located within the Spartanburg West submarket. According to CBRE Research, the Greenville-Spartanburg industrial market adds up to 204.1 million square feet across 10 submarkets as of Q1 2022. The metropolitan industrial market touts a record low 2.6% vacancy rate and a total availability rate of just 5.1%. In addition, the greater industrial market development continues to surge, as there are 14.6 million square feet of new product under construction. The Spartanburg West submarket is the Greenville-Spartanburg Industrial Market’s largest submarket encompassing 53.6 million gross square feet of industrial product and making up over 26% of the total market. The explosive growth can be attributed to the inland port in Greer, and access to the I-85 corridor.
Eaton Corporation (NYSE:ETN) is a global power management company dedicated to improving the quality of life and protecting the environment through the efficient use of power. Founded more than a century ago, Eaton has evolved into a diversified industrial leader serving customers in over 170 countries.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
NexPoint Oasis DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
NexPoint Oasis DST
Exchange-X along with managing partner Nexpoint is pleased to announce the offering of Nexpoint Oasis DST.
The Oasis at Shingle Creek is a multifamily garden-style apartment development located at 4350 Osceola Trail Road, Kissimmee, Florida 34746 (the “Property”). Developed in 2018, the Property consists of 27.35 acres of land upon which 15 residential buildings are situated, housing a total of approximately 347,081 rentable square feet across 356 apartment units (the “Apartment Units”).
The Property includes amenities such as a resident lounge with game room, fitness center, theater, pool with private cabanas, indoor dog washing and grooming station, pet park with agility equipment, playground, sand volleyball court, and lakeside pier. As of July 22, 2025, the Property was 94.1% leased.
The Oasis is located in Kissimmee Florida, a growing Orlando MSA. The Orlando MSA is the fastest growing out of the top 30 United States metropolitan statistical areas (“MSAs”), experiencing 2.7% growth (adding 75,969 residents for a total population of 2,940,513) in the past year.
Additionally, Osceola County is the fastest growing county in Florida and the seventh fastest growing county in the United States, growing its population 3.4% over the last year. As the home to two of the nation’s largest theme parks, one of the five largest in-person, enrollment universities in UCF, and a rapidly growing medical presence to support the population growth the Orlando MSA has a strong, diversified labor market.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
PG Manchester Industrial DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
PG Manchester Industrial DST
Exchange-X, along with managing partner Peachtree Group is pleased to announce the offering of PG Manchester Industrial DST. Located at 36 Industrial Drive Londonderry, NH 03053, PG Manchester Industrial DST is a new construction, 50,985 square foot built-to-suit Tesla auto and collision facility on 8.32 acres.
The property is located adjacent to the Manchester-Boston Regional Airport, New Hampshire’s busiest airport. The Manchester–Nashua metropolitan area has approximately 423,000 residents and lies near the northern end of the Northeast megalopolis.
The property is 100% leased to Tesla, Inc. (NASDAQ: TSLA), the world’s leading manufacturer of electric vehicles. Tesla’s corporate credit rating is BBB from S&P and Baa3 from Moody’s, both of which are considered investment grade. Tesla’s market cap is in excess of $1 trillion.
The new 15-year lease commenced in February 2025, has 3% annual rent increases, and minimal landlord responsibilities. The lease includes five 5-year options at fair market value with 3% annual increases.
The location is one of two Tesla service centers in the state of New Hampshire. The location also supports the delivery of new and used vehicles, and the eight-acre site supports growing volumes. New Hampshire has no state income tax and no sales tax on purchases, including vehicles.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Net-Leased All-Cash 18 DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Net-Leased All-Cash 18 DST
Exchange-X, along with managing partner ExchangeRight is pleased to announce the offering of ExchangeRight Net Leased All Cash 18 DST. Net Leased All Cash 18 DST is a diversified retail portfolio consisting of 6 net-lease properties in 5 states with national corporate leases backed primarily by investment-grade and recession resilient tenants starting at a 5.15% year-1 net target cash flow from in-place lease revenue. The portfolio is focused on retail properties that are leased to national tenants operating essential businesses with a weighted-average lease term of 12.0 years.
National credit tenants include Tractor Supply Company and BioLife. The properties are located in Vermont, Minnesota, Florida, and Louisiana. The Trust acquired the following portfolio of six properties located at (i) 1301 East Osceola Parkway, Kissimmee, Florida 34744; (ii) 906 Seton Parkway, Kyle, Texas 78640; (iii) 6105 Airport Boulevard, Mobile, Alabama 36608; (iv) 10300 Cherry Valley Avenue SE, Caledonia, Michigan 49316; (v) 2850 Shorter Avenue NW, Rome, Georgia 30165; and (vi) 4569 SM 52, Stockbridge, Michigan 49285
The Properties are 100% occupied.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
DX SB Industrial I DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
DX SB Industrial I DST
Exchange-X along with managing partner Denholtz is pleased to announce the offering of DX SB Industrial DST. The Property, Sweetwater Business Center, is a nine-building, 225,789 square foot flex property in Tampa, Florida. Currently 87.35% 1 occupied, the Property offers investors a stable, infill shallow bay industrial asset in one of Tampa’s strongest submarkets.
The Property is located in the Tampa–St. Petersburg–Clearwater Metropolitan Statistical Area, within Hillsborough County, approximately 18 miles from downtown Tampa. The surrounding area offers a mix of residential and commercial uses, with numerous restaurants and shopping centers. The Property also benefits from immediate access to Interstate 275, which
carries an average daily traffic volume exceeding 140,000 vehicles near the site.
Shallow Bay Property in Tampa MSA, a dense, high-growth market with strong demographics, above-average incomes, and significant barriers to new supply. Current population of ~3.4 million, with more than 200,000 new residents added since 2020. Annual in-migration averaging 59,000 people, with projected growth of 1.1% per year through 2030.
The property has a diversified tenant base averaging 3.69 remaining lease terms. Major tenants include, The Home Depot, BayCare Health Systems, Unified Womens Healthcare, Terracon Consultants, Keller North America, Children’s Network, Mobula Environmental and more.
An affiliate of Sponsor has owned and operated the Property since 2020, successfully increasing rents, converting tenants to triple-net leases, and maintaining strong occupancy.
The properties appraised for $3.3m above initial purchase price and has a current occupancy of 87.35%.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
NexPoint Small Bay III DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
NexPoint Small Bay III DST
Exchange-X, along with managing partner Nexpoint, is pleased to announce the offering of Nexpoint Small Bay III DST. Small Bay III DST is a portfolio of two small bay flex industrial properties located in Deerfield Florida and Richardson Texas.
The Arapaho DST owns a Small Bay Property located in Richardson, Texas 75081, at the following street addresses (i) 1303, 1323, 1343 Columbia Drive, 610 Presidential Drive, (ii) 1231-1251 Columbia Drive, 600-690 North Glenville Drive, 701 Presidential Drive, 631-651 Presidential Drive, (iii) 700 North Glenville Drive, (iv) 750 Presidential Drive, (v) 860-878 Presidential Drive, (vi) 1300 East Arapaho Drive, (vii) 801-899 Presidential Drive, (viii) 1202,1212, 1222 East Arapaho Drive, and (ix) 1231-1251 American Parkway, consisting of approximately 31.55 acres of land and 136 units (the “Arapaho Units”) totaling approximately 407,669 net rentable square feet (the Arapaho Property”). The buildings comprising the Arapaho Property were built between 1976 and 1980. The Arapaho Property is managed by WMG Small Bay Management, LLC (the “Property Manager”). As of August 31, 2025, the Arapaho Property was approximately 92% leased.
The Arapaho Property is located in the DFW MSA. The DFW MSA is 8,675 square miles in size with a
population density of 945 people per square mile. The DFW MSA has an estimated 2024 population of 8,195,41 and added an average of 139,507 residents per year over the 2010-2024 period.
The Deerfield DST owns a Small Bay Property located at 4500-4850 North Powerline Road, Deerfield Beach, Florida 33073, consisting of approximately 8.253 acres of land and 41 units (the “Deerfield Units”) totaling approximately 102,245 net rentable square feet (the “Deerfield Property”). Many of the buildings comprising the Deerfield Property were built in 1987-1988, but two of the buildings were built in 2017 and all of the buildings have gone through significant renovations in 2024-2025. The Deerfield Property is managed by the Property Manager. As of August 31, 2025, the Deerfield Property was approximately 95% leased.
The Deerfield Property is located in the Miami MSA. The Miami MSA is 5,067 square miles in size with a population density of 1,235 people per square mile. The Miami MSA has an estimated 2021 population of 6,257,826 and added an average of 29,873 residents per year over the 2010-2021 period.
The Loan Documents provide for a $41,000,000 loan with a 10-year term, interest-only payments, and a fixed interest rate of 5.708% per annum. On a fully-loaded basis, the LTC ratio is 44.87%. The Loan is “non-recourse” to the Trusts except for standard non-recourse carve outs contained within the Loan Documents.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
CF Westshore Multifamily DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
CF Westshore Multifamily DST
Exchange-X, along with managing partner Cantor Fitzgerald is pleased to announce the offering of CF Westshore Multifamily DST. Located at 5350 Bridge Street in Tampa Florida, The Residences at Westshore Marina is a 351 unit luxury multifamily complex which sits on 12 acres and over 507,132 square feet of gross building area. The six-building community is close to Highway 92 and less than 8 miles from downtown Tampa. The city’s international airport is 7 miles away.
Completed in 2019, the five-story property comprises one-, two- and three-bedroom floor plans ranging between 752 and 1,432 square feet. Select layouts also have private balconies or patios.
Common-area amenities include a fitness center, clubhouse, playground and business center. Additionally, The Residences at Westshore Marina also has a swimming pool with sun decks, bar area, grills and picnic space, along with a coffee bar and private work spaces.
The Property is located within the Westshore Marina District, a 52-acre, master-planned community situated along the scenic Tampa Bay waterfront that offers exceptional regional connectivity via I-275, the Selmon Expressway, and the Veterans Expressway. The Westshore Marina District has established itself as one of Tampa’s premier lifestyle destinations, offering luxury residential living with walkability to restaurants, boutique retail, green space, and direct marina access.
The Tampa–St. Petersburg market’s substantial growth over the past several years has been driven by its favorable tax environment and desirable weather. Additionally, Tampa has established itself as an emerging tech hub, home to over 50 software and IT companies, and a financial services center. The Tampa Bay area is also the location of three major military installations: MacDill Air Force Base, Coast Guard Air Station Clearwater, and Coast Guard Station St. Petersburg.
Tampa has received substantial investments for new developments in the downtown area, including the 56-acre “Water Street Tampa” development (projected to be completed in 2027) and Gas Worx (an industrial site turning into 5,000 housing units, with some office and retail).
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
NLC Health Investors DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
NLC Health Investors DST
Exchange-X, along with managing partner Net Lease Capital, is pleased to announce the offering of NLC Health Investors DST, a Delaware Statutory Trust (DST) investment in two adjacent office buildings, treated as a single asset for 1031 exchange purposes, located at 200 and 300 Stevens Drive in Philadelphia, PA. They have a total area of 277,579 square feet and sit on a 17.45-acre lot in Delaware County. The buildings are 4 and 3 stories respectively, featuring reinforced concrete foundations, brick and glass exteriors, and a flat, single-ply thermoplastic membrane roof. The investment is notable for its long-term lease and investment-grade guarantors, which enhance the perceived stability of the income stream. The properties are encumbered by two mortgage loans.
The buildings are fully leased under a triple net (NNN) lease to AmeriHealth Caritas, with various entities listed as the tenant, including Keystone Family Health Plan, AmeriHealth Caritas Health Plan, and AmeriHealth Caritas Services LLC. The lease is a long-term commitment, with a 17-year term commencing on November 21, 2024, and maturing in 2041. The tenant also has renewal options that could extend the lease until May 2050. The year one rent is set at $7,920,155 and includes annual escalations of 3.50%. A significant feature of this offering is the investment-grade lease guarantors: Blue Cross Blue Shield of Michigan (‘A’ rating from AM Best, accounting for 38.74% of the guarantee) and Independence Health Group (‘A-‘ rating from S&P, covering 61.26% of the guarantee).
The investment is situated within the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area, also known as the Delaware Valley. This region is a major economic hub, ranking as the eighth-largest metropolitan region in the U.S., with a core metropolitan statistical area population of 6.246 million as of 2023. The metropolitan area’s Gross Domestic Product GDP exceeded $557 billion in 2023, solidifying its position as the eleventh-largest metropolitan economy in the nation. The regional context suggests the property benefits from a large, established employment base and a historically significant, vibrant economy.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Cove Ponder Small Bay Industrial 101 DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Cove Ponder Small Bay Industrial 101 DST
Exchange-X, along with managing partner Cove Capital is pleased to announce the offering of Cove Ponder Small Bay Industrial 101 DST, a debt-free investment centered on a flex/industrial business park located at 2330 & 2268 Seaborn Road in Ponder, Texas, a suburb within the Dallas/Fort Worth (DFW) metroplex. The property, which was constructed between 2018 and 2023, consists of 19 buildings encompassing 115,650 square feet on nearly 19 acres. The asset is currently 100% occupied with a well-established, multi-tenant base, offering investors the potential for strong, stable in-place cash flow within an affluent and growing submarket.
A value-add strategy is central to this offering, aiming to generate potential upside and appreciation for investors. This plan focuses on capturing mark-to-market rental rates by renewing and extending expiring leases, while also converting existing gross leases to the more favorable NNN (triple net) structure. Further growth potential comes from the property’s 3.5 acres of excess land, which provides the option to construct five additional buildings. The investment is considered an opportunistic acquisition, as the sponsor purchased the asset below its replacement cost, often signaling strong appreciation potential. As a small bay industrial property, it appeals to a diverse tenant base—from artisans to last-mile distributors—due to its flexible suite sizes, typically ranging from 1,000 to 10,000 square feet.
The surrounding Denton area is highlighted as an attractive and growing market that benefits from its proximity to DFW. It is a university town, home to the University of North Texas and Texas Woman’s University, which contribute to the community’s culture and amenities. The area boasts strong demographics and a solid industrial base, with major companies like Peterbilt Motors, Sally Beauty Company, and various distribution centers calling Denton home, providing a robust local economy supporting the investment’s tenancy and growth prospects.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Starboard Makley DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Starboard Makley DST
Exchange-X, along with managing partner Starboard Realty, is pleased to announce the offering of Starboard Makley DST. Starboard Makley DST is a Class A, 140-unit mid/high-rise apartment community completed in 2022 located at 210 West 5th Avenue, Columbus, Ohio 43201. Units feature high-end finishes like stainless steel appliances and granite countertops with 102,768 residential rentable square feet. Amenities include a fitness center, clubroom, business center, and pet policy.
The financial strategy includes 10-year, interest-only financing at a 5.44% interest rate from Freddie Mac. Given the new construction, the focus is on maintenance and common area upgrades rather than extensive renovations. A key financial benefit is a 100% tax abatement on the improved value for up to 15 years. Management plans involve boosting non-rental income by converting a maintenance room into rentable storage lockers and implementing a revenue-sharing renters insurance program.
Starboard Makley DST is desirably located in the Upper Arlington/Downtown submarket of Columbus, Ohio. The property is strategically located near major employers like The Ohio State University and the Wexner Medical Center, which drive strong housing demand. Its proximity to Downtown Columbus and the popular Short North Arts District offers residents easy access to employment and cultural attractions. The Columbus region is a top-performing Midwestern metro for growth in jobs, population, and GDP.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
AEI Heathcare Portfolio VI DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
AEI Heathcare Portfolio VI DST
Exchange-X, along with managing partner AEI Capital, is pleased to announce the offering of AEI Healthcare Portfolio VI DST. AEI Healthcare Portfolio VI DST is comprised of two debt-free, high-quality outpatient healthcare clinics. Each of these properties is fully leased to major, financially strong healthcare providers, making the investment well-suited for those seeking stability and consistent returns in the resilient healthcare sector. The investment strategy focuses on assets with below-market rents and long-term, net leases that include annual rent increases.
The two properties in the portfolio are the AMG Chicago Project and the Winding Woods Project. The Advocate Medical Group Chicago clinic, located at 2210 West 95th Street, Chicago, Illinois, is a 25,000-square-foot building in the Chicago-Naperville-Elgin Metropolitan Statistical Area (MSA), a region that ranks third in total medical office square footage among major metros. The healthcare sector is a major employer in this area, with the facility being situated in a dense neighborhood with strong demographics and regional connectivity. The Winding Woods Project, located at 300 Winding Woods Drive, O’Fallon, Missouri, is a larger 44,645-square-foot facility in the St. Louis MSA. The St. Louis healthcare market is highly concentrated, with a few systems holding a significant market share. The Winding Woods project is leased to Mercy Health, a major player in this market. Both facilities are considered mission-critical, with their strategic locations and purpose-built designs helping to ensure tenant retention and long-term value.
This offering is structured to provide investors with a stable source of monthly income through ownership of these essential healthcare properties. The debt-free nature of the portfolio and the long-term, net-lease structure of the properties aim to minimize landlord responsibilities and provide a durable cash flow, regardless of broader economic fluctuations. The locations of these properties within major and stable healthcare markets further reinforce their potential for long-term capital preservation and consistent performance.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Net-Leased Portfolio 71 DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Net-Leased Portfolio 71 DST
Exchange-X, along with managing partner ExchangeRight is pleased to announce the offering of Net-Leased Portfolio 71 DST. Net-Leased Portfolio 71 DST is a diversified retail/medical portfolio consisting of 12 net-lease properties in 9 states with national corporate leases backed primarily by investment-grade and recession resilient tenants starting at a 5.00% year-one net target cash flow from in-place lease revenue. The portfolio is focused on retail properties that are leased to national tenants operating essential businesses with a weighted-average lease term of 10.9 years. National credit tenants include Natural Grocers, Conviva Senior Primary Care, Dollar General, ALDI, O’Reilly Automotive, Oak Street Health, Dollar Tree, Inc., Memorial Hermann, Verizon Communications Inc., Wawa, Inc. The properties are located in Texas, Arkansas, Missouri, Washington, Georgia, Florida, Michigan, Pennsylvania, Alabama. (i) 2117 South Loop 256, Palestine, Texas 75801; (ii) 122 Saint Cloud Road, San Antonio, Texas 78228; (iii) 16453 Vimy Ridge Road, Alexander, Arkansas 72002; (iv) 9367 North Val Verde Road, Donna, Texas 78537; (v) 104 Logan Court, Albany, Georgia 31707; (vi) 300 Rogers Court, Webster, Texas 77598; (vii) 19019 East 48th Street, Independence, Missouri 64055-6964; (viii) 3311 SE 192nd Avenue, Vancouver, Washington 98683; (ix) G3525 South Saginaw Street, Burton, Michigan 48529; (x) 6391 Park Boulevard N, Pinellas Park, Florida 33781; (xi) 5317 William Flynn Highway, Gibsonia, Pennsylvania 15044; and (xii) 10040 Encounter Drive, Fairhope, Alabama 36532. The main goals of the Trust are to provide the Owners with a return on their investment in two primary ways: (i) in the form of monthly cash distributions to the Owners; and (ii) upon any Disposition of the Properties. The Properties are 100% occupied.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
InCommercial RMF DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
InCommercial RMF DST
Exchange-X, along with managing partner InCommercial, is pleased to announce the offering of InCommercial RMF DST. InCommercial RMF DST is a property offering for accredited investors seeking stable, income-generating returns. The investment is comprised of a trust that owns four retail motor fuel outlets and convenience stores in the greater Houston, Texas area. These properties are leased to Panthers Petroleum III LLC under triple net (NNN) leases, which shifts the responsibility for maintenance, taxes, and insurance to the tenant. The four properties operate under well-known fuel brands: Shell, Valero, Sunoco, and 76.
Each of the four properties is 100% leased and has a 20-year lease term with the option for four five-year renewals. Rent increases by 7.5% every five years during both the initial term and any renewal periods. The Trust’s returns are projected to be approximately 6.0% annually for the first five years and 6.41% for years six through ten, assuming the projections are met.
The properties are strategically located within the Houston-The Woodlands-Sugar Land Metropolitan Statistical Area (MSA), a significant economic hub with a diverse and booming economy. The large population and strong workforce in the region are expected to drive consistent demand for the fuel and convenience store businesses, making the properties an attractive investment.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Madison Waterstar DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Madison Waterstar DST
Exchange-X, along with managing partner Madison Capital, is pleased to announce the offering of Madison Waterstar DST. Madison Waterstar is a 320-unit multifamily apartment community located on 10.06 acres at 14535 Star Water Road in Kissimmee, Florida. Completed in 2023, the property features eight four-story residential buildings encompassing approximately 310,624 net rentable square feet, along with a single-story leasing office and clubhouse. It is currently 100% leased to a Master Tenant under a Master Lease agreement and offers 513 parking spaces, including 12 ADA-compliant spots.
Madison Waterstar offers an impressive suite of amenities, including a saltwater pool with a tanning deck, an outdoor grilling pavilion, a state-of-the-art fitness studio with yoga/Pilates space, a resident coffee lounge, and electric vehicle charging stations. Each apartment features modern finishes like stainless steel, energy-efficient appliances, granite countertops in kitchens and baths, designer lighting, and hardwood floors. Residents will also find soaking tubs, private patios or balconies, classic shaker-style cabinets, kitchen islands with breakfast bar seating, and side-by-side refrigerators. All units come with a smart home package (video doorbell and Yale smart front door lock), spacious walk-in closets, double vanity sinks in the main bathroom, double-pane insulated windows, and an in-unit washer and dryer. Private covered lanais with oasis views and 2-inch faux wood blinds complete the luxurious living experience.
Madison Waterstar boasts a strategic suburban Kissimmee location, bordered by Disney World to the north and east, and with easy access to US Highway 92 and Florida Highway 429. This prime spot, just off SR-429 and near the I-4 interchange, puts residents within a 30-minute drive of over 560,000 jobs—nearly 40% of the entire Orlando MSA’s employment. Beyond its proximity to a major employment hub and top tourist destination, the community is directly across from the Sunset Walk retail center and offers walkable access to grocers and restaurants like Publix, Target, and Ale House. The surrounding Orange County area is also experiencing consistent population growth, ensuring continued development and resources.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Griffin Capital (Heritage – Gonzales, LA) DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Griffin Capital (Heritage – Gonzales, LA) DST
Property Name: The Oaks at Riverbend
Developer: Stoa Group
Property Type: Multifamily / Garden Style / Class A
Location: Gonzales, Louisiana (Baton Rouge MSA)
Year Built: 2023
Purchased: 2025
Units: 299
The Oaks at Riverbend | Gonzales, LA (Baton Rouge MSA) | 299 Units
A garden-style, Class A multifamily community in Gonzales, Louisiana, The Oaks at Riverbend offers 299 units and was completed in 2023. Located within Ascension Parish, one of the fastest-growing areas in the state, the property benefits from exceptional demographics and economic tailwinds. Ascension’s population has surged 55.4% over the past decade—123% faster than Baton Rouge and nearly 1,900% faster than the Louisiana average—fueled by job growth, low unemployment (2.4%), and strong public-school performance. The area’s multifamily rents grew by 2.7% from 2019–2024 and are projected to grow another 2.9% through 2029.
The property offers one-, two-, and three-bedroom units with top-tier amenities, including a resort-style pool and game lawn, fitness center, private garages, dog park, and co-working space. The acquisition was completed in May 2025 for $184K/unit—well below estimated replacement costs of $220K–$240K/unit. By comparison, Passco acquired a similar garden-style property in May 2022 for $285K/unit, and Starboard acquired another that month for $229K/unit, positioning Griffin Capital’s basis as highly favorable.
With no competing properties under construction within a 15-mile radius and nearly 30% of the surrounding population in the prime rental age cohort (20–39 years old), the asset is well positioned for long-term value and income growth.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
LRT RI Coventry Senior Living DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
LRT RI Coventry Senior Living DST
Exchange-X, along with managing partner LRT Company, is pleased to announce the offering of LRT RI Coventry Senior Living DST. LRT RI Coventry Senior Living DST is a 12.40-acre undeveloped parcel located at 0 New London Turnpike, Coventry, Rhode Island. This land is entirely leased to LRT Coventry Lessee, LLC (the Ground Lessee) through a Triple Net Ground Lease that commenced on July 15, 2025, and runs for fifty years, expiring on July 15, 2075. The LRT Development Company LLC, plans to construct a multi-level, 202-unit assisted living and memory care senior housing community on the property.
A ground lease is an agreement where a tenant develops unimproved land during a set lease period, paying rent and fees to the landlord. Upon lease expiration, all improvements transfer to the property owner. This arrangement offers potential benefits, including monthly rent cash flow, potential cash from capital transactions (like selling the improved property after construction), and built-in rent escalations. The Ground Lessee will handle the design, development, and construction, with work expected to start one month after approvals and conclude within 24 months. After construction, a nationally recognized third-party company will manage the facility. A February 2009 environmental assessment found no issues.
Located in Kent County, Coventry, Rhode Island, is a sizable town (approximately 60 square miles) with a population of nearly 36,000 and a median household income of $99,177. It’s about 29 miles southwest of Providence. The area demonstrates a significant demand for senior living, with over 200,000 Rhode Islanders aged 65+ (including 38,000 with disabilities). Coventry’s strategic location offers easy access to major highways (I-95, Routes 3, 117, 102), boosting commerce and accessibility. Its connections to regional trade are further strengthened by nearby railroads and the Port of Providence.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
BV Ernest Health Neuro Rehab DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
BV Ernest Health Neuro Rehab DST
Summary:
Exchange-X, along with managing partner Bridgeview Real Estate, is pleased to announce the offering of BV Ernest Health Neuro Rehab DST. Opened in January 2023, BV Ernest Health Neuro Rehab DST features a long-term 20-year Absolute Net lease extending through January 4, 2043, which also includes two additional 10-year tenant options. The lease structure incorporates annual rent escalations, providing a stable and growing income stream. The facility boasts 50 total beds and demonstrates strong operational performance with a 95% average occupancy rate as of December 31, 2024. Further bolstering its market position are active overflow referral agreements with prominent healthcare providers Kaiser Permanente and UC-Davis Medical Center.
The Trust owns a ground leasehold interest in the Land (i.e., approximately 6.23 acres of land located at 10 Advantage Court, Sacramento, California 95834) and a fee simple interest in the Improvements, which include a two-story, 59,508-square foot building that is home to the 50-bed Sacramento Rehabilitation Hospital (https://srh.ernesthealth.com/), a state-of-the-art inpatient rehabilitation facility that is Sacramento’s only neurospecialty rehabilitation facility. The Trust is the tenant under the Ground Lease. The Ground Lease has a term of 60 years, which commenced on April 16, 2025 and terminates on March 30, 2085 with no extensions.
The Sacramento Rehabilitation Hospital provides specialized services to patients recovering from disabilities caused by accidents, illnesses, or chronic medical conditions. These disabilities occur
regardless of the economic environment. The inpatients receive a multidisciplinary team to maximize their return of functional capabilities, perform daily activities, return to work (or school), and pursue leisure activities. Patients treated in rehab hospitals vs. skilled nursing facilities live longer, have fewer hospital and ER visits, and remain longer in their homes without additional outpatient services.
Ernest Health is a network of rehab and long-term acute care hospitals that see patients who are often recovering from disabilities caused by injuries or illnesses or from chronic or complex medical conditions. Ernest owns 35 facilities (four in California and the others across 13 states). The hospital network has earned national recognition as a healthcare leader, providing patients with the highest level of care.
Located in the Sacramento-Roseville-Folsom, California MSA which boasts a large concentration of major medical providers, including UC Davis Medical Center, California’s only Level 1 trauma center north of the Bay Area. Healthcare accounts for an above-average share of employment in SAC in part because of its importance to neighboring rural counties with fewer providers. The Appraiser is aware of no other known planned rehabilitation hospitals in the local and immediate area that would provide negative competition to the Property.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Messenger Place DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Messenger Place DST
Exchange-X, along with managing partner Bonaventure, is pleased to announce the offering of Messenger Place DST.
Messenger Place DST is Messenger Place DST is a 1031 Exchange-eligible investment offering up to 100% beneficial ownership in a Class A multifamily property in downtown Historic Manassas, Virginia. Since 2021, Messenger Place has been owned and managed by Bonaventure’s multifamily fund (BMIT OP). BMIT OP retains an option to repurchase the property at fair market value after a two-year hold, providing DST investors with a strategic, tax-deferred exit via a 721 Exchange into Bonaventure’s diversified multifamily fund.
The property, commonly known as “Messenger Place,” is a Class A multifamily community consisting of 94 units, located at 9009 Church Street, Manassas, VA 20110, including two parcels in close proximity, 9004 Church Street and 9314 Centerville Road. Completed in 2019, Messenger Place is a 5-story building on approximately 1.78 acres and contains 70,510 net rentable square feet comprised of three primary multifamily unit types with an average of 750 square feet per unit. The Property also contains 4 retail spaces comprising 3,509 net rentable square feet. The Property features community amenities including on-site parking, a video entry system, on-site property management, and elevators. In-unit amenities include stainless-steel appliances, granite countertops, private patios, faux-wood flooring, 9-foot ceilings, and Energy Star certified appliances.
The Property is master leased to BMIT Messenger Place Master Tenant, LLC, a Delaware limited liability company, a wholly owned subsidiary of the Operating Partnership and an affiliate of Sponsor. The Master Tenant sub-leases the apartment units to the end-user tenants pursuant to residential leases and sub-leases the commercial units to the end-user tenants pursuant to commercial leases.
Northern Virginia is a thriving economic hub with a diverse workforce exceeding 1.5 million jobs, spanning government consulting, technology, defense, finance, and sciences. Its economic resilience is supported by an exceptionally high median household income of over $140,000, nearly double the national average. Recent investments, including Amazon’s HQ2, will add 30,000 new tech jobs by 2030, further diversifying the region’s economic landscape. The area’s talent pipeline remains strong, with 30+ universities and nearly 400,000 enrolled students.
As of February 2025, the Property’s multifamily units were 98.9% leased.
Loan Terms
All Cash. (0.00% LTV)
See “PPM” for details.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
NLCA Government Lease Holdings II DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
NLCA Government Lease Holdings II DST
Exchange-X along with Net Lease Capital Advisors is pleased to announce the offering of NLCA Government Lease Holdings II DST.
NLCA Government Lease Holdings II DST is a diversified portfolio consisting of two (2) Government properties leased to US Department of Veterans Affairs (VA) (Kernersville, NC) and US Citizenship & Immigration Services (USCIS) (Camp Springs, MD).
Built in 2020, the U.S. General Services Administration (GSA) and utilized by the U.S. Citizenship and Immigration Services (USCIS) is located at 5900 Capital Gateway Drive, Camp Springs, MD 20746. Built in 2020, USCIS is a 574,767 square foot office building situated on 10.71 acres. USCIS is responsible for immigration governance, including processing immigration applications under management of the Department of Homeland Security.
Camp Springs MSA is economically and demographically influenced by the Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Statistical Area (MSA), the “National Capital Region”. The MSA is one of the most educated and affluent metropolitan areas in the U.S. and population was 6,385,162 as of 2020 U.S. Census; sixth largest MSA in the nation.
The U.S. General Services Administration (GSA) building is located at 1695 Kernersville Medical Parkway, Kernersville, NC 27284. Built in 2015, GSA is a 353,238 square foot office building situated on 39.26 aces. Kernersville VA Clinic “VA Kernersville Health Care Center” is an outpatient care facility supporting the VA hub and spoke healthcare model; clinics are the spokes and hospitals are the hub (located in Durham and Greenville). Open 5 days a week, it has 78 physicians covering 34 specialty areas of medicine. The Urgent Care Clinic opened Nov. 2023, open everyday but Sunday; planning to serve 10,000 local veterans each year.
Kernersville is a town in Forsyt h County, North Carolina, located at the heart of a combined statistical area, which consists of t he cities of Greensboro, High Point, and Winston-Salem. Winston-Salem is the county seat of Forsyt h County, North Carolina. With a 2024 estimated population of 545,000, it is t he second largest municipality in the Piedmont Triad region and the fifth largest city in the state. The city was listed as the 17th best place to r etire in the U.S. during 2024-2025.7 Veteran population increasing in region, increasing demand for ambulatory/outpatient care. Upon closing, Net Lease Capital Advisors secured loans on both properties with a total LTV of 56.68%. The Kernersville, NC loan was originated by US Bank Trust Company at 2.87% on a 20-year fixed term and Camp Springs MD loan was originated by Wells Fargo Trust Company at 4.83% on a 15-year fixed term.
The properties are currently 100% occupied.
Loan Terms
NC: 2.87%, 20-year term | MD: 4.83%, 15-year term
See “PPM” for details
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Notes CS I DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Notes CS I DST
Exchange-X along with managing partner VENU (Notes Live is pleased to announce the offering of Notes CS I DST.
Notes CS I DST (the Property) is a newly built concert Amphitheater known as “The Sunset Amphitheatre” which consists of 9.41 acres located at 95 Spectrum Loop, Colorado Springs, Colorado 80921, which is improved by an 8,000 person capacity outdoor amphitheater, eight structures containing approximately 28,210 air conditioned space and 10,700 square feet of covered area.
The Property is located in the City of Colorado Springs, Colorado, which is the second most populous area in Colorado after Denver. Colorado Springs has experienced significant population growth in recent decades. The county population grew from 397,000 in 1990 to 730,395 in 2020. U.S. News and World Report ranked Colorado Springs as the 9th Best Place to Live in May 2023 and 4th Best Place for Young Professionals to Live in July 2023. The economy in the Colorado Springs area is heavily impacted by the military, including the United States Air Force Academy.
The local economy is related to the private defense industry, including employers such as Boeing, Lockheed Martin, General Dynamics, and Northrop Grumman. Approximately 35%-40% of the local economy is directly related to the military and defense contractor sectors. Tourism is another significant component of the Colorado Springs economy, including the U.S. Olympic Training Center, Broadmoor Resort Hotel, and natural landmarks such as Garden of the Gods and Cave of the Winds.
Among the economic highlights noted in the Appraisal is the recent announcement by Meyer Burger, a Swiss solar manufacturer, in July 2023 that it intends to spend $403.5 million over the next two years to convert a former Intel facility into a solar cell manufacturing facility. In addition, on July 31, 2023, the Biden administration announced that Colorado Springs will be the permanent home of Space Command, a division of the military established in 2019.
The Tenant, Sunset Amphitheater LLC, a Colorado limited liability company, leased the Property for the purpose of operating an amphitheater on the Property, and related activities. The Tenant recently signed a ten year agreement with AEG Presents, which represents numerous artists, including Taylor Swift, Elton John, Ed Sheeran and the Rolling Stones. The Tenant is one of many direct or indirect subsidiaries of Notes Live, Inc. d/b/a Venu Holding Corporation, which is an owner, operator, landlord, financier, and manager of multiple uniquely structured concert and restaurant venues across the United States.
The tenant (Sunset Amphitheater LLC) entered into a newly executed master lease with Lessor Notes CS MT LLC, a Colorado limited liability company. Lease terms consist of a 25 year term on a triple net (NNN) basis with an option to renew for five (5) terms of ten (10) years each. Total starting net operating income is $3,222,000. Tenant will obtain, maintain and pay for liability insurance naming the lessor as an additional insured, all in such terms and amounts as lessor may reasonably determine.
Venu develops each venue from the ground up with integrated services including food, beverage, ticket sales, venue naming rights and related services. Venu currently owns various restaurants, bars, indoor concert venues, and outdoor amphitheaters which are either completed or under construction Colorado Springs, Colorado, Gainesville Georgia, Mustang Creek, Oklahoma, Broken Arrow, Oklahoma, and McKinney Texas, with a number of additional sites being considered for acquisition. Venu was founded in 2017, and its shares are widely held, with approximately 33% being held by its founder and CEO, J.W. Roth, and with no other party controlling more than 2% of its shares. Venu intends to complete a listing on the New York Stock Exchange in the second or third quarter of 2024 under the ticker symbol VENU, although there can be no assurance that this will occur.
Loan Terms
All-Cash (0% LTV) Offering
See “PPM” for details
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Life Sciences III DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Life Sciences III DST
Exchange-X along with managing partner NexPoint is pleased to announce the offering of Nexpoint Life Sciences III DST.
The Property is located in the Minneapolis MSA. The Minneapolis MSA is the 16th most populous Metropolitan Statistical Area (“MSA”) in the United States. The Minneapolis MSA has an estimated 2022 population of 3.72 million which represents an average annual increase of 1.5% over the 2020 census amount, which exceeded that of the nation last decade, a rarity in the slow growing Midwest. The Minneapolis MSA added an average of 14,000 residents per year over the 2020-2022 period. Looking forward, the Minneapolis MSA’s population is projected to increase at a 0.6-0.8% annual rate from 2023- 2028.
The Property is located in the City of Woodbury in Washington County located approximately 20-miles from downtown Minneapolis, Minnesota. Minneapolis is a hub for research and development in the medical technology field, dominating the U.S. medical device industry from employment to venture capital investment. The state has a long history of medical technology development, a reputation for scientific excellence, and a concentration of highpowered academic institutions–including the University of Minnesota, ranked ninth among public research universities, and Mayo Clinic, one of the nation’s top health providers. Nationally, Minnesota is ranks first in medtech jobs per capita and ranks second in the number of medical device and equipment manufacturing firms and employees.
Concurrent with the Acquisition Closing, the Master Tenant assumed the Tenant Lease with the Tenant (i.e., Kindeva). Kindeva is a global CDMO in the pharmaceutical industry, focused on drug-device combination products. The Tenant is an industry leader in combination drug delivery and manufacturing and provides expertise at every stage of pulmonary and nasal, injectable, and transdermal therapy development and manufacturing. The Tenant’s offerings span early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing, and drugdevice product assembly. The Tenant serves a global client base from its nine manufacturing, research, and development facilities located in the United States and United Kingdom.
The Tenant Lease commenced on September 17, 2021 for a period of 15 years, ending September 30, 2036. The Tenant is obligated to pay base rent to the landlord under the Tenant Lease each month as scheduled in the Tenant Lease. In addition, the Tenant is obligated to pay additional rent to the landlord under the Tenant Lease as set forth in an exhibit to the Tenant Lease. The Tenant has three Extension Options to extend the term of the Tenant Lease, each for a five-year term.
Investment Highlights
- Life science real estate has been a top-performing asset class for the past 20+ years1
- The Property is a high-quality, purpose-built facility that is well suited to the Tenant and will support its continued growth
- Strong and growing Tenant, with approximately 1,300 patents and more than 2,000 employees across nine manufacturing and research and development facilities
- A significant portion of the Tenant’s revenues are generated through contracts with blue-chip, creditworthy institutions
- Use of the Property is central to the Tenant’s business, housing the Tenant’s corporate headquarters as well as its research, formulation and development for dermal and inhaled products
- 15-year initial term net lease with 13 years remaining (with extension options) and contractual escalations each year
- The Minneapolis MSA is one of the top life science clusters in the United States
- The Tenant is led by an experienced management team and backed by leading strategic investors as well as a prominent private equity sponsor, Altaris Capital Partners Ownership Objectives I.
Sponsor Investment Goals
I. Preserve the Beneficial Owners’ capital investment.
II. Make monthly distributions starting at 4.18% per annum in year one, and projected to range from 4.01% to 4.10% per annum in years two through nine, which may be partially tax-deferred as a result of depreciation and amortization expenses.
III. Capitalize on strong demographics, population and economic growth, life-sciences demand drivers and thriving economic conditions in the Minneapolis MSA.
IV. Capitalize on strong and accelerating technology real estate fundamentals, driven by favorable supplydemand imbalance, continued sector growth and persistent tailwinds.
V. Profitably sell the Property within approximately five to nine years. There is no guarantee that the objectives will be successfully achieved, that the Property’s values will be enhanced, or that the Property will be sold within the planned time period.
Investment Rationale
Strong Life Science Tailwinds.
Attractive life science real estate fundamentals are driven by demographic tailwinds and a requirement for continued innovation to solve evolving societal healthcare needs.
Life science real estate plays a critical role, as specialized space is required to support scientific research, development and ultimately the manufacturing of novel drugs and therapeutics.
The Property house the Tenant’s corporate headquarters and a majority of their manufacturing and manufacturing employees.
Attractive, Long-Term Lease Structure. The Tenant Lease structure provide for an attractive passive investment opportunity, supported by 15-year initial term, contractual rental escalation every year, and net lease structure with the Tenant responsible for property tax, insurance, maintenance and repair throughout the entire term of the Tenant Lease.
Well-Located Life Science Manufacturing Asset. The Property is located in Woodbury, Minnesota which is the fastest growth submarket within the Minneapolis MSA. The Minneapolis MSA is the 16th largest metropolitan statistical area (“MSA”) in the United States, and an extremely robust industrial market with rents having doubled in the last five years.
Loan Terms
10-year term, 4.5% for months 0-36, 2% + 3-year Treasury for months 36+
See “PPM” for details
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
SPP TXAL Investment DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
SPP TXAL Investment DST
Exchange-X along with managing partner Skyline Pacific Properties is pleased to announce the exclusive offering of SPP TXAL Investment DST.
SPP TXAL Investment DST is a portfolio of four (4) Logan’s Roadhouse Restaurant sale leasebacks from parent company SPB Hospitality, LLC. The sale leasebacks are structured on new 20-year NNN terms with 2% annual rent increases.
The Properties consist of: (i) the Waco Property located at 2806 West Loop 340, Waco, Texas 76711, (ii) the Fultondale Property located at 3387 Lowery Parkway, Fultondale, Alabama 35068, (iii) the Decatur Property located at 2315 Beltline Road SW, Decatur, Alabama 35603, and (iv) the Prattville Property located at 2775 Legends Parkway, Prattville, Alabama 36066.
The Tenant, which is a subsidiary of SPB Hospitality, will continue to operate the Properties as Logan’s Roadhouse restaurants. Fortress, through SPB Hospitality and its subsidiaries, owns and operates the Logan’s Roadhouse chain of restaurants. Logan’s Roadhouse (“ is a casual dining “ restaurant chain founded in 1992 in Lexington, Kentucky, with 133 locations in 21 states Logan’s specializes in traditional American “ fare Logan’s operates locations in California, including restaurants in Sacramento, Chico, Redding and Fontana, California, but has maintained an operational focus in the Southeast and Texas, which are both strong geographies for steakhouse and roadhouse restaurants.
SPB Hospitality LLC, a Nashville based hospitality group owns and operates the Logan’s Roadhouse chain Fortress Investment Group LLC, through its affiliates, owns SPB Hospitality LLC. Altogether, SPB Hospitality LLC operates over 225 restaurants, including the J Alexander’s chain, the Gordon Biersch chain, ChopHouse Brewery, the Ember Smoked BBQ chain, the Rock Bottom Brewery chain, the Roadies Sliders chain, Big River Grille Brewing Works, AIA Ale Works Restaurant Taproom, Ragtime Tavern Seafood Grill and Seven Bridges Grille Brewery.
Fortress Investment Group LLC (“ is a leading, highly diversified global investment manager with approximately $44.2 billion of assets under management and approximately 917 employees and 209 investment professionals located at its headquarters in New York and its affiliate offices around the globe.
The Signatory Trustee anticipates that the Properties will provide the Purchasers with the potential for stable cash flow. Additionally, as a result of the flexibility provided by the absence of debt, the Signatory Trustee intends to evaluate all opportunities to sell the Properties throughout the anticipated hold period and will attempt to do so at the most opportune time to Purchasers, in its sole discretion.
Skyline Pacific Properties, LLC is a professional real estate management firm with over 30 years sourcing net lease (NNN) properties for private equity. The firm has acquired over 2,500 commercial properties with an aggregate value exceeding $7 billion. In-house capabilities include Property Management, Investor Relations, Accounting, Development, Construction, and Legal.
The properties (4) as of June 26th 2023 are 100% occupied.
Loan Terms
All Cash Offering
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Moody Village Towers DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Moody Village Towers DST
Exchange-X along with managing partner Moody National Company is pleased to announce the offering of Moody Village Towers DST.
Village Towers is an office building with retail space located at 9651 (“Tower I”) and 9655 (“Tower II”), including a separate one story building with a six story parking garage (the “Plaza”), on Katy Freeway in Houston, Texas, situated on approximately 5.178 acres. The Project is improved with 3 rectangular (6) shaped buildings, consisting of a total of approximately 325,557 square feet.
Tower I is a six story building consisting of approximately 141,249 square feet.
Tower II is a six story building consisting of approximately 141,059 square feet.
The Plaza is a one story building with a six story parking garage above the building consisting of approximately 43,249 square feet. The Project was constructed in 2019. The Project is currently configured for 30 rental units (including a management office, mail center, conference room, and fitness center), which offer a combination of office and retail space. The interiors are divided into reception areas, management offices, restrooms, fitness center and mail room. The Project contains approximately 1,364 parking spaces.
According to a rent roll dated November 1, 2022 (the “Rent Roll”), Tower I is 97.807% occupied by 9 tenants, Tower II is 50.965% occupied by 5 tenants and the Plaza is 100% occupied by 5 tenants and amenities. Major tenants at the Project include Village Towers Towne Center, LLC, Prologis, Inc., SEP Permian LLC, Innovation Specialists, LLC (d/b/a 2ND.MD), Veritex Community Bank, EnCap Investments L.P., Frost Bank, Hilltop Residential, LLC, and Moody National Realty Company, L.P. Solaris Midstream Holdings, LLC and Solaris Oilfield Infrastructure, LLC.
The Project is located in the City of Hedwig Village a western suburb of the City of Houston, Texas. According to Appraisal, the city of Hedwig Village is included in the Houston-The Woodlands-Sugar Land, TX Metropolitan Statistical Area (the “Houston-The Woodlands-Sugar Land, TX MSA”). According to the Appraisal, (36) the Houston-The Woodlands-Sugar Land, TX MSA is a region of 7,421,501 million people projected to have continued growth in the area’s employment and population—expected to occur in-line with or above that of the nation as a whole over the next 12 to 36 months.
The City of Houston is located in Harris County, in the west-central portion of the Houston-The Woodlands-Sugar Land, TX MSA, which includes all of Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, and Waller Counties. Harris County, home to the Project, is located in the central portion of the MSA, and is in the southeast portion of the state. The City of Houston is the 4th most populous city in the nation and the most populous city in Texas. The Houston-The Woodlands-Sugar Land, TX MSA is the 5th most populous MSA in the nation.
Loan Terms
5.09%, 10-year term, 10-year interest only (SWAP Agreement)
**SEE PPM for more details
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Manufacturing Essential Asset DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
Manufacturing Essential Asset DST
Exchange-X along with managing partner CAI Investments is pleased to announce the exclusive offering of Manufacturing Essential Asset DST.
Located approximately an hour outside of Milwaukee Wisconsin and 1 1/2 hours from Chicago in Harvard Illinois, Manufacturing Essential Asset DST is a single tenant industrial DST leased to US Medical Glove Co a leading manufacturer of nitrile gloves and nitrile glove making machines.
Built in 1997, the facility has over 1.5 M sq ft of warehouse, office, and amenities on 300 acres USMGC will occupy the facility as its global HQ, moving manufacturing equipment, establishing R&D, and increasing their current production of nitrile gloves as part of the federal government’s mandate to re shore critical goods and services. Building 1 is a 355,000 square foot distribution center comprised of 28 docks, 35′ clear height, high-bay storage with 52′ clear heights. Building 2 is a 619,000 square foot manufacturing center comprised of 18 docks, 17’3-23 clear height, conveyor system. Building 3 & 4 is a 573,000 square foot corporate office/other complex used for corporate employees.
Amenities include 1,10 person capacity Cafeteria, 500 person capacity Auditorium, Underground Parking, Two Daycare Facilities, Fitness and Wellness Center, Helipad and Interconnected trails for biking, walking, etc.
The lease is an Absolute Net Lease (NNNN) leased to US Medical Glove Co (www.USMG.us) a leading manufacturer of nitrile gloves and nitrile glove making machines with a lease term of 23.5 years commencing April 1 2023. The lease has annual rent increases at a stated 2% per annum and Four 5-year term renewal options. US Medical Glove Company was founded in 2020.
The company at capacity production is 10 billion nitrile gloves annually and projected to fulfill 30% of the nations annual NBR glove need.
Loan Terms
4.25%, 10-year term, 10-year interest only
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
CPA Arbour Commons DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
CPA Arbour Commons DST
Exchange-X along with Core Pacific Advisors is pleased to announce the exclusive offering of CPA Arbour Commons DST.
Arbour Commons at The Orchard Town Center is a well located, 394-unit garden-style upscale apartment community. The property features modern apartment homes with extensive community amenities, surrounded by shopping, restaurants, entertainment options, big-box retailers, 2 regional hospitals, and 1M SF of Amazon distribution/fulfillment centers.
Arbour Commons is located on the northwest corner of the Orchard Town Center, a 1M SF, Target anchored lifestyle center with co-anchors including JCPenney, Macy’s & AMC Theaters. Directly to the east and across I-25, Amazon has an 855K SF fulfillment center to complement yet another 200K SF distribution center, just a mile north of Arbour Commons. St. Anthony’s North Hospital first-class health services and high-paying jobs, as does Children’s Hospital North Campus, less than a mile from the property. As the property is centrally located proximate to 4 major employment centers, Boulder, Broomfield, the Downtown Denver CBD, & Denver International Airport, Arbour Commons residents can easily access a collective 525,000+ Jobs all within a 30-minute or less drive radius.
Arbour Commons excels on a property level basis, with strong rent and occupancy metrics that support a mark-to-market investment strategy. The property, built in 2014, is well maintained with competitive community and unit amenities with units that are 16% larger than the surrounding submarket averages.
COMMUNITY AMENITIES
• Resort Style Swimming Pool & Soak Deck
• Pet Park
• Volleyball Court
• Detached Garages
• Community Garden
• Extensive dedicated green space with
Regional Trail Access
• Car Care Station
• Community Planned Resident Events
• Parcel Lockers
• Theater Room & Gaming Lounge
• Chef’s Table
• Public Art Space
• Cyber Café with Barista Bar
• Conference Room
• Meeting Space
• Fitness Center
• Open Air Lounge
• Explorer Park and Playground
Loan Terms
4.20%, 10-year term, year 1-6 interest only, years 7-10 interest & principal
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
BDP Southlake DST
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow
BDP Southlake DST
Exchange-X along with managing partner BPH Holdings is pleased to announce the offering of Southlake DST.
The Property, which is comprised of 265,942 net rentable square feet, is currently platted together with another office building comprised of 208,840 (based upon the Lease) net rentable square feet. As part of the proposed sale, the property would be divided via condominium association. The tenant, Sabre Corporation (NASDAQ: SABR), www.sabre.com is the leading technology provider to the global travel industry.
Sabre’s software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotel properties to manage critical operations, including passenger and guest reservations, revenue management, flight, network and crew management. The company provides retailing, distribution and fulfillment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre’s technology platform manages more than $260 billion worth of global travel spend annually.
Sabre has 10+ years of lease term remaining.
Highlights
-5 story office building built in 2001 with $9.2 mm of renovations since 2017
-The Property is located on 12.60 acres and is 265,942 square feet
-The Property has access to 997 garage spaces and 191 surface spaces assigned to it providing a 4.47space/1,000SF ratio
Loan Terms
Lender: Wells Fargo Bank
The Loan is expected to have a term of 10 years and bear interest equal to (a) 285 basis points plus (b) the 10-year U.S. SOFR Swap Rate, as determined by Lender, but in no event shall be less than 2.40%. The Trust intends to rate lock the Loan on or prior to the Closing Date. Cash flow estimates have been prepared on the assumption that the interest rate, when locked, will be no greater than 5.66%.
Sponsor
Location
Asset Class
Offering Price
Year Built
LTV
Estimated Hold Period
Projected Year 1 Cash Flow