Executive Summary

The program is seeking to raise $45,670,000 in offering equity. Selling commissions of up to 6.0% may be re-allowed to selling group members, alongside a $685,050 dealer fee, $456,700 wholesaling fee, and $485,875 in organizational and offering expenses.

The offering represents a $90,186,350 total capitalization for a 360-unit multifamily property in Canal Winchester, Ohio. Capital is composed of $45,670,000 in equity and $48,855,000 in 10-year fixed debt at 5.17%. Initial distributions are projected at 4.69% in Year 1 alongside an initial debt service coverage ratio of 1.03x.

The debt structure provides long-term stability via a fixed 5.17% interest rate over a ten (10) year term. Capitalization includes $2,173,049 in master tenant improvement reserves to support property operations. Furthermore, the 360-unit residential footprint offers scale in unit count.

Sources consist of $45,670,000 in offering equity and $48,855,000 in loan proceeds. Uses fund the $83,000,000 acquisition price, $4,338,650 in total front-end fees and expenses (including an $830,000 acquisition fee, $685,050 dealer fee, and $456,700 wholesaling fee), $1,795,000 in carry costs, $1,333,859 in finance expenses, $215,002 in title and recording costs, and $2,173,049 in improvement reserves.

The initial debt service coverage ratio of 1.03x presents limited operational cushion against potential revenue declines or expense increases. Additionally, the disposition fee is set at 7.50%, and total front-end fees and expenses equal $4,338,650. The sponsor's historical DST track record is not disclosed in the excerpts.

Total capitalization of $90,186,350 accounts for the $83,000,000 acquisition price, $4,338,650 in upfront fees and offering expenses, and $2,173,049 in master tenant reserves. The $48,855,000 debt load results in an initial DSCR of 1.03x against a 5.82% syndicated cap rate. Investor equity comprises $45,670,000 of the capital stack.