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Executive Summary

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JWCM Vivian DST

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Offering summary

JWCM Vivian DST is a Delaware Statutory Trust offering sponsored by JWCM Exchange I, LLC. The trust owns a 325-unit multifamily apartment community located at 1246 Allene Avenue in Atlanta, Georgia. The property was completed in 2023 and acquired for a purchase price of $81,500,000, representing an acquisition cap rate of 4.7%. The capitalization structure consists of $46,170,900 in offering equity and $47,189,000 in fixed-rate debt financing. The loan features a 10-year term at a 5.3% fixed interest rate, establishing an offering LTV of 50.55%. The offering projects an average income of 5.31% over the full holding term.

Capital raise

0.0% of the offering is closed

$46,170,900 still available

Closed$0 Reservations$0 Available$46,170,900
$0 of $46,170,900 placed
Total offering equity

$46,170,900

Closed equity

$0

0.0% of offering
Current reservations

$0

Pending subscription
Available equity

$46,170,900

Open for subscription

JWCM Exchange I, LLC is raising $46,170,900 in equity from investors. Offering costs include $923,258 in dealer fees, $577,036 in BD marketing allowance, $577,036 in BD due diligence allowance, and $822,500 in O&O expenses. Total offering expenses are $5,562,197.

Offering terms

Sector

Multifamily apartment community

Investment Category

DST

Projected First Year Cashflow

—

Avg. 5.31% over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$46,170,900

$142,064 per unit

Offering Debt

$47,189,000

5.3% · 10 YEARS

LTV

57.9%

On acquisition price

Units / Tenants

325

1246 Allene Avenue Atlanta, GA, 30310

Property Age

The main property was built and completed in 2023.

The offering covers a newly constructed 325-unit multifamily community located in Atlanta, completed in 2023. Total acquisition cost inclusive of reserves is $87,797,703, funded through $46,170,900 in equity and $47,189,000 in fixed debt. Offering LTV is 50.55% against total offering capitalization and 57.9% against purchase price.

Strengths & considerations

Key strengths

  • Modern Asset Vintage

    2023 Completion

    The 325-unit multifamily property was completed in 2023, minimizing near-term structural capital expenditure requirements.

  • Long-Term Fixed Financing

    10-Year Term @ 5.3%

    Debt is secured with a fixed interest rate of 5.3% over a 10-year duration, insulating the asset from interest rate volatility.

  • Moderate Offering Leverage

    50.55% Offering LTV

    The debt-to-equity structure maintains an offering LTV of 50.55% on $47,189,000 of total loan proceeds.

Key considerations

  • Negative Initial Spread

    4.7% Cap vs. 5.3% Rate

    The acquisition cap rate of 4.7% is 60 basis points below the 5.3% interest rate on the $47,189,000 loan.

  • Front-End Fee Burden

    $5,562,197

    Total offering expenses and front-end fees represent $5,562,197, expanding total acquisition cost with reserves to $87,797,703.

  • Single-Asset Concentration

    325 Units / 1 Property

    All trust cash flows depend entirely on the performance of a single property located at 1246 Allene Avenue in Atlanta, GA.

The asset is a modern 2023-vintage multifamily development totaling 325 units. Financing is locked on a 10-year term at a fixed 5.3% interest rate, removing interest rate floating risk. Leverage remains moderate with an offering LTV of 50.55%.

Sources, uses & fee assessment

Capital Sources

$46.17MTotal offering

  • Offering Equity

    100.0% of offering

    $46.17M

  • Offering Debt

    57.9% LTV on acq.

    $47.19M

Where the Capital Goes

$46.17MDeployed

  • Acquisition Cost

    190.2% of offering

    $87.80M

  • Offering Expenses

    12.0% of offering

    $5.56M

  • Reserves

    1.8% of offering

    $852K

Total Offering

$46.17M

All equity — no mortgage debt

Acquisition Cost

$87.80M

190.2% of offering to the property

Total Fees & Expenses

$5.56M

12.05% of offering

Reserves

$852K

1.8% of offering

Sources total $93,359,900, comprising $46,170,900 in equity and $47,189,000 in debt proceeds. Uses include $81,500,000 for property acquisition, $5,562,197 in total front-end fees and expenses, $3,204,567 in financing expenses, $1,248,020 in carry costs, and $646,735 in master tenant reserves. Lender-required reserves are listed at $205,151.

Risk read

Tone reflects relative strength, not a rating

Leverage Spread

Negative spread at acquisition

The asset was acquired at a 4.7% cap rate against a 5.3% fixed borrowing rate on $47,189,000 in debt.

Front-End Load

Substantial offering expenses

Front-end fees and expenses total $5,562,197, which includes $2,241,250 in acquisition fees and $923,258 in dealer fees.

Debt Profile

Stable long-term fixed debt

10-year fixed loan structure at 5.3% eliminates interest rate reset exposure during the primary holding period.

Asset Age & Quality

Modern 2023 construction

Completed in 2023, the 325-unit multifamily property presents minimal initial deferred maintenance risk.

The initial acquisition cap rate of 4.7% sits below the 5.3% fixed interest rate on the debt, creating initial negative leverage. Front-end fees and expenses total $5,562,197, representing a meaningful loading on the $81,500,000 acquisition price. Performance relies on achieving projected master tenant income of $2,730,546 without secondary market data disclosed.

Calculated underwriting metrics

Syndicated Cap Rate

—

NOI ÷ offering price

Upfront Load

12.05%

Total fees ÷ offering price (all-equity offering)

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

56.7%

Offering price ÷ acquisition price

Price per Unit

$142,064

Offering price ÷ 325 units

The total acquisition cost of $87,797,703 comprises the $81,500,000 purchase price, $5,562,197 in total fees and expenses, and $646,735 in master tenant improvement reserves. Total debt of $47,189,000 results in a 57.9% acquisition LTV and a 50.55% offering LTV. Projected master tenant income is $2,730,546, supporting a 5.31% average income over the full term.

Sponsor

Sponsor

JWCM Exchange I, LLC

JWCM Exchange I, LLC acts as the sponsor for JWCM Vivian DST. The sponsor receives a $2,241,250 acquisition fee, a $35,000 annual asset management fee, and a 1% refinancing fee.

Multifamily SponsorDST IssuerAtlanta Market
Portfolio

—

Properties owned or managed

AUM

—

Across all programs

DST programs

—

Prior DST offerings

AUM in DSTs

—

DST-held assets

Team

—

Disclosed headcount

Sector focus

multifamily apartment community

Stated strategy

View Sponsor Dossier

The sponsor for the offering is JWCM Exchange I, LLC. Transaction terms include an acquisition fee of $2,241,250, an annual asset management fee of $35,000, and a 1% refinancing fee. Track record, historical disposition data, and total AUM were not disclosed in the offering materials.