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Offering Summary

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FREX DB SERIES I DST

Preview Report

FREX DB SERIES I DST is syndicating $40,178,939 in equity alongside $35,805,000 in debt to acquire a 336-unit student housing facility in Morgantown, WV.

Capital structure

Offering Equity$30.36M50.6% · $121,449 / unit
Offering Debt$29.64M

Offering price

$60.0M

Price / unit

$240,000

Units

250

Property age

12 yrs

Projected distribution rate

Avg 6.75%

Year-one distribution of 6.25% stepping to 7.20% by year seven.

The property

336-Unit Student Housing Facility in Morgantown, WV

$65,100,000 acquisition price

FREX DB SERIES I DST

residential student housing facility

The property’s buildings were originally constructed in 2012.

5000 Domain Drive, Morgantown, WV 26501

5000 Domain Drive, Morgantown, WV 26501

336 unitsresidential student housing facility

$65,100,000

100.0% of portfolio

Seller
—
Property manager
Fortress Real Estate Exchange LLC
Sponsor

Fortress Real Estate Exchange LLC

Asset Type

Residential student housing facility

Location

5000 Domain Drive, Morgantown, WV 26501

Units

336

Property Age

The property’s buildings were originally constructed in 2012.

Offering Price

$75,983,939

Offering Debt

$35,805,000

Offering Equity

$40,178,939

Offering LTV

47.1%

Income % (Yr. 1)

—

Avg. Income (Full Term)

—

Minimum Cash Investment

—

Minimum 1031 Investment

—

Strengths

  • Structure accommodates 1031 exchange investors via Class 1 Beneficial Interests
  • Conservative 47.1% equity-to-debt capitalization

Concerns

  • High minimum equity syndication threshold of $40,178,939
  • Asset type limited entirely to student housing