Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
Griffin Capital Tulsa BTR DST is an institutional Delaware Statutory Trust offering structured to acquire Meadow+Main, a newly constructed 138-unit build-to-rent community located in Jenks, Oklahoma. The property was completed in 2023 and acquired for a purchase price of $37,250,000, representing an acquisition cap rate of 5.77%. The total offering capitalization stands at $43,975,998, funded through $23,520,998 in equity and $20,455,000 in fixed-rate debt. Financing carries a fixed interest rate of 5.07% over a 10-year term maturing on February 1, 2036, translating to an offering LTV of 46.5%. The program projects an average income over the full term of 4.86%, supported by master tenant income of $1,048,591. The sponsor, Griffin Capital Residential Partners Institutional Property Exchange, LLC, brings decades of real estate experience and manages approximately $24,000,000,000 in assets.
0.0% of the offering is closed
$23,520,998 still available
$23,520,998
$0
0.0% of offering$0
Pending subscription$23,520,998
Open for subscriptionThe trust is seeking $23,520,998 in total offering equity from accredited 1031 exchange and direct investors. Equity proceeds fund the required down payment, front-end transaction fees, dealer compensation, and liquidity reserves. The capital raise is complemented by $20,455,000 in fixed-rate debt, representing a 46.5% offering leverage ratio.
Sector
Build-To-Rent (BTR)
Investment Category
DST
Projected First Year Cashflow
—
Avg. 4.86% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$43,975,998
$318,667 per unit
Offering Debt
$20,455,000
5.07% · 10-year term with a maturity date of February 1, 2036
LTV
46.5%
On acquisition price
Units / Tenants
138
11131 South Kennedy Court, Jenks, Oklahoma 74037
Property Age
The Meadow+Main property is newly constructed and was completed in 2023.
The offering features a 138-unit build-to-rent residential community completed in 2023 in Jenks, Oklahoma. With an acquisition price of $37,250,000 and total offering capitalization of $43,975,998, the trust utilizes 46.5% leverage via a fixed-rate loan at 5.07% maturing in 2036. The asset was acquired at an entry cap rate of 5.77% and projects an average income of 4.86% over the hold period.
Favorable Debt Terms
5.07% Fixed / 46.5% LTV10-year fixed-rate financing maturing February 1, 2036 protects against near-term interest rate volatility.
Modern Asset Vintage
2023 ConstructionCompleted in 2023, the 138-unit build-to-rent community requires minimal initial capital expenditure.
Positive Spread at Entry
5.77% Cap Rate vs 5.07% DebtThe acquisition cap rate exceeds the fixed borrowing cost by 70 basis points at acquisition.
Syndication Fee Load
$2,199,285 Total FeesFront-end costs, including acquisition and broker-dealer allowances, widen the spread between purchase price and offering equity.
Geographic Concentration
100% Jenks, OKInvestment performance is tied exclusively to the economic fundamentals of a single 138-unit asset in Oklahoma.
Master Tenant Dependency
$1,048,591 MT IncomeDistributions depend on master lease execution and lease performance across the 138 rental units.
Meadow+Main benefits from newly completed 2023 construction in the build-to-rent sector, minimizing immediate structural capital expenditure requirements. The debt profile is conservative, featuring a 46.5% LTV and long-term 10-year fixed-rate financing at 5.07% through February 2036. Additionally, the sponsor provides significant institutional scale, managing over $24,000,000,000 in assets under management.
Offering Equity
53.5% of offering
Offering Debt
46.5% LTV on acq.
Acquisition Cost
86.9% of offering
Offering Expenses
5.0% of offering
Reserves
5.1% of offering
Unallocated / other uses
3.0% of offering
Total Offering
$43.98M
Equity $23.52M + debt $20.45M
Acquisition Cost
$38.23M
86.9% of offering to the property
Total Fees & Expenses
$2.20M
5.00% of offering
Reserves
$2.23M
5.1% of offering
Sources comprise $23,520,998 in offering equity and $20,455,000 in debt proceeds, totaling $43,975,998. Uses include the $37,250,000 property acquisition, $979,605 in financing expenses, $215,754 in title and recording costs, $2,174,299 in master tenant/improvement reserves, $58,512 in lender reserves, and $2,199,285 in front-end fees and syndication expenses.
Tone reflects relative strength, not a rating
Leverage Profile
Moderate 46.5% LTVThe loan-to-value of 46.5% is conservative and paired with a 10-year fixed rate of 5.07% maturing in 2036.
Front-End Load
Fee BurdenTotal front-end fees and offering expenses equal $2,199,285, representing typical DST structural load relative to the $37,250,000 purchase price.
Asset Age & CapEx
New VintageCompleted in 2023, the 138-unit asset is supported by $2,174,299 in master tenant and improvement reserves.
Submarket Risk
Single Asset ConcentrationAll performance and terminal value realization is tied directly to the Jenks, Oklahoma residential rental market.
Primary risks center on single-asset concentration in the Jenks, Oklahoma submarket and execution risk inherent in build-to-rent operations. The offering structure includes $2,199,285 in front-end fees and expenses, which elevates the total cost basis above the physical acquisition price. Additionally, long-term performance relies on the master tenant's ability to maintain sufficient operational net cash flow to support the projected 4.86% average distribution.
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load on Offering
5.00%
Total fees ÷ offering price
Load on Equity
9.35%
Total fees ÷ offering equity
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
118.1%
Offering price ÷ acquisition price
Price per Unit
$318,667
Offering price ÷ 138 units
Distribution rates as extracted from the offering materials.
The equity load between the $37,250,000 purchase price and the $43,975,998 total offering capitalization includes $2,199,285 in total offering expenses and front-end fees alongside substantial upfront reserves. Total master tenant and improvement reserves equal $2,174,299, supplemented by $58,512 in lender-required reserves. The spread between the 5.77% acquisition cap rate and the 5.07% interest rate provides positive initial leverage to support the 4.86% projected full-term average income.
Sponsor
Griffin Capital Residential Partners Institutional Property Exchange, LLC possesses decades of experience in commercial real estate syndication and management. With $24,000,000,000 in assets under management, the sponsor has established scale across residential and build-to-rent sectors.
—
Properties owned or managed
$24,000,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
Build-To-Rent (BTR)
Stated strategy
Griffin Capital Residential Partners Institutional Property Exchange, LLC serves as the sponsor, backed by decades of real estate operational experience. The sponsor maintains an institutional asset management platform overseeing approximately $24,000,000,000 in assets under management. The structure reflects an established institutional focus on stabilized build-to-rent assets designed for 1031 Delaware Statutory Trust execution.
Extensive track record with $24,000,000,000 in assets under management
Decades of real estate investment and operational experience
Established institutional focus on build-to-rent Delaware Statutory Trust execution
Standard sponsor fee extraction including $931,250 acquisition fee and $37,250 annual asset management fee
Master lease framework places operational performance risk on sponsor-affiliated master tenant
The property
$37,250,000 acquisition price
Griffin Capital Tulsa BTR DST
build-to-rent community
The Meadow+Main property is newly constructed and was completed in 2023.
11131 South Kennedy Court, Jenks, Oklahoma 74037
11131 South Kennedy Court, Jenks, Oklahoma 74037
$37,250,000
100.0% of portfolio
The offering carries a $29,637,800 first mortgage against the Dallas multifamily asset, representing 64.2% leverage on the acquisition price. The loan is fixed at 5.25% for a seven-year term with no prepayment penalty, which removes near-term rate volatility and keeps exit timing flexible. Projected net operating income covers debt service at 1.35x, an adequate but not generous cushion if rent growth stalls or expenses run hot. Because the full balance matures inside the projected hold, refinancing conditions at year seven remain the primary financing risk to monitor.
$20,455,000
10-year term with a maturity date of February 1, 2036
5.07%
Fixed
—
—
46.5%
46.5%
Transaction fields tie the $50.0M acquisition price to the $60.0M offering price and the $61.50M appraisal, so the pricing gap is visible rather than implied. The offering prices 20.0% above acquisition cost and reads a -2.44% premium/discount to appraised value. Cap rates compress from 5.25% at acquisition to 5.75% syndicated, a 50 bps spread absorbed by fees and load. Load figures of 4.30% on equity and 2.40% on offering price are the fields most worth pressure-testing.
$37,250,000
$43,975,998
—
—
—
—
5.77%
—
—
—
—
Use of proceeds shows where investor capital actually lands: $46.36M, or 77.3% of the offering, reaches the property. Offering expenses of $7.80M and acquisition costs and reserves of $5.84M consume the remaining 22.7%. Total fees and expenses of $13.64M equal 21.13% of equity and 12.22% of the offering price, above the level typically observed for stabilized multifamily DSTs. Reserves of $3.88M are appropriately sized for a 12-year-old asset.
Total Fees & Expenses
$2,199,285
% of equity
9.35%
% of offering
5.00%
$2,174,299 including reserves (4.94% of offering)
Total fees & expenses
$2.20M
5.00% of offering
Offering expenses
$2.20M
5.00% of offering
Reserves held
$2.23M
5.08% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $931,250 | 3.96% | 2.12% |
| Title & Recording Costs | $215,754 | 0.92% | 0.49% |
| Reserves (Lender Required) | $58,512 | 0.25% | 0.13% |
| Reserves (Master Tenant) | $2,174,299 | 9.24% | 4.94% |
| Reserves (Improvements) | $2,174,299 | 9.24% | 4.94% |
| Finance Expenses | $979,605 | 4.16% | 2.23% |
| Total Acquisition Cost | $38,229,605 | 162.53% | 86.93% |
| Total Acq. Cost (Reserves) | $41,776,714 | 177.61% | 95.00% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $294,012 | 1.25% | 0.67% |
| BD Due Diligence Allowance | $294,012 | 1.25% | 0.67% |
| BD Marketing Allowance | $294,012 | 1.25% | 0.67% |
| O&O Expenses | $200,000 | 0.85% | 0.45% |
| Total Offering Expenses | $2,199,285 | 9.35% | 5.00% |
| Total Fees / Expenses | $2,199,285 | 9.35% | 5.00% |
| Total Upfront Fees (Reserves) | $2,174,299 | 9.24% | 4.94% |
Front-end sponsor compensation totals $5,094,395, or 10.19% of acquisition cost, spread across five disclosed line items. The $1.96M acquisition fee is the largest single component at 3.04% of equity, followed by $1.24M of carrying costs. O/O reimbursement, DST admin and loan origination fees add a further $1.90M. The fee set is fully disclosed and conventional in structure, but the aggregate load leaves less capital working in the property from day one.
$931,250
3.96%
$294,012
1.25%
$2,199,285
5.90%
Ongoing fees are charged against six different bases, so headline rates are not directly comparable to one another. The 3.00% property management fee on EGI and 1.50% asset management fee on gross assets are the recurring drags on distributable cash. Master tenant income of 2.00% of annual rent sits on top of those, and a 1.00% disposition fee plus 1.00% refinancing fee apply at capital events. Trust administration is a modest $25,000 flat annual cost.
$37,250
$1,048,591
1%
Standing
27 of 57
Blended percentile across 12 extracted metrics.
Pricing
48th pct
Leverage
48th pct
Cost
59th pct
Ongoing
0th pct
Structure
51st pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Acquisition cap rate
64th pct5.77%median 5.50%
Acquisition LTV
51st pct46.50%median 46.93%
Interest rate
63rd pct5.07%median 5.13%
Total upfront load
72nd pct5.00%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 5.77% | 5.50% | 5.00% – 6.00% | +0.27% | 64th |
| Price per unitPricing | $319K | $284K | $180K – $434K | +$35K | 43rd |
| Avg. distribution (term)Pricing | 4.86% | 5.08% | 4.75% – 5.32% | −0.22% | 36th |
| Acquisition LTVLeverage | 46.50% | 46.93% | 18.89% – 50.20% | −0.43% | 51st |
| Offering LTVLeverage | 46.50% | 46.09% | 2.67% – 49.80% | +0.41% | 47th |
| Interest rateLeverage | 5.07% | 5.13% | 5.00% – 5.48% | −0.05% | 63rd |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 5.00% | 7.50% | 4.89% – 9.50% | −2.50% | 72nd |
| Acquisition feeCost | 3.96% | 2.52% | 1.74% – 3.58% | +1.44% | 23rd |
| ReservesCost | 9.49% | 5.53% | 1.67% – 8.66% | +3.96% | 81st |
| Equity share of capitalStructure | 53.49% | 100.00% | 52.74% – 100.00% | −46.51% | 30th |
| Hold periodStructure | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 71st |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| BR Amira DST | Bluerock Value Exchange | 5.64% | 46.17% | 1.80x | 5.06% | 10 yrs | 96% |
| BR Parkview Multifamily DST | BVEX | 5.81% | 49.45% | 1.91x | 4.78% | 10 yrs | 96% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 96% |
| CS1031 Cacema Townhomes DST | Capital Square Realty Advisors, LLC | 5.32% | 44.39% | 2.10x | 5.37% | 10 yrs | 94% |
| NexPoint Life Sciences III DST | NexPoint Real Estate Advisors IV, L.P. | 5.83% | 50.52% | 1.03x | 4.63% | 9 yrs | 94% |
| CS1031 Parkland Apartments DST | Capital Square | 5.36% | 40.99% | 1.90x | 5.90% | 10 yrs | 92% |
| FREX DB SERIES I DST | Fortress Real Estate Exchange LLC | — | 47.10% | — | 5.55% | 11 yrs | 92% |
| Passco Preston Ridge DST | PASSCO | 5.00% | 46.93% | 2.06x | 4.06% | — | 91% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.