Dave Bulger

Vice President

O (855) 378-3443|C (561) 715-3235

E dbulger@carmonawealth.com

W carmonawealth.com

18 Formero Street, Rancho Mission Viejo, CA 92694

Investment underwriting report

Ideal Ecco Park DST

Complete offering, sponsor, fee and comparative analysis

Prepared

August 26, 2026

Offering Summary

Offering summary

Ideal Ecco Park DST is a Delaware Statutory Trust sponsored by IDEAL Capital Group Holdings, LLC to acquire a 360-unit multifamily property located at 3461 Huddle Way in Canal Winchester, Ohio. The total acquisition cost is $90,186,350, supported by an initial acquisition purchase price of $83,000,000. Financing includes $48,855,000 in fixed-rate debt at an interest rate of 5.17% over a ten (10) year term, alongside an equity raise of $45,670,000. Projected investor cash distributions begin at 4.69% in Year 1 and average 5.08% over the full ten-year holding term. The transaction reflects a syndicated cap rate of 5.82% and an initial debt service coverage ratio (DSCR) of 1.03x. Upfront offering expenses and front-end fees total $4,338,650, while master tenant improvement reserves are capitalized at $2,173,049.

Capital raise

0.0% of the offering is closed

$45,670,000 still available

Closed$0 Reservations$0 Available$45,670,000

$0 of $45,670,000 placed

Total offering equity

$45,670,000

Closed equity

0.0% of offering

Current reservations

Pending subscription

Available equity

$45,670,000

Open for subscription

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.

Offering terms

Sector

Multifamily

Investment Category

DST

Projected First Year Cashflow

4.69%

Avg. 5.08% over term

Min. Cash Investment

—

Min. 1031 Investment

—

Total Offering Price

$45,670,000

$126,861 per unit

Offering Debt

$48,855,000

5.17% · ten (10) year term

LTV

—

On acquisition price

Units / Tenants

360

3461 Huddle Way, Canal Winchester, Ohio 43110

Property Age

—

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.

Strengths & considerations

Key strengths

Fixed-Rate Loan Terms
5.17%
Debt is locked at a fixed interest rate of 5.17% over a ten (10) year loan term.
Dedicated Master Tenant Reserves
$2,173,049
Reserves funded upfront to support property improvements and operational needs.
Multifamily Asset Scale
360 Units
Large-scale residential community located in Canal Winchester, Ohio.

Key considerations

Tight Debt Service Coverage
1.03x DSCR
The initial DSCR of 1.03x leaves minimal margin for net operating income fluctuations.
High Exit Fee Structure
7.50%
A disposition fee of 7.50% reduces net proceeds to investors upon property sale.
Undisclosed DST Track Record
Not Disclosed
Offering excerpts do not provide historical data regarding the sponsor's prior DST experience.

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, uses & fee assessment

Capital Sources

Offering Equity
100.0% of offering
$45.67M
Offering Debt
— LTV on acq.
$48.85M

Where the Capital Goes

Acquisition Cost
197.5% of offering
$90.19M
Offering Expenses
9.5% of offering
$4.34M
Reserves
5.5% of offering
$2.53M

Total Offering

$45.67M

All equity — no mortgage debt

Acquisition Cost

$90.19M

197.5% of offering to the property

Total Fees & Expenses

$4.34M

9.50% of offering

Reserves

$2.53M

5.5% of offering

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.

Risk read

Tone reflects relative strength, not a rating

Debt Coverage

Tight initial cash flow buffer

The initial DSCR is 1.03x, which provides very limited cushion against operating cost increases or revenue shortfalls.

Exit Fee Load

Elevated disposition fee

A disposition fee of 7.50% will apply at sale, representing a significant deduction from gross terminal proceeds.

Interest Rate Structure

Locked long-term debt

The 5.17% interest rate is fully fixed for a 10-year term, eliminating floating-rate benchmark risk.

Sponsor Experience

DST track record not disclosed

The excerpts describe a newly formed trust without detailing the sponsor's historical DST syndication record.

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.

Calculated underwriting metrics

Syndicated Cap Rate

5.82%

NOI ÷ offering price

Upfront Load

9.50%

Total fees ÷ offering price (all-equity offering)

Premium / Discount

—

Offering price vs. appraised value

Offering vs. Acquisition

55.0%

Offering price ÷ acquisition price

Price per Unit

$126,861

Offering price ÷ 360 units

Projected distribution rate

Avg 4.88%

Yr 1Term avg.

Yr 1 4.69%Term avg. 5.08%

Distribution rates as extracted from the offering materials.

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.

Sponsor

IDEAL Capital Group Holdings, LLC

IDEAL Capital Group Holdings, LLC is the sponsor of Ideal Ecco Park DST. Detailed historical DST execution metrics and prior portfolio performance are not disclosed in the offering materials.

IDEAL Capital GroupMultifamily SponsorDST Issuer

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

Stated strategy

View Sponsor Dossier

The sponsor is IDEAL Capital Group Holdings, LLC. The trust is newly formed for this acquisition. Specific historical metrics regarding the sponsor's prior DST experience or performance are not disclosed in the provided offering materials.

Sponsor strengths

Secured 10-year fixed-rate financing at 5.17%
Capitalized $2,173,049 in master tenant improvement reserves

Sponsor concerns

Prior DST track record is not disclosed in the excerpts
High disposition fee structure of 7.50%

The Property

The property

360-Unit Multifamily Property in Canal Winchester, OH

$83,000,000 acquisition price

Ideal Ecco Park DST

—

3461 Huddle Way, Canal Winchester, Ohio 43110

360 units

$83,000,000

100.0% of portfolio

Seller: —
Property manager: IDEAL Capital Group Holdings, LLC

Financing Terms

The trust utilizes an all-cash structure with no debt, zero leverage, and no loan-related closing costs or refinancing liabilities.

Leverage profile

Loan amount$48.85M107.0% of offering · — LTV

Loan Amount

—

Term

Ten (10) year term

Interest Rate

5.17%

Fixed / Variable

Fixed

Prepayment Penalty

—

DSCR

1.03x

Acquisition LTV

—

Offering LTV

—

Strengths

Fixed interest rate of 5.17%
Long-term 10-year debt maturity matches trust horizon

Concerns

Initial DSCR is narrow at 1.03x
Debt load of $48,855,000

Transaction Metrics

Properties were acquired for $10,750,000 against a syndicated offering price of $13,161,798 and an appraised value of $6,980,000.

Valuation ladder

Acquisition price$83.00M

Offering price$45.67M+-45.0%

Cap rate spread & load

Syndicated cap rate5.82%

Upfront load (all-equity)9.50%equity = offering price

Load net of reserves3.97%

Acquisition Price

$83,000,000

Offering Price

$45,670,000

Appraised Value

—

Upfront Load

—

Load on Equity

—

Load on Offering Price

—

Acquisition Cap Rate

—

Syndicated Cap Rate

5.82%

Premium / Discount

—

Appraisal / Offering %

—

Less Reserves %

—

Strengths

Syndicated cap rate of 5.82%
Improvement reserves funded at $2,173,049

Concerns

Total acquisition cost of $90,186,350 exceeds purchase price by $7,186,350
Carry costs capitalized at $1,795,000

Use of Proceeds

The $13,161,798 capital raise allocates $10,750,000 to property purchase, $1,447,798 to offering and selling fees, and $474,000 to master tenant reserves.

Total Fees & Expenses

$4,338,650

% of offering

9.50%

All-equity offering — load on equity equals load on offering price.

Where the offering proceeds go

Acquisition Cost$90.19M197.5%

Offering Expenses$4.34M9.5%

Reserves$2.53M5.5%

Total fees & expenses

$4.34M

9.50% of offering

Offering expenses

$4.34M

9.50% of offering

Reserves held

$2.53M

5.53% of offering

Cost of Acquisition

Item	Amount	% Equity	% Offering
Acquisition Fee	$830,000	1.82%	1.82%
Title & Recording Costs	$215,002	0.47%	0.47%
Reserves (Loan Proceeds)	$173,565	0.38%	0.38%
Reserves (Lender Required)	$180,000	0.39%	0.39%
Reserves (Master Tenant)	$2,173,049	4.76%	4.76%
Reserves (Lumped)	$2,173,049	4.76%	4.76%
Reserves (Improvements)	$2,173,049	4.76%	4.76%
Finance Expenses	$1,333,859	2.92%	2.92%
Total Acquisition Cost	$90,186,350	197.47%	197.47%
Total Acq. Cost (Reserves)	$90,186,350	197.47%	197.47%

Offering Expenses

Item	Amount	% Equity	% Offering
Selling Commissions	$2,740,200	6.00%	6.00%
Dealer Fee	$685,050	1.50%	1.50%
Wholesaling Fee	$456,700	1.00%	1.00%
O&O Expenses	$485,875	1.06%	1.06%
Carry Costs	$1,795,000	3.93%	3.93%
Total Offering Expenses	$4,338,650	9.50%	9.50%
Total Fees / Expenses	$4,338,650	9.50%	9.50%

Strengths

Dedicated reserves funded for master tenant improvements ($2,173,049)
Lender-required reserves ($180,000) funded at closing

Concerns

Finance expenses total $1,333,859
Upfront offering fees total $4,338,650

Sponsor Compensation

Sponsor compensation includes an upfront load of 6.00%, an annual asset management fee of $60,000, up to 5.00% property management fees, and a 4.00% disposition fee.

Front-end fee composition

Acquisition Fee$0.83M1.82%

Dealer Fee$0.69M1.50%

Wholesaling Fee$0.46M1.00%

Total front-end sponsor compensation$4,338,650 5.23% of acq. cost

Acquisition Fee

$830,000

1.82%

Dealer Fee

$685,050

1.50%

Wholesaling Fee

$456,700

1.00%

Total Front-end Fees

$4,338,650

5.23%

Strengths

Fees and compensation schedule are fully outlined in offering documents

Concerns

Disposition fee is 7.50%
Selling commissions of up to 6.0% plus wholesaling and dealer fees

Operating & Disposition Fees

Master lease payments start at $948,000 in Year 1 and escalate to $995,400 by Year 10, delivering a full-term average yield of 6.93%.

Ongoing fee rates

Disposition Fee7.50%

Disposition Fee

7.50%

Strengths

Master tenant improvement reserve of $2,173,049 provides liquidity
360 units provide tenant diversification

Concerns

1.03x initial DSCR creates tight operating margin
Specific historical property NOI and occupancy are not disclosed

Comparative Analysis

49Composite

Standing

31 of 57

Blended percentile across 14 extracted metrics.

Pricing

68th pct

Leverage

26th pct

Cost

54th pct

Ongoing

0th pct

Structure

61st pct

Percentile profile

Pricing

Avg. distribution (term)Min 0.00%Med 5.05%Max 7.00%5.08%51st

Year 1 distributionMin 0.00%Med 4.51%Max 6.75%4.69%60th

Syndicated cap rateMin 4.02%Med 5.49%Max 9.74%5.82%71st

Price per unitMin $24KMed $293KMax $3290K$127K90th

Leverage

DSCRMin 1.00xMed 2.00xMax 3.38x1.03x4th

Loan termMin 1 yrsMed 10 yrsMax 36 yrs10 yrs29th

Interest rateMin 3.91%Med 5.11%Max 9.11%5.17%44th

Cost

Total upfront loadMin 1.96%Med 5.97%Max 12.05%9.50%28th

ReservesMin 0.11%Med 5.54%Max 18.84%5.53%49th

Selling commissionMin 0.05%Med 6.00%Max 9.75%6.00%63rd

Acquisition feeMin 0.00%Med 2.65%Max 12.07%1.82%74th

Ongoing

Disposition feeMin 1.00%Med 2.95%Max 4.50%7.50%0th

Structure

Equity share of capitalMin 6.09%Med 97.50%Max 100.00%100.00%50th

Hold periodMin 1 yrsMed 10 yrsMax 36 yrs10 yrs71st

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.

Where the headline metrics fall in the cohort

Year 1 distribution

60th pct

4.69%median 4.51%

Min 0.00%Med 4.51%Max 6.75%

DSCR

4th pct

1.03xmedian 2.00x

Min 1.00xMed 2.00xMax 3.38x

Interest rate

44th pct

5.17%median 5.11%

Min 3.91%Med 5.11%Max 9.11%

Total upfront load

28th pct

9.50%median 5.97%

Min 1.96%Med 5.97%Max 12.05%

Metric-by-metric comparison

Metric	This offering	Cohort median	25th–75th	Difference	Percentile
Syndicated cap ratePricing	5.82%	5.49%	4.84% – 5.83%	+0.33%	71st
Price per unitPricing	$127K	$293K	$184K – $434K	−$166K	90th
Year 1 distributionPricing	4.69%	4.51%	4.40% – 5.00%	+0.18%	60th
Avg. distribution (term)Pricing	5.08%	5.05%	4.75% – 5.32%	+0.03%	51st
DSCRLeverage	1.03x	2.00x	1.79x – 2.12x	−0.97x	4th
Interest rateLeverage	5.17%	5.11%	5.00% – 5.48%	+0.06%	44th
Loan termLeverage	10 yrs	10 yrs	8.5 yrs – 10.5 yrs	0 yrs	29th
Total upfront loadCost	9.50%	5.97%	4.89% – 9.50%	+3.53%	28th
Selling commissionCost	6.00%	6.00%	5.00% – 6.00%	0.00%	63rd
Acquisition feeCost	1.82%	2.65%	1.82% – 3.77%	−0.84%	74th
ReservesCost	5.53%	5.54%	1.67% – 9.03%	−0.01%	49th
Disposition feeOngoing	7.50%	2.95%	2.00% – 3.50%	+4.55%	0th
Equity share of capitalStructure	100.00%	97.50%	52.74% – 100.00%	+2.50%	50th
Hold periodStructure	10 yrs	10 yrs	8.5 yrs – 10.5 yrs	0 yrs	71st

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MCG Gainesville FL BTR DST	Madison Capital Group	—	—	1.74x	—	10 yrs	89%
LSC Fort Washington MD DST	Livingston Street Capital, LLC	—	49.60%	1.15x	11.03%	2 yrs	88%
Moody Village Towers DST	Moody National Companies	5.07%	37.27%	—	11.67%	—	88%

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.