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
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.
0.0% of the offering is closed
$46,170,900 still available
$46,170,900
$0
0.0% of offering$0
Pending subscription$46,170,900
Open for subscriptionJWCM 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.
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.
Modern Asset Vintage
2023 CompletionThe 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 LTVThe debt-to-equity structure maintains an offering LTV of 50.55% on $47,189,000 of total loan proceeds.
Negative Initial Spread
4.7% Cap vs. 5.3% RateThe 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
$5,562,197Total 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 PropertyAll 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%.
Offering Equity
100.0% of offering
Offering Debt
57.9% LTV on acq.
Acquisition Cost
190.2% of offering
Offering Expenses
12.0% of offering
Reserves
1.8% of offering
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.
Tone reflects relative strength, not a rating
Leverage Spread
Negative spread at acquisitionThe 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 expensesFront-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 debt10-year fixed loan structure at 5.3% eliminates interest rate reset exposure during the primary holding period.
Asset Age & Quality
Modern 2023 constructionCompleted 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.
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
Distribution rates as extracted from the offering materials.
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
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.
—
Properties owned or managed
—
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
multifamily apartment community
Stated strategy
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.
Low fixed annual asset management fee of $35,000
Secured 10-year fixed-rate financing for the trust
Acquisition fee of $2,241,250 charged at transaction close
Includes a 1% refinancing fee on future debt events
Detailed sponsor track record and historical AUM not disclosed
The property
$81,500,000 acquisition price
JWCM Vivian DST
multifamily apartment community
The main property was built and completed in 2023.
1246 Allene Avenue Atlanta, GA, 30310
1246 Allene Avenue Atlanta, GA, 30310
$81,500,000
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.
$47,189,000
10 YEARS
5.3%
Fixed
—
—
57.9%
50.55%
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.
$81,500,000
$46,170,900
—
—
—
—
4.7%
—
—
—
—
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
$5,562,197
% of offering
12.05%
All-equity offering — load on equity equals load on offering price.
Total fees & expenses
$5.56M
12.05% of offering
Offering expenses
$5.56M
12.05% of offering
Reserves held
$852K
1.85% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $2,241,250 | 4.85% | 4.85% |
| Reserves (Lender Required) | $205,151 | 0.44% | 0.44% |
| Reserves (Master Tenant) | $646,735 | 1.40% | 1.40% |
| Reserves (Lumped) | $646,735 | 1.40% | 1.40% |
| Reserves (Improvements) | $646,735 | 1.40% | 1.40% |
| Finance Expenses | $3,204,567 | 6.94% | 6.94% |
| Total Acquisition Cost | $87,797,703 | 190.16% | 190.16% |
| Total Acq. Cost (Reserves) | $87,797,703 | 190.16% | 190.16% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Dealer Fee | $923,258 | 2.00% | 2.00% |
| BD Due Diligence Allowance | $577,036 | 1.25% | 1.25% |
| BD Marketing Allowance | $577,036 | 1.25% | 1.25% |
| O&O Expenses | $822,500 | 1.78% | 1.78% |
| Carry Costs | $1,248,020 | 2.70% | 2.70% |
| Total Offering Expenses | $5,562,197 | 12.05% | 12.05% |
| Total Fees / Expenses | $5,562,197 | 12.05% | 12.05% |
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.
$2,241,250
4.85%
$923,258
2.00%
$5,562,197
6.82%
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.
$35,000
$2,730,546
1%
Standing
55 of 57
Blended percentile across 12 extracted metrics.
Pricing
56th pct
Leverage
21st pct
Cost
11th pct
Ongoing
0th pct
Structure
61st 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
6th pct4.70%median 5.50%
Acquisition LTV
8th pct57.90%median 46.50%
Interest rate
31st pct5.30%median 5.11%
Total upfront load
0th pct12.05%median 5.97%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 4.70% | 5.50% | 5.07% – 6.00% | −0.80% | 6th |
| Price per unitPricing | $142K | $293K | $184K – $434K | −$151K | 88th |
| Avg. distribution (term)Pricing | 5.31% | 5.05% | 4.75% – 5.32% | +0.26% | 73rd |
| Acquisition LTVLeverage | 57.90% | 46.50% | 18.89% – 49.80% | +11.40% | 8th |
| Offering LTVLeverage | 50.55% | 46.09% | 2.67% – 49.53% | +4.46% | 14th |
| Interest rateLeverage | 5.30% | 5.11% | 5.00% – 5.48% | +0.19% | 31st |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 12.05% | 5.97% | 4.89% – 9.50% | +6.07% | 0th |
| Acquisition feeCost | 4.85% | 2.52% | 1.74% – 3.58% | +2.34% | 6th |
| ReservesCost | 1.85% | 5.54% | 1.67% – 9.03% | −3.70% | 28th |
| 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 |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 95% |
| MCG Arden NC Multifamily DST | Madison Long Shoals Manager, LLC | — | — | 1.64x | 10.50% | — | 92% |
| Velocis Maple Grove BTR DST | Velocis Exchange, LLC | — | 47.21% | 3.38x | 11.93% | 10 yrs | 91% |
| Ideal Ecco Park DST | IDEAL Capital Group Holdings, LLC | — | — | 1.03x | 9.50% | 10 yrs | 86% |
| LSC Fort Washington MD DST | Livingston Street Capital, LLC | — | 49.60% | 1.15x | 11.03% | 2 yrs | 86% |
| Cottonwood Riverfront DST | CC Exchange TRS, Inc. | — | 39.26% | 2.00x | 8.70% | 7 yrs | 85% |
| Canyon State Minerals LLC | Montego Minerals | — | — | — | 9.50% | — | 85% |
| The Heron DST | CEDARst | 5.50% | — | — | 9.75% | 8 yrs | 83% |
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.