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
Reno City Center LLC TIC is an equity offering structured to raise $51,422,000 for the acquisition and repositioning of a 282-unit mixed-use real property project located at 219 University Way in Reno, Nevada. The project involves the adaptive reuse of the former Harrah's Casino property. The offering is capitalized entirely with equity, utilizing $0 of debt financing (0% LTV). Madison Capital Group serves as the sponsor, bringing $1,500,000,000 in assets under management and 20 years of real estate experience. Total front-end fees and expenses equal $5,656,420, representing an 11% load on equity. The projected investment term is between 6 to 24 months.
0.0% of the offering is closed
$51,422,000 still available
$51,422,000
$0
0.0% of offering$0
Pending subscription$51,422,000
Open for subscriptionThe sponsor is raising $51,422,000 in equity with no third-party debt. The offering is structured with an anticipated investment holding period of 6 to 24 months.
Sector
Other
Investment Category
DST
Projected First Year Cashflow
—
Avg. — over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$51,422,000
$182,348 per unit
Offering Debt
$0
All-equity offering
LTV
0%
On acquisition price
Units / Tenants
282
219 University Way, Reno, Nevada
Property Age
The project is an adaptive reuse development that transforms the former Harrah’s Casino, but no specific construction year or explicit age of the property is stated in the excerpts provided.
The offering covers a 282-unit mixed-use adaptive reuse asset located at 219 University Way in Reno, Nevada. The transaction is capitalized with $51,422,000 of equity at an acquisition cap rate of 5.5% and a stated acquisition price of $125,000,000. It is an all-cash structure with 0% acquisition leverage.
All-Cash Structure
0% LTVThe offering carries $0 in loan debt, completely eliminating mortgage refinancing and interest rate risks.
Sponsor Scale
$1,500,000,000 AUMMadison Capital Group possesses 20 years of real estate experience in multifamily and commercial development.
Low Asset Management Fee
$12,000 per yearThe fixed base asset management fee is minimal relative to the $51,422,000 equity raise.
Front-End Load
11% ($5,656,420)Front-end load includes 6% selling commissions, dealer fees ($771,330), wholesaling fees ($771,330), and O&O expenses ($514,220).
Short Investment Horizon
6 to 24 monthsThe short hold period requires rapid execution of the adaptive reuse business plan.
Disposition Fee
4%A disposition fee of four percent (4%) is payable upon property liquidation.
The offering features a zero-leverage, all-cash capitalization structure that eliminates debt service obligations and interest rate risk. Sponsor Madison Capital Group demonstrates operational scale with $1,500,000,000 in assets under management and 20 years of sector experience. Additionally, the ongoing annual asset management fee is low at $12,000 per year.
Offering Equity
100.0% of offering
Acquisition Cost
88.0% of offering
Offering Expenses
11.0% of offering
Reserves
1.0% of offering
Total Offering
$51.42M
All equity — no mortgage debt
Acquisition Cost
$45.27M
88.0% of offering to the property
Total Fees & Expenses
$5.66M
11.00% of offering
Reserves
$500K
1.0% of offering
Gross equity proceeds of $51,422,000 fund $45,265,528 in total acquisition costs, $500,052 in reserves, and $5,656,420 in total offering fees and expenses. Finance expenses are listed at $15,875,191.
Tone reflects relative strength, not a rating
Leverage Profile
PositiveThe transaction utilizes 0% LTV ($0 debt), removing debt service burden and interest rate risk.
Front-End Load
CautionTotal front-end offering expenses and fees equal $5,656,420 (11% of equity).
Investment Duration
CautionTarget holding term is 6 to 24 months, presenting timeline sensitivity for business plan execution.
Exit Compensation
CautionThe sponsor collects a 4% disposition fee upon sale of the real estate.
Key considerations include an abbreviated investment horizon of 6 to 24 months and an 11% front-end fee load. The sponsor also receives a 4% disposition fee upon sale and a 5% monthly property management fee on gross revenues. The underlying asset represents an adaptive reuse project of a former casino, which may entail execution complexity.
Syndicated Cap Rate
—
NOI ÷ offering price
Upfront Load
11.00%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
41.1%
Offering price ÷ acquisition price
Price per Unit
$182,348
Offering price ÷ 282 units
Total front-end offering expenses and fees total $5,656,420, which constitutes an 11% load on gross equity proceeds. Total acquisition costs with reserves stand at $45,265,528, including $500,052 in lumped reserves. The appraisal to offering ratio is reported at 242.6%.
Sponsor
Madison Capital Group has 20 years of real estate experience acquiring and developing apartment communities and self-storage assets, overseeing $1,500,000,000 in AUM.
—
Properties owned or managed
$1,500,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
References to employees in the excerpts relate to the Asset Manager’s principals and employees, but no specific employee count or team size is provided.
Disclosed headcount
Other
Stated strategy
Madison Capital Group operates as the sponsor with $1,500,000,000 in assets under management. The sponsor brings 20 years of experience acquiring and developing apartment communities and self-storage facilities. Details regarding total portfolio property count and specific employee headcount are not disclosed in the offering materials.
Substantial scale with $1,500,000,000 in assets under management
20-year operational history in real estate development and acquisition
Total number of properties currently in the portfolio is not disclosed
Exact employee team size is not disclosed in the offering materials
The property
$125,000,000 acquisition price
Reno City Center LLC TIC
mixed-use real property project
The project is an adaptive reuse development that transforms the former Harrah’s Casino, but no specific construction year or explicit age of the property is stated in the excerpts provided.
219 University Way, Reno, Nevada
219 University Way, Reno, Nevada
$125,000,000
100.0% of portfolio
The trust secured a $17,600,000 loan with a 10-year fixed term at 5.1% interest, maintaining a 45% LTV and a 2.53x DSCR.
All-cash offering — no mortgage debt, so there is no leverage to chart.
$0
6 to 24 months
—
All cash offering
—
—
0%
—
The property was acquired for $33,065,000 at a 4.76% cap rate, resulting in a total acquisition cost of $34,329,352.
$125,000,000
$51,422,000
—
—
11%
11%
5.5%
—
—
242.6%
—
Total sources of $39,408,522 fund the acquisition price ($33,065,000), upfront fees ($2,234,533), carry costs ($995,000), and reserves ($215,000).
Total Fees & Expenses
$5,656,420
% of offering
11.00%
All-equity offering — load on equity equals load on offering price.
Total fees & expenses
$5.66M
11.00% of offering
Offering expenses
$5.66M
11.00% of offering
Reserves held
$500K
0.97% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Reserves (Lumped) | $500,052 | 0.97% | 0.97% |
| Finance Expenses | $15,875,191 | 30.87% | 30.87% |
| Total Acquisition Cost | $45,265,528 | 88.03% | 88.03% |
| Total Acq. Cost (Reserves) | $45,265,528 | 88.03% | 88.03% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $3,085,320 | 6.00% | 6.00% |
| Dealer Fee | $771,330 | 1.50% | 1.50% |
| Wholesaling Fee | $771,330 | 1.50% | 1.50% |
| BD Due Diligence Allowance | $514,220 | 1.00% | 1.00% |
| O&O Expenses | $514,220 | 1.00% | 1.00% |
| Third Party DD | $514,220 | 1.00% | 1.00% |
| Total Offering Expenses | $5,656,420 | 11.00% | 11.00% |
| Total Fees / Expenses | $5,656,420 | 11.00% | 11.00% |
Sponsor compensation includes a $578,638 acquisition fee, $654,256 dealer fee, up to 6.0% selling commissions, and a ($35,000) annual asset management fee.
$0
0.00%
$771,330
1.50%
$771,330
1.50%
$5,656,420
4.53%
Master tenant income is projected at $2,336,000 with $215,000 funded into dedicated master tenant reserves.
$12,000
per year
5%
Four
percent (4%)
The
annual fees are currently approximately $300 in Delaware.
Standing
34 of 57
Blended percentile across 11 extracted metrics.
Pricing
62nd pct
Leverage
57th pct
Cost
29th pct
Ongoing
32nd pct
Structure
68th 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
48th pct5.50%median 5.50%
Acquisition LTV
100th pct0.00%median 46.93%
Total upfront load
9th pct11.00%median 5.97%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 5.50% | 5.50% | 5.00% – 6.00% | 0.00% | 48th |
| Price per unitPricing | $182K | $293K | $181K – $434K | −$111K | 75th |
| Acquisition LTVLeverage | 0.00% | 46.93% | 38.27% – 50.20% | −46.93% | 100th |
| Loan termLeverage | 6 yrs | 10 yrs | 9.5 yrs – 10.5 yrs | −4 yrs | 14th |
| Total upfront loadCost | 11.00% | 5.97% | 4.89% – 9.50% | +5.03% | 9th |
| Selling commissionCost | 6.00% | 6.00% | 5.00% – 6.00% | 0.00% | 63rd |
| ReservesCost | 0.97% | 5.54% | 1.76% – 9.03% | −4.57% | 15th |
| Property management feeOngoing | 5.00% | 4.25% | 3.00% – 5.00% | +0.75% | 50th |
| Disposition feeOngoing | 4.00% | 2.95% | 2.00% – 3.50% | +1.05% | 13th |
| Equity share of capitalStructure | 100.00% | 97.50% | 52.74% – 100.00% | +2.50% | 50th |
| Hold periodStructure | 6 yrs | 10 yrs | 9.5 yrs – 10.5 yrs | −4 yrs | 86th |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| MCG Arden NC Multifamily DST | Madison Long Shoals Manager, LLC | — | — | 1.64x | 10.50% | — | 94% |
| MCG Gainesville FL BTR DST | Madison Capital Group | — | — | 1.74x | — | 10 yrs | 92% |
| Canyon State Minerals LLC | Montego Minerals | — | — | — | 9.50% | — | 92% |
| BR Diversified Industrial Portfolio 8 DST | BIGR Exchange 8 TRS, LLC | 6.32% | — | — | 9.45% | — | 88% |
| MDI Overland Park Net Lease DST | MDI Sponsor, LLC | — | — | — | 9.00% | 2.0 yrs | 88% |
| Texas Active Living Portfolio II DST | Capital Square | 5.65% | 0.00% | — | 9.65% | — | 88% |
| Blue Door Property II DST | Unknown sponsor | 6.11% | 0.00% | — | 10.50% | — | 86% |
| Inland Self Storage Portfolio XXII DST | Inland Private Capital Corporation | — | 0.00% | — | 8.40% | — | 85% |
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.