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
Velocis Maple Grove BTR DST is a Delaware Statutory Trust offering sponsored by Velocis Exchange, LLC to acquire a 66-unit built-to-rent residential property located at 7132 Maple Grove Way in Ruther Glen, VA. Built in 2023, the property is being acquired for a purchase price of $18,000,000, with a total acquisition cost of $20,078,124 including reserves and transaction costs. The capital structure consists of $11,310,634 in offering equity and $10,117,000 in fixed-rate debt, representing an offering LTV of 47.21%. Financing is secured for a 10-year term at a fixed interest rate of 5.13%, supporting an initial debt service coverage ratio (DSCR) of 3.38x. The offering targets a Year 1 projected cash distribution of 5.01% and an average income of 5.17% over the full holding term. Upfront offering expenses and fees total $1,349,510, with up to 6.00% in selling commissions.
0.0% of the offering is closed
$11,310,634 still available
$11,310,634
$0
0.0% of offering$0
Pending subscription$11,310,634
Open for subscriptionThe trust is raising $11,310,634 in offering equity alongside $10,117,000 in debt to acquire the single-property asset. Front-end load components include up to 6.00% selling commissions, a dealer fee of $395,872, a wholesaling fee of $395,872, and $275,000 in organization and offering expenses. Year 1 projected distribution is 5.01%, increasing to an average of 5.17% across the holding term.
Sector
Build-To-Rent (BTR)
Investment Category
DST
Projected First Year Cashflow
5.01%
Avg. 5.17% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$11,310,634
$171,373 per unit
Offering Debt
$10,117,000
5.13% · 10 year Loan term
LTV
47.21%
On acquisition price
Units / Tenants
66
7132 Maple Grove Way, Ruther Glen, VA
Property Age
The Maple Grove property was built in 2023.
The offering features a newly constructed 2023 built-to-rent asset comprising 66 units in Ruther Glen, VA, capitalized with $11,310,634 of equity and $10,117,000 of fixed debt. The capital structure carries a conservative 47.21% LTV and a strong 3.38x DSCR under 5.13% 10-year debt. Initial projected cash yield is 5.01%, with full-term average income projected at 5.17%.
Conservative Leverage & Debt Coverage
47.21% LTV / 3.38x DSCRThe debt structure incorporates 10-year fixed financing at 5.13%, establishing a 3.38x DSCR and a low 47.21% acquisition/offering LTV.
Modern Asset Vintage
2023 ConstructionThe Maple Grove property was built in 2023, offering 66 new built-to-rent units with limited initial deferred maintenance.
Established Sponsor Platform
$3.2B AUMVelocis Exchange brings 160+ years of combined partner experience and manages $3.2B in real estate assets.
Single-Asset Concentration
1 Property / 66 UnitsThe trust holds a single built-to-rent asset in Ruther Glen, VA, concentrating risk in one submarket.
Upfront Load and Expenses
$1,349,510 Front-End FeesUpfront fees include up to 6.00% selling commissions, $405,000 acquisition fee, and $395,872 dealer and wholesaling fees.
Appraised Value Undisclosed
Not DisclosedThe offering documentation does not disclose a separate third-party appraised value or going-in cap rate.
Key credit strengths include a low offering leverage profile of 47.21% and a robust 3.38x DSCR under fixed 10-year financing at 5.13%. The asset is newly constructed (2023 vintage), minimizing near-term capital expenditure exposure. Additionally, the sponsor brings $3.2 billion in assets under management and over 160 years of combined partner experience.
Offering Equity
100.0% of offering
Offering Debt
47.21% LTV on acq.
Acquisition Cost
177.5% of offering
Offering Expenses
11.9% of offering
Reserves
6.3% of offering
Total Offering
$11.31M
All equity — no mortgage debt
Acquisition Cost
$20.08M
177.5% of offering to the property
Total Fees & Expenses
$1.35M
6.00% of offering
Reserves
$710K
6.3% of offering
Total capitalization of $20,078,124 is funded through $11,310,634 in offering equity and $10,117,000 in senior debt. Uses comprise the $18,000,000 acquisition price, $1,349,510 in total upfront fees and offering expenses, $339,319 in finance expenses, and funded reserves including $546,560 for improvements, $104,363 for lender-required reserves, and $58,810 for master tenant reserves.
Tone reflects relative strength, not a rating
Leverage & Debt Structure
Low leverage with 10-year fixed rate of 5.13% and 3.38x DSCRThe loan of $10,117,000 represents 47.21% LTV with fixed debt service coverage of 3.38x over a 10-year term.
Asset & Submarket Concentration
Single-property exposure in Ruther Glen, VAThe trust owns 100% of a single 66-unit built-to-rent property, concentrating revenue on local submarket fundamentals.
Front-End Load & Fees
Upfront syndication fees total $1,349,510Front-end load includes up to 6.00% selling commissions, $405,000 acquisition fee, and $395,872 wholesaling fee.
Property Vintage & Reserves
2023 build supported by $709,733 in total reservesAsset was constructed in 2023 and benefits from $546,560 improvement reserves, $104,363 lender reserves, and $58,810 master tenant reserves.
Investment considerations include single-asset and geographic concentration risk inherent in owning 66 units at one location in Ruther Glen, VA. Total upfront fees and transaction expenses of $1,349,510 represent an initial load on invested equity. Operating performance and distributions depend on master lease execution and underlying residential rental demand.
Syndicated Cap Rate
9.74%
NOI ÷ offering price
Upfront Load
6.00%
Total fees ÷ offering price (all-equity offering)
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
62.8%
Offering price ÷ acquisition price
Price per Unit
$171,373
Offering price ÷ 66 units
Distribution rates as extracted from the offering materials.
The total acquisition capitalization stands at $20,078,124, funded by $11,310,634 in equity proceeds and $10,117,000 in debt financing. Total upfront fees and offering expenses are $1,349,510, with total upfront fees including reserves amounting to $1,778,732. The syndicated cap rate is stated at 9.74%, supported by a low 47.21% leverage structure.
Sponsor
Velocis Exchange, LLC is an experienced DST sponsor managing $3.2 billion in assets under management. The firm's partners possess over 160 years of combined real estate experience, with focused expertise in tax-advantaged 1031 exchange structures and built-to-rent residential assets.
The sponsor’s DST vehicle is structured to own a single property, and investors purchase interests in the trust that in turn owns 100% of that property.
Properties owned or managed
$3,200,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
Build-To-Rent (BTR)
Stated strategy
Velocis Exchange, LLC serves as the sponsor, backed by over 160 years of combined partner real estate experience and $3,200,000,000 in assets under management. The firm specializes in Delaware Statutory Trust structures and tax-advantaged real estate investments with a sector focus that includes built-to-rent (BTR) assets. Compensation includes an acquisition fee of $405,000, an annual asset management fee of $40,000, and a 2.5% disposition fee.
$3,200,000,000 in assets under management across the platform.
160+ years of combined leadership partner real estate experience.
Dedicated specialization in Delaware Statutory Trust and 1031 exchange offerings.
Clear focus on the built-to-rent residential asset class.
Standard multi-layered fee structure including acquisition, asset management, and disposition fees.
Single-property DST vehicle structure concentrates asset-level performance.
The property
$18,000,000 acquisition price
Velocis Maple Grove BTR DST
Built-to-Rent
The Maple Grove property was built in 2023.
7132 Maple Grove Way, Ruther Glen, VA
7132 Maple Grove Way, Ruther Glen, VA
$18,000,000
100.0% of portfolio
Financing consists of a $39,215,000 fixed-rate loan at 5.01% interest with a 46.93% LTV and a 2.06x debt service coverage ratio.
$10,117,000
10 year Loan term
5.13%
Fixed
No prepayment premium will be payable with respect to any prepayment made on or after the last calendar day of the fourth (4th) month prior to the month in which the Maturity Date occurs
3.38x
47.21%
47.21%
The asset is acquired for $79,352,943 at a 5% acquisition cap rate, with total acquisition cost reported at $73,086,065 excluding certain capitalized reserves.
$18,000,000
$11,310,634
—
—
—
6%
—
9.74%
—
47.21%
—
Uses of capital include the property purchase, $4,212,057 in improvement/lumped reserves, $1,116,013 in carry costs, and $3,392,775 in total offering expenses.
Total Fees & Expenses
$1,349,510
% of offering
6.00%
All-equity offering — load on equity equals load on offering price. · $1,778,732 including reserves (15.73% of offering)
Total fees & expenses
$1.35M
6.00% of offering
Offering expenses
$1.35M
11.93% of offering
Reserves held
$710K
6.27% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $405,000 | 3.58% | 3.58% |
| Reserves (Lender Required) | $104,363 | 0.92% | 0.92% |
| Reserves (Master Tenant) | $58,810 | 0.52% | 0.52% |
| Reserves (Improvements) | $546,560 | 4.83% | 4.83% |
| Finance Expenses | $339,319 | 3.00% | 3.00% |
| Total Acquisition Cost | $20,078,124 | 177.52% | 177.52% |
| Total Acq. Cost (Reserves) | $20,078,124 | 177.52% | 177.52% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $678,638 | 6.00% | 6.00% |
| Dealer Fee | $395,872 | 3.50% | 3.50% |
| Wholesaling Fee | $395,872 | 3.50% | 3.50% |
| O&O Expenses | $275,000 | 2.43% | 2.43% |
| Total Offering Expenses | $1,349,510 | 11.93% | 11.93% |
| Total Fees / Expenses | $1,349,510 | 11.93% | 11.93% |
| Total Upfront Fees (Reserves) | $1,778,732 | 15.73% | 15.73% |
Disclosed fees include $510,025 in placement agent fees, $443,500 in BD marketing allowance, $221,750 in BD DD allowance, and $286,000 in O&O expenses.
$405,000
3.58%
$395,872
3.50%
$395,872
3.50%
$1,349,510
7.50%
The investment targets an average full-term income yield of 5.19% underpinned by master tenant and lender escrows totaling over $744,700.
$40,000
per annum
The
Master Tenant will be entitled to the net income from the Property equal to the difference, after taxes owed by the Master Tenant, between (i) the gross revenues the Master Tenant receives from the Property and (ii) the expenses it incurs in maintaining the Property and its payment and other financial obligations under the Master Lease, including its obligations to pay Rent, Impositions and Operating Costs.
The
Master Tenant will be responsible for any management fees payable to the Property Manager.
2.5%
1%
of the principal amount of the loan
Standing
19 of 57
Blended percentile across 16 extracted metrics.
Pricing
81st pct
Leverage
51st pct
Cost
28th pct
Ongoing
57th 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.
Year 1 distribution
84th pct5.01%median 4.51%
Acquisition LTV
41st pct47.21%median 46.50%
DSCR
100th pct3.38xmedian 1.99x
Interest rate
47th pct5.13%median 5.11%
Total upfront load
2nd pct11.93%median 5.97%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Syndicated cap ratePricing | 9.74% | 5.49% | 4.84% – 5.82% | +4.25% | 100th |
| Price per unitPricing | $171K | $293K | $184K – $434K | −$122K | 78th |
| Year 1 distributionPricing | 5.01% | 4.51% | 4.40% – 5.00% | +0.50% | 84th |
| Avg. distribution (term)Pricing | 5.17% | 5.05% | 4.75% – 5.32% | +0.12% | 60th |
| Acquisition LTVLeverage | 47.21% | 46.50% | 18.89% – 50.20% | +0.71% | 41st |
| Offering LTVLeverage | 47.21% | 46.09% | 2.67% – 49.80% | +1.12% | 37th |
| DSCRLeverage | 3.38x | 1.99x | 1.73x – 2.10x | +1.39x | 100th |
| Interest rateLeverage | 5.13% | 5.11% | 5.00% – 5.48% | +0.02% | 47th |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 11.93% | 5.97% | 4.89% – 9.50% | +5.96% | 2nd |
| Selling commissionCost | 6.00% | 6.00% | 5.00% – 6.00% | +0.00% | 25th |
| Acquisition feeCost | 3.58% | 2.52% | 1.74% – 3.77% | +1.06% | 26th |
| ReservesCost | 6.27% | 5.53% | 1.67% – 9.03% | +0.74% | 57th |
| Disposition feeOngoing | 2.50% | 2.95% | 2.00% – 3.50% | −0.45% | 57th |
| 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 |
|---|---|---|---|---|---|---|---|
| Moody Village Towers DST | Moody National Companies | 5.07% | 37.27% | — | 11.67% | — | 92% |
| JWCM Vivian DST | JWCM Exchange I, LLC | 4.70% | 57.90% | — | 12.05% | 10 yrs | 91% |
| Canyon State Minerals LLC | Montego Minerals | — | — | — | 9.50% | — | 89% |
| Madison Waterstar Orlando DST | Madison Capital Group | 5.30% | 40.00% | — | 7.55% | — | 83% |
| AEI Healthcare Property VII DST | AEI Capital Corporation | 7.00% | — | — | 7.62% | — | 81% |
| Cottonwood Riverfront DST | CC Exchange TRS, Inc. | — | 39.26% | 2.00x | 8.70% | 7 yrs | 78% |
| Sealy Industrial DST | Sealy | — | — | — | 9.50% | 11 yrs | 78% |
| Reno City Center LLC TIC | MADISON CAPITAL GROUP | 5.50% | 0.00% | — | 11.00% | 6 yrs | 77% |
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.