Messenger Place

Top1031 lists Messenger Place as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Not as a new subscriber. Bonaventure announced on June 29, 2026 that the offering was fully subscribed and closed, reporting $34.1 million of equity raised from 41 investors.[3] The only Form D on record was filed on June 16, 2025, months before that close, so the SEC file still shows a mid-raise picture rather than the final result.[5] Any participation now would depend on a secondary transfer, if the trust documents permit one.

A 94-unit Class A apartment community at 9009 Church St. in Manassas, Virginia, in the Washington, D.C. suburbs. The developer, The Rector Companies, describes a 94-unit project with street-level retail completed in spring 2019.[1] Multi-Housing News reported a five-story building and Bonaventure's December 2021 purchase from Rector for $25.5 million.[4] The 2021 acquisition release cited 3,000 square feet of ground-floor retail and a Gold's Gym partnership, though other sources give 3,500 square feet.[6] What the Trust itself paid, and the offering's costs and fees, appear in the PPM — the private placement memorandum given to prospective investors — not in any public filing.

No, according to the sponsor. The offering deck lists 0% leverage and no debt.[2] Reporting tied to the June 29, 2026 close likewise states no property-level debt.[7] No mortgage means no lender payments, no maturity date and no refinancing event — but also no replacement debt for a 1031 exchanger who had a loan on the property they sold and needs to replace that debt to defer the full gain.

The sponsor's offering deck reports 96.8% occupancy as of July 2025 and $2,023 average in-place rent.[2] Reporting on the June 29, 2026 close states 95.7% occupancy.[7] Connect CRE's July 1, 2026 recap of the two closed Bonaventure DSTs cited roughly 94% average occupancy across them. All are sponsor-sourced snapshots taken at different dates; no reconciliation between them and no audited figure is public.

The offering deck describes a possible 721 exchange into Bonaventure MIT Operating Partnership after a two-year holding period — the UPREIT-style route in which trust property is contributed to an operating partnership in exchange for units — and states it is an option, with no commitment that such an exchange will occur.[2] Top1031's structured record for this Trust does not flag a REIT conversion provision. Units received that way are generally no longer eligible for a future 1031 exchange.

It names Messenger Place DST, a Delaware statutory trust organized in 2021, as issuer of Class 1 beneficial interests, reports a $34,123,322 total offering with a $100,000 minimum investment, records a first sale on May 27, 2025 under Rule 506(c) — the exemption allowing public advertising to verified accredited investors — and identifies Bonaventure MIT Operating Partnership as sponsor.[5] The unit count, build year, occupancy and debt-free structure come from sponsor materials and trade press, not from the filing.[2]