Cunat Exchange VII DST
Multifamily property in McHenry, IL — sponsored by Cunat
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
Cunat Exchange VII DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional real estate interests — sponsored by Cunat, Inc. of McHenry, Illinois.1 It holds multifamily property and was offered under Rule 506(b), the private-placement rule limiting sales to accredited investors reached without general advertising. The Offering is closed to new investors, and the public record does not identify the underlying property.
Minimum investment
$100k
Offering size
$41.1M
How much has sold
100.0%
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The public record establishes this Trust's identity and its offering, but not its real estate. Filings and published coverage reviewed as of September 5, 2026 do not name the property, its address, or a unit count; the Form D describes only the issuer, at 5400 W. Elm St. in McHenry, Illinois.1 Cunat, Inc.'s Illinois apartment deals appear in trade coverage, but those reports name the operating company rather than this Trust.2
- Reported location
- McHenry, IL
Who is the tenant, and what's the lease?
This is a multifamily Trust, so income comes from many residential tenants on short apartment leases rather than one corporate tenant on a long-term contract. No tenant roster, occupancy figure, or lease terms tied to this Trust appear in the reviewed public record.
How did it end?
Still operating
No public evidence of sale, disposition, UPREIT conversion, or foreclosure; SEC EDGAR shows only Form D (Dec 21, 2023) and Form D/A (Aug 7, 2024) equity-raise filings (no 8-K/10-K/10-Q/25-NSE), and JRW Investments' Cunat sponsor page lists the trust as Active in its Full Cycle column ~2.5 years after raise.
Cunat Exchange VII DST is a Cunat-sponsored multifamily DST listed on JRW Investments' sponsor tracker as 'Reviewed' with 4.81% projected cash flow; investment date Dec. 19, 2023; status 'Active'. SEC Form D/A filed Aug. 7, 2024. No public sponsor press release, CRE coverage, or marketing was located identifying the underlying multifamily property(s), addresses, unit count, or raise size.
Supporting evidence
Counted on Cunat’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
Leveraged means the Trust's real estate carries mortgage debt alongside investor equity, and the lender is repaid ahead of equity in any sale or refinancing. The lender's identity, the loan amount, and the maturity date for this Trust do not appear in the reviewed public record.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Cunat, Inc. is a McHenry, Illinois multifamily owner-operator whose first Exchange-series DST launched in 2019.4 The Form D for this Trust lists Brian Cunat and John Cunat as executive officers.3 On September 30, 2025 the sponsor announced the full-cycle completion of Cunat Exchange I DST — a separate, earlier trust holding five Illinois apartment properties — reporting a 12.14% annual return to those investors.5
- Sponsor
- Cunat
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 4 total offerings from Cunat
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The paperwork here is short: an initial Form D, then a single amendment that refreshed the sales figures and reported a first sale on December 27, 2023.6 Nothing further has been filed with the SEC under this Trust's CIK.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- Cunat Exchange VII DST
- Filings on record
- 2
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to Cunat Exchange VII DST?
Top1031 lists Cunat Exchange VII DST in the Historical cohort because its latest filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Cunat Exchange VII DST?
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.
What property does Cunat Exchange VII DST actually own?
The public record does not say. The Trust's SEC filings identify it as a multifamily offering sponsored by Cunat, Inc. of McHenry, Illinois, but they do not name a property, address, or unit count, and no sponsor press release or trade coverage reviewed as of September 5, 2026 ties a specific apartment community to this Trust. Investors in the offering would find the property description in the Trust's private placement memorandum (PPM), the confidential offering document.
Can I still invest in this Trust?
No. The Offering is closed to new investors — the amendment Cunat filed with the SEC on August 7, 2024 reported that the raise was complete. Cunat has sponsored other Exchange-series trusts over time, but this particular Trust is no longer raising capital.
What does it mean that the Trust is leveraged?
Leveraged means the Trust's real estate is financed partly with mortgage debt rather than being bought entirely with investor cash. For a 1031 exchanger, trust-level debt can help replace debt that was on the relinquished property; it also means the lender is paid before equity holders in a sale, and that a loan maturity is a date the trust has to manage. The lender and loan terms for this Trust are not disclosed in the public filings.
What is Rule 506(b), and why does it matter here?
Rule 506(b) is the private-placement exemption that lets an issuer sell securities without registering them, provided it does not advertise the offering publicly and sells essentially only to accredited investors — people who meet SEC income or net-worth thresholds — typically reached through an existing relationship with the sponsor or a broker-dealer. It is the reason a 506(b) DST is rarely visible in public marketing while it is raising.
Has Cunat taken any of its DSTs full cycle?
Yes, a different one. On September 30, 2025 Cunat, Inc. announced the full-cycle completion of Cunat Exchange I DST, a separate 2019-vintage trust of five Illinois multifamily properties, reporting a 12.14% annual return to those investors.[5] That result belongs to Exchange I, not to Exchange VII; JRW Investments' sponsor tracker still listed the Exchange VII investment as active in its full-cycle column.[7]
Who runs the Trust?
Cunat, Inc., a McHenry, Illinois multifamily owner-operator, sponsors the Exchange series. The Trust's Form D lists Brian Cunat and John Cunat as related persons holding executive-officer roles with the issuer.[3]
Chapter 9Cunat Acquires 258-Unit Apartment Community in Aurora, IllinoisReports Cunat Inc.'s acquisition of Stone Crossing Apartments (258 units, Aurora, IL), to be rebranded as Arbor West, with HFF arranging the sale and acquisition financing. HFF Arranges Sale, Financing of Value-Add MultifamilyHFF arranged the sale of Stone Crossing Apartments (258 units, Aurora, IL) to Cunat Inc., with a three-year floating-rate acquisition loan from Bridge Debt Strategies Fund Manager LLC.