ExchangeRight Net-Leased All-Cash 3 DST
Net lease retail property in Florida and Texas · sponsored by ExchangeRight
ExchangeRight Net-Leased All-Cash 3 DST was a DST sponsored by ExchangeRight that owned 3 net lease retail properties in Florida and Texas. Its last Form D, filed Aug 5, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Aug 5, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $16,360,000Equity offered, per the Form D
- Sold
- 100%Form D, Aug 5, 2025; the % is our arithmetic
- Investors reported
- Form D, Aug 5, 202549
- Selling commissions
- Form D Item 15; the % is our arithmetic$818,000 · 5.0% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: ExchangeRight Net-Leased All-Cash 3 DST. Top1031 is not a broker-dealer.ExchangeRight Net-Leased All-Cash 3 DST · Florida and Texas · Photo: cdn-static.exchangeright.com
What did the Trust own?
The trust holds three separate single-tenant retail buildings rather than one asset, spreading tenant and location risk across two states. 1 ExchangeRight has not publicly disclosed street addresses, individual purchase prices, acquisition dates, or years built for the three buildings. No sale, refinancing, or other property-level event has been reported since the offering closed.
- Reported location
- Florida and Texas
- Property size
- 3 properties; 26,511 square feet
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
The trust bought its properties without mortgage debt, so there is no lender, no loan covenants, and no maturity date forcing a refinance or sale; ExchangeRight described the portfolio as debt-free. 1 Nothing is borrowed, so nothing amplifies results in either direction.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
- May convert to a REIT (721)
- Yes
Costs and terms from the Form D
- Selling commissions
- $818,000 · 5.0% of offering
- Finders’ fees
- Not in the Form D
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 15 named in the Form D
Show the firms
- 1031 Securities Inc. · CRD 326590
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Cabot Lodge Securities LLC · CRD 159712
- Capital Investment Group, Inc. · CRD 14752
- Concorde Investment Services, LLC · CRD 151604
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Lighthouse Capital Group, LLC · CRD 169135
- McDermott Investment Services, LLC · CRD 154926
- Patrick Capital Markets, LLC · CRD 16518
- Realta Equities, Inc. · CRD 23769
- Saxony Securities, Inc. · CRD 115547
- Western International Securities, Inc. · CRD 39262
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Mar 18, 2024
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together.
Who's behind the Trust?
ExchangeRight is a repeat Delaware Statutory Trust sponsor that has brought dozens of net-leased 1031 programs to market, and it filed this one under the entity ExchangeRight Real Estate, LLC. On August 5, 2024 the sponsor announced that investors had fully subscribed this trust. 1 ExchangeRight has said exit options may include a tax-deferred cash-out refinance, a 1031 exchange, a 721 exchange — contributing property to a REIT's operating partnership for units — or a sale, without guaranteeing those outcomes. 1
- Sponsor
- Offerings on record
What does the SEC record show?
The trust filed an initial Form D — the short notice an issuer files with the SEC for a private placement — then amended it to report the completed raise, with two identical amendments appearing in EDGAR the same day. 2 Interests were sold privately to accredited investors, without general advertising.
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 3 DST
- SEC CIK
- 2014202
- First Form D
- Mar 8, 2024
- Latest Form D
- Aug 5, 2025
- Filings on record
- 3
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $16,360,000 | $16,360,000 | 49 | EDGAR | |
| Form D/A | $16,360,000 | $16,360,000+$16,360,000 | 49 | EDGAR | |
| Form D | $16,360,000 | $0 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- What happened to ExchangeRight Net-Leased All-Cash 3 DST?
- ExchangeRight Net-Leased All-Cash 3 DST is a Historical offering. The last Form D, filed Aug 5, 2025, reports the offering fully sold.
- Does ExchangeRight Net-Leased All-Cash 3 DST have a 721 UPREIT exit?
- The record lists a possible 721 exit for ExchangeRight Net-Leased All-Cash 3 DST. The offering documents set whether and when it could happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- What does an all-cash, debt-free DST mean for me?
- It means the Trust bought its properties without a mortgage. There is no lender, no loan covenants, and no maturity date that could force a refinancing or a sale at a bad moment. It also means no borrowed money magnifies results either way. For a 1031 exchanger, an unleveraged trust carries no debt to replace, which matters if your relinquished property had a loan.
- Who occupies the properties?
- ExchangeRight identified the tenants as Daybreak Market, Dollar General, and Dollar Tree, across three net-leased retail properties in Florida and Texas. Under net leases, tenants generally bear property-level operating costs such as taxes, insurance, and maintenance. Per-property lease expiration dates, rent escalations, and any guarantee terms are not stated in the public records reviewed; those appear in the offering documents.
- What isn't in the public record for this Trust?
- Exact street addresses and cities, occupancy percentages, the acquisition price and date, master-lease terms, and per-property lease expirations were not publicly stated in the records reviewed. No post-subscription sale, refinancing, distress event, or completed 721 conversion has been reported. Those details would be addressed in the offering documents and in sponsor reporting to existing investors.
In the news
Sources
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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 offering documents before investing.