Net-Leased High LTV 1 DST
Net lease property — sponsored by ExchangeRight
Files with the SEC as ExchangeRight Net-Leased High LTV 1 DST
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net-Leased High LTV 1 DST is a Delaware statutory trust — a structure that lets 1031 exchangers own fractional interests in real estate — sponsored by Pasadena-based ExchangeRight.1 It raised equity from accredited investors under Rule 506(b), the private-placement rule that bars general advertising, and is now closed to new investors. The SEC filings never name the underlying property or tenant.
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These links support the historical public record; individual details may come from different 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?
Neither Form D on record identifies a property, a city, or a tenant, and no property-level public record surfaced in review. The Trust's name points to net-leased real estate carried with high loan-to-value mortgage financing, but the building itself, its lease, and its purchase date appear only in the private placement memorandum (PPM), the confidential offering document given to prospective investors. Treat the address as unknown until the sponsor supplies it.
How did it end?
No sale or other ending on record
ExchangeRight Net-Leased High LTV 1 DST (CIK 1943359) is still operating; JRW Investments lists it as 'Active' with status 'Conditional' and investment date of August 25, 2022, and it does not appear on ExchangeRight's official Full-Cycle Returns list.
How is it financed, and what does it pay?
The Trust holds its real estate with mortgage debt rather than paying all cash, so loan payments come ahead of anything distributed to investors and the lender holds a claim on the property. Neither Form D names the lender or states the loan amount.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
ExchangeRight is a Pasadena, California sponsor of 1031-exchange real estate programs, filing from 1055 E. Colorado Blvd., Suite 310.1 The Form D records Joshua Ungerecht, David Fisher, and Warren Thomas as related persons, with Warren Thomas signing as manager.1 It is one of the more prolific DST sponsors tracked here, and this Trust is one of the smaller offerings it has filed.
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased High LTV 1 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 23 active / 60 total offerings from ExchangeRight
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The paperwork is short: an initial Form D opening the raise, then a single amendment more than a year later restating the offering and its sales figures.2 The Trust reported its first sale on September 26, 2022, and nothing has been filed with the SEC since the amendment.2
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- 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 Net-Leased High LTV 1 DST?
Top1031 lists Net-Leased High LTV 1 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Net-Leased High LTV 1 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 does "High LTV" in the name mean for an investor?
LTV is loan-to-value — the share of a property's value covered by mortgage debt. The name signals that this Trust was structured with a relatively high proportion of debt. Neither Form D states the loan amount, the lender, or the terms, so those details would have to come from the private placement memorandum. More debt means the lender is paid before investors and holds a foreclosure claim on the property.
Can I still invest in this Trust?
No. The January 29, 2024 Form D amendment reported the offering fully subscribed, so it is Historical — closed to new investors. One third-party sponsor listing still showed this Trust as active with a "conditional" qualifier as of August 2026, which conflicts with the SEC record; anyone seeing it offered should confirm directly with ExchangeRight.[3]
What was the minimum investment?
Both Form D filings record a $100,000 minimum outside investment. One secondary summary of the filings listed $48,400 instead, which matches the sales-commission figure disclosed on the same form; the $100,000 figure is what Top1031's pipeline reads from the filing.
Does this Trust convert into a REIT at the end?
Nothing in the record indicates a 721/UPREIT exit — the structure where a DST's property is later contributed to a REIT's operating partnership in exchange for units. The Trust is recorded here as having no REIT conversion feature, so an eventual sale of the property would be the expected path unless the PPM says otherwise.
What happened to the property after the raise closed?
No outcome has been reported. There is no SEC filing after January 29, 2024, and no primary record of a sale, refinancing, tenant change, or distress was found for this Trust. Investors would learn of any disposition through sponsor reporting rather than a public filing, since a DST of this size has no ongoing SEC disclosure obligation.
Why does a $1.21 million offering exist at all?
Small DST offerings like this one are typically sized to a specific slice of equity — often a single property interest or a top-up alongside larger sister programs. With 19 investors on the final Form D, the average commitment sat well above the stated minimum. The filings do not explain the offering's purpose, and the PPM is the only place that would.