Domain at Town Centre
Student housing (West Virginia University) property in Morgantown, WV — sponsored by Fortress Real Estate Exchange
Files with the SEC as FREX DB Series I DST
Minimum investment
$25k
Offering size
$40.2M
How much has sold
16.0%
Asset type
Student housing (West Virginia University) property
Location
Morgantown, WV
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
FREX DB Series I DST is a Delaware Statutory Trust — passive fractional ownership that qualifies for 1031 exchange treatment — holding Domain at Town Centre, purpose-built student housing about a mile from West Virginia University in Morgantown. Fortress Real Estate Exchange, Fortress Investment Group's 1031 platform, announced the closing of the purchase on March 18, 2026 as its first acquisition.2 The Trust is raising.
Min inv $25k (Form D); built 2012; 93% avg occupancy last 4 yrs; ~1 mi from WVU; $2.7M of $40.2M sold as of 6/23/26
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These links support the public record as a whole; individual details may come from different sources.
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What exactly is the property?
Domain at Town Centre was built in 2012 as purpose-built student housing serving West Virginia University, roughly a mile from campus.1 Fortress said funds managed by its affiliates closed the acquisition in an announcement dated March 18, 2026, the first investment for its new DST platform.2 A sponsor-sourced offering summary reports a $65,100,000 real-estate price within total capitalization of $75,983,939.1
- Property address
- 5000 Domain Drive, Morgantown, WV 26501
- Property size
- 336-unit / 912-bed
Who is the tenant, and what's the lease?
There is no single corporate tenant: residents are students on individual apartment leases. The Trust net-leases the whole property to an affiliated master tenant, FREX DB LeaseCo Series I LLC, under a 10-year master lease that a sponsor-sourced summary reports is backed by a $1,500,000 demand note from FREX DST Holdings LLC.1
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
16.0% reported sold
- Amount sold
- $6,398,579
- Still available
- $33,780,360
- Investors reported
- 24
- Total offering
- $40,178,939
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How is it financed, and what does it pay?
Form D filings say nothing about debt. A sponsor-sourced offering summary reports a $35,805,000 Wells Fargo Bank, N.A. first mortgage, fixed-rate and interest-only for its full term.1 In a leveraged structure, loan terms and the eventual repayment or refinancing — not property operations alone — shape what owners receive.
Who's behind it?
Fortress Investment Group launched Fortress Real Estate Exchange on March 16, 2026 as its 1031-exchange platform, using Delaware Statutory Trusts — fractional co-ownership vehicles that qualify for exchange treatment — to reach advisers and their clients, with senior housing, student housing and multifamily as the initial target sectors. Fortress identifies Domain at Town Centre as that platform's first acquisition.2 The Form D record names Fortress Real Estate Exchange LLC as promoter and sponsor, and FREX Manager Series I LLC as manager.3
- Legal Trust name
- FREX DB Series I DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 1 active / 1 total offerings from Fortress Real Estate Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Fortress filed an initial Form D and has amended it several times since, each amendment updating the amount reported sold and the number of investors. The exemption claimed permits general advertising but requires the sponsor to verify that every buyer is accredited — that is, meets SEC income or net-worth tests.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 5
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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
Is Domain at Town Centre still raising money?
Top1031 lists Domain at Town Centre as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Domain at Town Centre?
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.
Is this Trust still accepting new investors?
Yes, based on the public record. The most recent Form D amendment on file was filed August 25, 2026, and it reports the offering as only partly sold. Form D filings are snapshots, so the sponsor or a selling broker-dealer is the only place to confirm whether units remain available today.
What is the minimum investment?
The Form D filings for FREX DB Series I DST report a $25,000 minimum outside investment. Individual broker-dealers may impose higher thresholds, and the Private Placement Memorandum — the offering document that governs the deal — controls the actual subscription minimum.
Who actually pays the rent here?
Students. Domain at Town Centre is a 2012-built student housing community serving West Virginia University, so income comes from many individual apartment leases rather than one corporate tenant. The Trust itself net-leases the whole property to an affiliated master tenant, FREX DB LeaseCo Series I LLC, which pays rent to the Trust under a 10-year master lease reported in sponsor-sourced offering material.
How much debt is on the property?
A sponsor-sourced offering summary reports a $35,805,000 Wells Fargo Bank, N.A. first mortgage at a 6.098% fixed rate, interest-only for its full term, maturing March 11, 2036, and states loan-to-cost of 47.12%. None of that appears in the SEC filings; the PPM and the loan documents are what settle the terms.
How is student housing different from a single-tenant DST?
Cash flow depends on leasing an entire community of apartments every academic year rather than on one company's rent check. Fortress reported average occupancy of 93% over the four years before its March 18, 2026 acquisition announcement, and sponsor-sourced offering material reports 93% occupancy for the 2025/26 academic year — figures that reset with each leasing season. An affiliated master tenant sits between residents and the Trust; the reviewed material does not establish who manages the property day to day.
What does the public record not tell me about this deal?
Form D discloses the offering size, sales to date, investor count and minimum investment — not the debt, the purchase price, distributions, the hold period, or reserves. The SEC filings do not even name Domain at Town Centre. The purchase price, mortgage and master lease described here come from a sponsor-sourced offering summary and Fortress's own announcements; the PPM is the only document that settles them.
Chapter 9Fortress joins Blackstone, Brookfield in expanding into tax-deferred investmentsFortress Real Estate Exchange acquired Domain at Town Centre, a 912-bed student housing complex near WVU in Morgantown, as part of expanding into DST-based tax-deferred investment products. Fortress Investment Group Completes First Acquisition for Fortress Real Estate Exchange Platform with Purchase of Domain at Town Centre Student Housing CommunityFortress completes its first acquisition — a 912-bed student housing property near West Virginia University in Morgantown, WV — for the new 1031 DST platform.