Top1031

Domain at Town Centre

Student housing property in Morgantown, WV · sponsored by Fortress Real Estate Exchange

Active offeringLatest Form D filed Oct 1, 2026 · 7 filings since May 7, 2026 (opens in a new tab)

Domain at Town Centre is a DST sponsored by Fortress Real Estate Exchange that owns a student housing property in Morgantown, WV. Its latest Form D, filed Oct 1, 2026, lists a $40.1 million offering with a $25,000 minimum.

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$40,178,939
Equity offered, per the Form D
Sold so far
28.4%
Form D, Oct 1, 2026; the % is our arithmetic
Investors reported
31
Form D, Oct 1, 2026
Selling commissions
$4,017,893 · 9.9% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Sponsor buyout right
Yes, after 2 years
Offering documents, Mar 2026 · Deal terms ↓

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 →

Sales so far

Latest Form D
Oct 1, 2026 · 7 filings
First sale
Apr 15, 2026

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Oct 1, 2026.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
Amount sold
$11,441,759
Not yet sold
$28,737,180
Investors
31

Calculated by Top1031 from the Form D filings, not stated by the sponsor:

28.4% of $40,178,939 sold, calculated by Top1031 from the Form D

Average since first sale
about $2 million a month
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Ask a 1031 specialist about this recordFree. About: Domain at Town Centre. Top1031 is not a broker-dealer.
Domain at Town Centre image

Domain at Town Centre · Morgantown, WV · Photo: ar.rdcpix.com

Location map5000 Domain Dr, Morgantown, WVAddress matched to a cited source

What does Domain at Town Centre own?

Domain at Town Centre was built in 2012 as purpose-built housing for West Virginia University students, roughly a mile from campus. The Trust closed its purchase on March 11, 2026 from CPI-GREP Domain Owner, L.L.C., at a real-estate price the memorandum states as $65,100,000. 1 Fortress announced the deal publicly on March 18, 2026 as the first acquisition for its Fortress Real Estate Exchange platform. 2

Property address
5000 Domain Dr, Morgantown, WV
Property size
336-unit / 912-bed

How have sales gone?

The sponsor’s own numbers, with the caveat in Sales so far ↑.

Share of the offering sold at each Form D filing date, calculated by Top1031 from the filed amounts
0%50%100%0.2%28.4%May 7, 2026Oct 1, 20260%50%100%0.2%28.4%May 7, 2026Oct 1, 2026

How is it financed, and what did it cost to sell?

Sponsor material describes a $35,805,000 mortgage closing alongside the purchase, making this a leveraged Trust: the lender is repaid before investors, and the fixed-rate loan is interest-only, so no principal is paid down during its ten-year term. 1 The SEC filings themselves say nothing about debt, and no lender is named in the sources reviewed.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.
May convert to a REIT (721)
See Deal terms ↓
Target hold
5–10 years From Fortress Real Estate Exchange’s offering documents (Mar 2026). As reported by the sponsor.

Costs and terms from the Form D

Selling commissions
$4,017,893 · 9.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$3,729,339 · 9.2% of offering
Form D Item 16
· The filing’s note: “Item 16 is an estimate of Organizational and Offering Expenses, Acquisition Fees and Closing Costs that may accrue to one or more Related Persons.”
Broker-dealers named in the Form D
11 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Apr 15, 2026
Minimum investment
$25,000

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. The issuer marked these amounts as an estimate.

What are the deal terms?

From Fortress Real Estate Exchange’s offering documents (Mar 2026).

Your exit

Can the sponsor's affiliate buy investors out?
Yes, after 2 years

All investors must hold 2 years. No reply: cash (taxable sale)

Rent and the bills

Who pays rent to the trust?
A master tenant affiliated with the sponsor
Who pays for roof and structural repairs?
Investors, through the trust
Who pays if taxes or insurance go up?
The tenant or master tenant

Your rights

Can investors remove the manager?
No
How are disputes with the sponsor resolved?
In court

What does the SEC record show?

A Form D is the short notice an issuer files for an exempt offering; each amendment here has refreshed the amount reported sold and the investor count rather than changing the $40,178,939 offering size or the $25,000 minimum. Rule 506(c) lets the sponsor advertise publicly but requires it to verify that every buyer is accredited.

Legal Trust name
FREX DB Series I DST
SEC CIK
2126775
First Form D
May 7, 2026
Latest Form D
Oct 1, 2026
Filings on record
7
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$40,178,939
$11,441,759+$2,717,871
31+6
EDGAR
Form D/A$40,178,939
$8,723,888+$2,325,309
25+1
EDGAR
Form D/A$40,178,939
$6,398,579+$1,546,373
24+6
EDGAR
Form D/A$40,178,939
$4,852,206+$2,120,434
18+9
EDGAR
Form D/A$40,178,939
$2,731,772+$540,000
9+3
EDGAR
Form D/A$40,178,939
$2,191,772+$2,091,772
6+5
EDGAR
Form D$40,178,939
$100,000
1
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

Is Domain at Town Centre an active offering?
Domain at Town Centre is an Active offering: its latest Form D was filed Oct 1, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
Does Domain at Town Centre have a 721 UPREIT exit?
The record lists a possible 721 exit for Domain at Town Centre. It is an option, not a completed transaction; the offering documents set whether and when it can 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 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 set higher thresholds, and the offering documents control the actual subscription minimum.
Who actually pays the rent?
Students do. Domain at Town Centre is a 2012-vintage community serving West Virginia University, so income comes from many individual apartment leases rather than one corporate tenant. The Trust master-leases the property to FREX DB LeaseCo Series I LLC, a sponsor affiliate, whose initial capitalization the memorandum describes as supported by a $1,500,000 demand note from sponsor affiliate DST Holdings; the same memorandum names GREP Atlantic, LLC as property manager.
How is student housing different from a single-tenant DST?
Cash flow depends on re-leasing an entire community every academic year rather than on one company's rent check, so the leasing calendar matters. Sponsor material reported the property 93% occupied for the 2025–2026 academic year and 73% of beds pre-leased for 2026–2027, both stated as of March 13, 2026. Pre-leasing is not achieved occupancy, and those are dated offering figures, not verified current occupancy.
What does the SEC record not tell me about this deal?
A Form D discloses the offering size — $40,178,939 here — sales to date, the investor count and the minimum investment, and it does not describe the property. The purchase price, the seller, the mortgage and the master lease to an affiliated tenant all come from the sponsor's memorandum rather than from SEC filings. The offering documents are the only documents that settle them.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.