Top1031

Velaire at Aspera

Multifamily property in Glendale, AZ · sponsored by IDEAL Capital Group Holdings

HistoricalLast Form D, filed Apr 24, 2025, reports the offering fully sold (opens in a new tab)

Velaire at Aspera was a DST sponsored by IDEAL Capital Group Holdings that owned a multifamily property in Glendale, AZ (286 units). Its last Form D, filed Apr 24, 2025, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Apr 24, 2025, reports the offering fully sold.

IDEAL Capital Group Holdings has 1 active offering on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$47,850,000
Equity offered, per the Form D
Sold
100%
Form D, Apr 24, 2025; the % is our arithmetic
Investors reported
135
Form D, Apr 24, 2025
Selling commissions
$2,544,396 · 5.3% 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.

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: Velaire at Aspera. Top1031 is not a broker-dealer.

What did Velaire at Aspera own?

Velaire at Aspera opened in 2016 in Glendale, Arizona, developed by P.B. Bell beside the Arrowhead Ranch master-planned community. 3 In August 2018, Institutional Property Advisors reported the Class AA community sold for $64.35 million, or $225,000 per unit, naming P.B. Bell as seller but not the buyer. 4 IDEAL's own purchase date and price are not established in the public record.

Reported location
Glendale, AZ
Property size
286 units

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

A marketplace listing for the Trust describes a leveraged structure: mortgage debt on the property alongside investor equity, on an interest-only loan — principal is not amortized during the term and the balance comes due at maturity. 5 The Form D filings themselves state no mortgage terms.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$2,544,396 · 5.3% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$4,479,453 · 9.3% of offering
Form D Item 16
· The filing’s note: “Estimate includes Marketing & Due Diligence Allowance, Wholesaling Allowance, Managing Broker-Dealer Fee, Closing Costs, Acquisition Fee, Offering & Organization Exp. & Structuring, Financing & Loan Fees that may be paid to one or more related persons.”
Broker-dealers named in the Form D
15 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Sep 20, 2024
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 does the SEC record show?

Two Form D notices — the SEC's brief notice of a securities sale made without registration — carry the whole story: an initial notice at launch and one amendment updating the sale figures. The Trust is offered under Rule 506(c), which permits public advertising but limits buyers to accredited investors whose status the issuer must verify.

Legal Trust name
ICG Aspera DST
SEC CIK
2039034
First Form D
Sep 26, 2024
Latest Form D
Apr 24, 2025
Filings on record
2
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$47,850,000
$47,850,000+$47,850,000
135
EDGAR
Form D$47,850,000
$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 Velaire at Aspera?
Velaire at Aspera is a Historical offering. The last Form D, filed Apr 24, 2025, reports the offering fully sold.
What property does this Trust own?
Velaire at Aspera, a Class AA apartment community in Glendale, Arizona that opened in 2016, developed by P.B. Bell next to the Arrowhead Ranch master-planned community. Third-party listings gave conflicting street addresses, so no single address is confirmed here.
Why do listings mention TSMC?
IDEAL markets the property partly on its proximity to TSMC's new $65 billion semiconductor manufacturing campus in north Phoenix, on the theory that plant employment supports rental demand in the surrounding submarket. That is a marketing thesis, not a contractual feature of the Trust.
Is there a 721/UPREIT exit?
No. The record shows no provision for converting investor interests into operating-partnership units of a REIT — the 721/UPREIT path some sponsors offer. Exit would come from a sale or refinancing of the property itself, on terms set out in the offering documents.

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.