Irish Row Apartments
Student housing (multifamily) property in South Bend, Indiana — sponsored by Inland Private Capital
Files with the SEC as Irish Row Student Housing DST
Minimum investment
$25k
Offering size
$28.3M
How much has sold
100.0%
Asset type
Student housing (multifamily) property
Location
South Bend, Indiana
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Irish Row Student Housing DST is a Delaware Statutory Trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — sponsored by Inland Private Capital. It owns Irish Row Apartments, off-campus housing serving University of Notre Dame students.1 Inland announced on April 22, 2024 that the offering was fully subscribed and closed, so the Trust is now Historical: closed to new investors.1
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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?
Irish Row Apartments is off-campus housing at 1855 Vaness St, marketed to University of Notre Dame students.2 The property website lists two-, three- and four-bedroom apartments rented under individual housing contracts.2 Inland reported the building was 98% occupied in December 2023, days before the first sale of interests.1 Acquisition date, purchase price and seller were not found in public records.
- Reported location
- South Bend, Indiana
- Property size
- 326-bed, 127-unit
Who is the tenant, and what's the lease?
There is no single corporate tenant here: income comes from individual students signing their own per-bed housing contracts, which turn over each academic year rather than sitting under one long-term lease.2 The property website shows it leasing for fall 2027.3
How did it end?
Closed to new investment · still operating
No disposition or full-cycle announcement has been made; the Irish Row Student Housing DST's underlying property (Irish Row Apartments in South Bend, IN) continues to actively lease student housing after the offering fully subscribed on Apr 22, 2024.
$26M+ capital raise for a 326-bed/127-unit student housing property serving University of Notre Dame students in South Bend, Indiana. Fully subscribed and closed per April 22, 2024 announcement.
326-bed, 127-unitSupporting evidence
Counted on Inland Private Capital’s Record Card as: Still operating Document
How is it financed, and what does it pay?
Neither the Form D filings nor Inland's public materials state whether the Trust carries mortgage debt, and no lender or loan terms were located. Leverage on this Trust is simply not on the public record.
Who's behind it?
Inland Private Capital Corporation is a prolific sponsor of 1031 exchange programs; its filings for this Trust name Irish Row Student Housing Exchange, L.L.C. as trustee and Irish Row Student Housing, L.L.C. as depositor.4 On April 22, 2024 Inland announced the offering was fully subscribed and closed, reporting a completed capital raise of more than $26 million.1
- Sponsor
- Inland Private Capital
- Legal Trust name
- Irish Row Student Housing DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 79 total offerings from Inland Private Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The initial Form D reported no securities sold and no investors, with the first sale not yet made.5 A later amendment gave December 15, 2023 as the first sale date, and a second amendment recorded the raise as fully taken up.4
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 3
- 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 Irish Row Apartments?
Top1031 lists Irish Row Apartments as historical. It is no longer raising money.
Where does Top1031 get the data for Irish Row Apartments?
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.
Can I still invest in Irish Row Student Housing DST?
No. Inland Private Capital announced on April 22, 2024 that the offering was fully subscribed and closed, and the issuer's final Form D amendment shows nothing remaining to be sold. The Trust is Historical — closed to new investors. Any interest would have to come from a secondary transfer, which DST governing documents typically restrict.
What does it mean that this was offered under Rule 506(b)?
Rule 506(b) is a private-placement exemption: the sponsor may not advertise or generally solicit the offering, and sells to accredited investors — broadly, individuals meeting SEC income or net-worth thresholds — usually through existing broker-dealer relationships. Terms are set out in the private placement memorandum (PPM), the offering's governing disclosure document, rather than in a public prospectus.
Who actually pays the rent at Irish Row Apartments?
Students, individually. The property website describes two-, three- and four-bedroom off-campus apartments near the University of Notre Dame leased under individual housing contracts, so cash flow depends on bed-by-bed leasing each academic year rather than on one corporate tenant's credit. The site currently shows leasing for fall 2027.
Does this Trust have a 721/UPREIT exit?
The record shows no REIT conversion path. A 721 or UPREIT exit is a structure where a DST's property is later contributed to a real estate investment trust's operating partnership in exchange for units; Top1031's data for this Trust indicates that route is not indicated here. The PPM controls what exits are permitted.
How much debt is on the property?
Unknown from public sources. The Form D filings do not disclose mortgage financing, and no lender, loan amount, or loan terms for Irish Row Apartments were located in sponsor materials or trade press. An investor would need the PPM and the loan documents to establish whether the Trust is leveraged.
Has anything happened to the property since the offering closed?
No reliable report of a sale, refinancing, foreclosure, or other material property event after April 2024 was established in public sources. The most recent sponsor-reported operating detail is the December 2023 occupancy snapshot published with the closing announcement; no outcome for the Trust itself has been reported yet.
Chapter 9Inland Fully Subscribes Irish Row Student Housing DST in South Bend Near Notre DameTrade-press coverage confirming full subscription of Inland's Irish Row Student Housing DST (326 beds/127 units). Inland Fully Subscribes Student Housing DST Near University of Notre DameSponsor release announcing the Irish Row Student Housing DST (326-bed, 127-unit student housing property serving Notre Dame students in South Bend, IN) is fully subscribed and closed.