Onyx at Westgate
Multifamily property in Glendale, AZ — sponsored by Inland Private Capital
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
Onyx at Westgate is a build-to-rent single-family rental community in Glendale, Arizona, owned by Glendale BTR DST — a Delaware statutory trust, the ownership form that lets 1031 exchangers hold fractional real estate. Inland Private Capital sponsored the Trust and announced on September 25, 2024 that the offering was fully subscribed and closed to new investors.1
Minimum investment
$25k
Offering size
$72.1M
How much has sold
100.0%
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
The community sits on 17 acres at 7403 North 91st Avenue in Glendale, Arizona, and mixes 58 one-bedroom duplexes, 85 two-bedroom detached homes, and 47 three-bedroom bungalows.1 It opened as The Bungalows at Westgate and was renamed Onyx at Westgate after the sale, which closed with the property reported 92 percent occupied.2 Multi-Housing News reported Inland Real Estate Group bought it from Cavan Cos. for $62 million in February 2024.3
- Reported location
- Glendale, AZ
- Property size
- 190 units
Who is the tenant, and what's the lease?
There is no single corporate tenant here: income comes from individual residents on household leases, so the rent roll turns over continuously rather than resting on one credit. The property website currently advertises rent-free concessions on select homes and states that select new move-ins require terms of 12 months or longer.4
How did it end?
Still operating
No full-cycle or disposition announcement located; Inland acquired Onyx at Westgate for ~$62M in February 2024 and fully subscribed the DST with $72M raised in September 2024, with leasing continuing at the property.
Onyx at Westgate is a 190-unit, Class A, newly developed (2022) build-to-rent single-family rental community on 17 acres at 7403 N 91st Avenue, Glendale, AZ; mix of 58 one-bedroom duplexes, 85 two-bedroom detached homes, and 47 three-bedroom bungalows; offering fully subscribed at $72M and now closed; sponsor: Inland Private Capital Corporation.
190 unitsSupporting evidence
Counted on Inland Private Capital’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
No mortgage sits on the property — investor equity funded the purchase outright, so there is no lender, no loan maturity, and no debt service to cover before operations.3
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Inland Private Capital Corporation is the private-placement arm of the Inland real estate organization and one of the longer-running DST sponsors; its Form D for this Trust lists Keith D. Lampi as the sponsor's President and Chief Executive Officer, with Glendale BTR Exchange, L.L.C. as signatory trustee and Glendale BTR, L.L.C. as depositor.5 The sponsor announced on September 25, 2024 that this build-to-rent Trust had been fully subscribed and closed.1
- Sponsor
- Inland Private Capital
- 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 Trust filed an initial Form D notice — the short SEC form an issuer files when selling securities privately — and then amended it repeatedly through 2024, each amendment restating how much had been sold and how many investors had come in. It was offered privately to accredited investors, without general advertising.
- 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.
- Legal Trust name
- Glendale BTR DST
- Filings on record
- 10
- 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 Onyx at Westgate?
Top1031 lists Onyx at Westgate in the Historical cohort because its latest filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Onyx at Westgate?
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 Onyx at Westgate?
No. Inland Private Capital announced on September 25, 2024 that the Glendale BTR DST offering was fully subscribed and closed to new investment.[1] The Trust is now historical; the record here exists so investors and advisers can study a completed raise. Interests may sometimes be transferred privately, but the sponsor is not selling new interests.
What does "build-to-rent" mean in this deal?
Build-to-rent means the homes were purpose-built as rentals rather than for sale to individual buyers. At Onyx at Westgate that means detached homes, duplexes and single-story bungalows on a 17-acre site, leased and managed as one community — closer to a garden apartment operation in management terms, but with house-style product.[1]
Is there debt on the property?
The offering record shows no mortgage financing; investor equity paid for the property, which Multi-Housing News described as an all-cash purchase.[3] For an exchanger, an unleveraged Trust means there is no replacement debt to match, which matters if your relinquished property had a loan you needed to replace to defer full gain. Discuss that with your own tax adviser.
Who is the tenant, and what happens when leases roll?
There is no single tenant. Residents sign individual household leases, and the property website currently notes concessions on select homes and terms of 12 months or longer for select new move-ins.[4] Income therefore depends on ongoing leasing in the Glendale submarket rather than one corporate credit.
Has the Trust reported a sale or other outcome?
No outcome has been reported yet. Public sources reviewed through September 5, 2026 show the acquisition, the raise, and the sponsor's full-subscription announcement, but no disposition, refinancing, or other exit event for Glendale BTR DST.
Chapter 9Inland Fully Subscribes $72M Glendale BTR DSTConnect CRE reports Inland Private Capital's $72M Glendale BTR DST (Onyx at Westgate) was fully subscribed and is now closed. Inland Fully Subscribes $72 Million Build-to-Rent DST in ArizonaInland Private Capital announced completion of more than $72 million raise for the Glendale BTR DST (Onyx at Westgate), fully subscribed and closed. Inland Real Estate Acquisitions, LLC Closes the Purchase of a Luxury Build-to-Rent Multifamily Property in Glendale, ArizonaBlueVault reports Inland Real Estate Acquisitions closed the purchase of a 190-unit luxury build-to-rent property in Glendale, AZ (later branded Onyx at Westgate). Inland Group Buys Phoenix SFR for $62M in All-Cash DealMulti-Housing News reports Inland Real Estate Group purchased Onyx at Westgate, a 190-unit single-family rental in Glendale, AZ, from Cavan Cos. for $62 million in February 2024.