Top1031

Wheaton 121 Apartments

Multifamily property in Wheaton, IL · sponsored by Inland Private Capital

HistoricalLast Form D, filed Mar 9, 2026, reports the offering fully sold (opens in a new tab)

Wheaton 121 Apartments was a DST sponsored by Inland Private Capital that owned a multifamily property in Wheaton, IL (306 units). Its last Form D, filed Mar 9, 2026, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Mar 9, 2026, reports the offering fully sold.

Inland Private Capital has 8 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$120,518,506
Equity offered, per the Form D
Sold
100%
Form D, Mar 9, 2026; the % is our arithmetic
Investors reported
264
Form D, Mar 9, 2026
Selling commissions
$9,520,961 · 7.8% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

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: Wheaton 121 Apartments. Top1031 is not a broker-dealer.

What did Wheaton 121 Apartments own?

Wheaton 121 is a seven-story Class A apartment building at 121 North Cross Street in Wheaton, Illinois. 3 Inland Real Estate Acquisitions negotiated and closed the purchase on February 3, 2025 on behalf of an Inland affiliate. 1 Trade press reported the price at $101.2 million. 2 Day-to-day operations sit with Inland Property Management & Leasing Group, an affiliate of the sponsor.

Reported location
Wheaton, IL
Property size
306 units (5 studio, 217 one-bedroom, 80 two-bedroom, 4 three-bedroom)

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

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$9,520,961 · 7.8% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$4,070,956 · 3.3% of offering
Form D Item 16
· The filing’s note: “Item 16 is an estimate of acquisition fees, reimbursements for certain acquisition and financing costs, and offering and organizational expenses that may accrue to one or more Related Persons.”
Broker-dealers named in the Form D
41 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Dec 18, 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?

The Trust filed a Form D — the short notice an issuer sends the SEC after its first sale of private securities — and then amended it repeatedly as interests sold, each amendment restating the running total. It was offered under Rule 506(b), which bars public advertising and reaches accredited investors through existing broker-dealer relationships.

Legal Trust name
Wheaton Multifamily DST
SEC CIK
2047612
First Form D
Dec 27, 2024
Latest Form D
Mar 9, 2026
Filings on record
17
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$120,518,506
$120,518,506
264
EDGAR
Form D/A$120,518,506
$120,518,506+$10,430,966
264+33
EDGAR
Form D/A$120,518,506
$110,087,540+$10,688,317
231+25
EDGAR
Form D/A$120,518,506
$99,399,223+$24,163,116
206+32
EDGAR
Form D/A$120,518,506
$75,236,107+$10,863,200
174+28
EDGAR
Form D/A$120,518,506
$64,372,907+$5,562,385
146+14
EDGAR
Form D/A$120,518,506
$58,810,522+$7,909,423
132+22
EDGAR
Form D/A$120,518,506
$50,901,099+$5,370,245
110+11
EDGAR
Form D/A$120,518,506
$45,530,854+$8,910,477
99+24
EDGAR
Form D/A$120,518,506
$36,620,377+$4,786,540
75+10
EDGAR
Form D/A$120,518,506
$31,833,837+$3,846,453
65+13
EDGAR
Form D/A$120,518,506
$27,987,384+$7,029,068
52+22
EDGAR
Form D/A$120,518,506
$20,958,316+$4,128,538
30+12
EDGAR
Form D/A$120,518,506
$16,829,778+$2,680,565
18+5
EDGAR
Form D/A$120,518,506
$14,149,213+$7,682,847
13+6
EDGAR
Form D/A$120,518,506
$6,466,366+$4,216,366
7+6
EDGAR
Form D$120,518,506
$2,250,000
1
EDGAR
Show all 17 SEC Form D filings

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 Wheaton 121 Apartments?
Wheaton 121 Apartments is a Historical offering. The last Form D, filed Mar 9, 2026, reports the offering fully sold.
What exactly does this Trust own?
A single asset — Wheaton 121 Apartments, a seven-story Class A multifamily community at 121 North Cross Street in Wheaton, Illinois, in Chicago's western suburbs. Inland announced the acquisition closed on February 3, 2025, and trade press reported a $101.2 million purchase price.
Is the property mortgaged?
The public record reviewed here does not establish it. Form D filings do not disclose property-level debt, and no sponsor or third-party source in this record names a lender, loan amount, or loan-to-value figure. The offering documents are the governing documents on financing terms.
What does owning a DST interest actually give me?
A beneficial interest in a trust that holds the property, treated as direct ownership of real estate for Section 1031 exchange purposes. Investors do not vote on operations, choose tenants, or manage the asset; the sponsor-appointed trustee and manager do that, and DST rules sharply limit what the trust may do with the property.
Could this convert into a REIT interest?
The record for this Trust does not indicate a 721/UPREIT exit — the structure in which trust investors exchange their real estate interest for operating-partnership units in a REIT. Any exit path for investors is set out in the offering documents.
How was it sold, and who could buy?
Under Rule 506(b), a private placement exemption that prohibits general solicitation or advertising, limits purchasers to accredited investors reached through existing relationships, and requires only a brief Form D notice to the SEC rather than a registered prospectus.

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.