Wheaton 121 Apartments
Multifamily property in Wheaton, IL — 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?
Wheaton Multifamily DST is a Delaware Statutory Trust — a structure that lets 1031 exchange investors hold a fractional interest in real estate — sponsored by Inland Private Capital. It owns Wheaton 121 Apartments, a Class A rental community at 121 North Cross Street in Wheaton, Illinois.3 The Trust is closed to new investors: Inland announced the offering fully subscribed on February 24, 2026.3
Minimum investment
$25k
Offering size
$120.5M
How much has sold
100.0%
Financing
Not stated. The filings for this offering do not say whether it carries 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?
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)
Who is the tenant, and what's the lease?
There is no single corporate tenant here. Income comes from hundreds of residents on individual apartment leases, usually a year or shorter, so rents reset frequently rather than being fixed for a decade. Inland reported the building was 94 percent occupied when the purchase closed.1
How did it end?
Still operating
Inland's Feb 24, 2026 press release confirms the Wheaton Multifamily DST was fully subscribed and closed, with the DST now owning and operating Wheaton 121 Apartments (acquired by Inland for $101.2M in Feb 2025); no disposition or sale announcement has been issued [1][2][3].
Seven-story Class A multifamily community acquired Feb. 3, 2025 for $101.2M; $120M Wheaton Multifamily DST fully subscribed and closed Feb. 24, 2026; mix of 5 studio, 217 one-bedroom, 80 two-bedroom and 4 three-bedroom units; managed by Inland Property Management & Leasing Group.
306 units (5 studio, 217 one-bedroom, 80 two-bedroom, 4 three-bedroom)Supporting evidence
Counted on Inland Private Capital’s Record Card as: No outcome recorded · under 7 years Document
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 sponsors of 1031 exchange programs. The chain here stays inside the family: an Inland affiliate sourced and closed the building, another Inland affiliate manages it, and Inland Private Capital sponsors the Trust that owns it.1 On February 24, 2026, Inland announced the Wheaton offering was fully subscribed and closed.3
- 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 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.
- 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
- Wheaton Multifamily DST
- Filings on record
- 17
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- 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 Wheaton 121 Apartments?
Wheaton 121 Apartments is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Wheaton 121 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 Wheaton Multifamily DST?
No. Inland announced on February 24, 2026 that the offering was fully subscribed and closed, and the Trust's final Form D amendments, filed March 9, 2026, report nothing left to sell. It is a historical offering: interests are no longer available from the sponsor.
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 private placement memorandum is the governing document 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.
Chapter 8Inland Fully Subscribes $120 Million Multifamily DST in Chicagoland SuburbSponsor confirms the $120M Wheaton Multifamily DST is fully subscribed and closed; the DST owns Wheaton 121 Apartments in Wheaton, Illinois. Inland fully subscribes $120M Wheaton multifamily DST offeringDealroom syndication: Wheaton Multifamily DST closed after owning Wheaton 121 Apartments, a seven-story 306-unit community. Inland Acquires 306-Unit Multifamily Complex in Chicago SuburbSponsor announces the Feb. 3, 2025 acquisition of Wheaton 121, a 306-unit multifamily property at 121 North Cross Street in Wheaton, IL.