Sage Spring Senior Living (formerly Volante of Sage Spring)
Senior living / assisted living & memory care property in San Marcos, TX — sponsored by Inspired Healthcare Capital
Files with the SEC as Inspired Senior Living of San Marcos DST
Minimum investment
$50k
Offering size
$31.0M
How much has sold
None sold yet
Asset type
Senior living / assisted living & memory care property
Location
San Marcos, TX
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Inspired Senior Living of San Marcos DST is a Delaware Statutory Trust — fractional real estate ownership structured to qualify for a 1031 exchange — formed by Inspired Healthcare Capital to hold a 90-unit assisted living and memory care community in San Marcos, Texas. The sponsor and roughly 160 affiliates filed for Chapter 11 bankruptcy in January 2026 in the Northern District of Texas.
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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?
Sage Spring Senior Living opened in December 2020 and was described as stabilized when it changed hands in 2024.1 JLL brokered that sale from a joint venture of Bow River Capital and Investcor to Inspired Healthcare Capital, at an undisclosed price.1 Investcor describes the mix as 66 assisted-living and 24 memory-care residences.2 The community was renamed Volante of Sage Spring on September 17, 2024.3
- Reported location
- San Marcos, TX
- Property size
- 90 units
Who is the tenant, and what's the lease?
Public filings and reporting do not establish the master-lease terms or the master tenant's economics. The community was run by Volante Senior Living, the sponsor's affiliated operator, which Inspired Healthcare Capital wound down in July 2025, moving its communities to other operators.4 Leisure Care lists the property today as Mariella of Sage Spring at 802 Leah Ave.5
How did it end?
Closed to new investment · still operating
Inspired Senior Living of San Marcos DST, which owns Sage Spring Senior Living (90-unit community in San Marcos, TX; acquired May 31 2024 by Inspired Healthcare from a Bow River Capital/Investcor JV via JLL, operated by VSL-San Marcos TX LLC), is named as a debtor entity in Inspired Healthcare Capital Holdings' Chapter 11 case (Case 26-90004, N.D. Tex., filed Feb 2 2026); the trust still owns and operates the property under DIP financing pending the Section 363 sale process, per the Epiq 11 case docket and JLL/Seniors Housing Business [1][10][11].
90-unit assisted living & memory care community in San Marcos, TX. Operator Volante Senior Living was wound down in 2025; sponsor Inspired Healthcare Capital and ~160 affiliates filed Chapter 11 in January 2026 (Northern District of Texas).
90 unitsSupporting evidence
Counted on Inspired Healthcare Capital’s Record Card as: Still operating Document
Who's behind it?
Inspired Healthcare Capital sponsored senior-housing trusts and ran its own operating company, Volante Senior Living. In July 2025 it halted new investment offerings amid an SEC review and shut Volante down, shifting communities to third-party operators.4 The sponsor and roughly 160 affiliates filed for Chapter 11 in January 2026 in the Northern District of Texas. PacerMonitor lists this Trust as a debtor in a case filed February 2, 2026, though no debtor-specific court record was located.6
- Sponsor
- Inspired Healthcare Capital
- Legal Trust name
- Inspired Senior Living of San Marcos DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 21 total offerings from Inspired Healthcare Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
No amendment or follow-on notice has been filed since the original Form D — the brief SEC notice an issuer files to claim a private-placement exemption. The Trust was offered only to accredited investors, meaning people meeting SEC income or net-worth thresholds, without general advertising or public solicitation.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 Sage Spring Senior Living (formerly Volante of Sage Spring)?
Top1031 lists Sage Spring Senior Living (formerly Volante of Sage Spring) as historical. It is no longer raising money.
Where does Top1031 get the data for Sage Spring Senior Living (formerly Volante of Sage Spring)?
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.
What is the property behind this Trust?
A 90-unit assisted living and memory care community in San Marcos, Texas, originally marketed as Sage Spring Senior Living. It opened in December 2020 and was described as stabilized when JLL brokered its 2024 sale from a Bow River Capital–Investcor joint venture to Inspired Healthcare Capital, at an undisclosed price.[1] Investcor describes 66 assisted-living and 24 memory-care residences.[2]
Why has the community changed names more than once?
Sage Spring Senior Living was renamed Volante of Sage Spring on September 17, 2024, after the sponsor's affiliated operator took over management.[3] Leisure Care now lists the property as Mariella of Sage Spring at 802 Leah Ave, San Marcos.[5] The naming changes track operator changes, not a change in the underlying building.
What happened to the sponsor?
Inspired Healthcare Capital halted new investment offerings amid an SEC review in July 2025 and wound down its operating company, Volante Senior Living, transferring communities to other operators.[4] The sponsor and roughly 160 affiliates then filed for Chapter 11 in January 2026 in the Northern District of Texas. PacerMonitor lists this Trust among the debtors, in a case filed February 2, 2026.[6]
What does Rule 506(b) mean here?
Rule 506(b) is the private-placement exemption that lets an issuer sell securities without registering them, provided it does not advertise publicly and sells essentially only to accredited investors. Interests could not be marketed through general solicitation, so the offering would have reached investors through pre-existing relationships with the sponsor or its selling group.
What does the public record not show?
No public source located the master-lease terms, the master tenant's economics, any property-level mortgage or other debt, numeric occupancy, or a court-approved sale or plan outcome. The only occupancy-related disclosure found was that the property was stabilized at the time of its 2024 sale.[1] Reported closing dates also differ between March and May 2024.
Chapter 8Inspired Senior Living of San Marcos DST Bankruptcy: Investor LossesInvestor-loss investigation article tying the San Marcos DST to Inspired Healthcare Capital's Chapter 11 filing in early 2026. Senior living community changes name, rebrands in San MarcosSage Spring Senior Living rebranded to Volante of Sage Spring in September 2024. JLL Brokers Sale of 90-Unit Sage Spring Senior Living in San Marcos, TexasJLL arranged the sale of the 90-unit Sage Spring Senior Living in San Marcos, TX.