Minimum investment
$25k
Offering size
$14.9M
How much has sold
100.0%
Asset type
Other property
Location
Not stated
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?
JWCM Heights West, DST is a Delaware Statutory Trust — a passive co-ownership structure that can serve as replacement property in a 1031 exchange — sponsored by JWCM Exchange I, LLC of 445 Park Avenue, New York.1 Its final Form D amendment, filed in March 2023, reported the offering fully subscribed, so it is closed to new investors. The underlying property has never been publicly identified.
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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.
How did it end?
No ending on record
No public full-cycle or disposition announcement was located for this DST sponsored by JWCM Exchange I, LLC (an affiliate of JW Capital Management, NY); an April 30, 2024 securities-firm article only references the original Form D filing without any disposition details.
Form D filed by JWCM Exchange I, LLC (sponsor at 445 Park Avenue, NYC) on September 6, 2022 with a subsequent amendment through March 24, 2023; offering amount reportedly ~$14,882,588 per The White Law Group. The underlying property name, address, asset type, and unit count are not publicly disclosed in any source visited during this research. JWCM's separate San Antonio acquisition (Republic at Alamo Heights, 278 units, $47.8M, August 2023) is a different offering under a different CIK and is not this trust.
Supporting evidence
Who's behind it?
JWCM Exchange I, LLC is a New York sponsor at 445 Park Avenue, Suite 2101; Jason Warsavsky signed as president of the sponsor, with JWCM Heights West Manager, LLC as manager and signatory trustee and JWCM Heights West Depositor, LLC as depositor.1 On April 30, 2024, The White Law Group published a notice that it was investigating potential claims against broker-dealers who recommended this Trust to investors — an announced inquiry, not a finding of misconduct or liability.2
- Sponsor
- JWCM Exchange I
- Legal Trust name
- JWCM Heights West, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 1 active / 3 total offerings from JWCM Exchange I
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The paperwork is an initial Form D followed by a run of amendments, each one stepping up the amount the issuer reported raised until the final amendment reported the offering fully subscribed. The issuer reported a first sale date of August 23, 2022 and stated that the offering was not intended to last more than one year.1
- 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.
- Filings on record
- 8
- 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 JWCM Heights West, DST?
Top1031 lists JWCM Heights West, DST as historical. It is no longer raising money.
Where does Top1031 get the data for JWCM Heights West, DST?
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 property does this Trust own?
No public source identifies it. A Form D is a brief notice of an exempt securities sale and does not require the issuer to name the real estate, so the property name, address, asset type, size, and tenant for JWCM Heights West, DST remain undisclosed as of research conducted August 24, 2026. Note that JWCM's Republic at Alamo Heights acquisition in San Antonio is a separate offering filed under a different SEC identifier and is not this Trust.
Can I still invest in this Trust?
No. The last Form D amendment on record, filed March 24, 2023, reported the offering fully subscribed, and no later filing appears in the SEC record. A third-party sponsor page maintained by JRW Investments lists a Heights West DST with an August 1, 2022 investment date and an "Active" label, but that is a third-party status marker rather than evidence the offering remains open.[3]
What does Rule 506(b) mean here?
Rule 506(b) is the private-placement exemption most DSTs use. It lets a sponsor sell to accredited investors — broadly, those meeting SEC income or net-worth thresholds — without registering the offering, but it bars general advertising or public solicitation, so the deal is shown only to investors the sponsor or its broker-dealers already have a relationship with. Terms live in the private placement memorandum (PPM), not in the SEC filing.
Is the Trust leveraged, and what did it pay for the property?
Neither is disclosed. The Form D filings report only offering-level figures; they carry no mortgage lender, loan amount, loan-to-value, acquisition price, or acquisition date. Research through August 24, 2026 found no source establishing the Trust's debt or purchase terms. An investor would have to look to the PPM and sponsor reporting for those.
What is the White Law Group investigation about?
On April 30, 2024, the securities-law firm The White Law Group posted a notice that it was investigating potential claims against broker-dealers who may have improperly recommended JWCM Heights West DST to investors.[2] A plaintiffs' firm announcing an investigation is a solicitation for potential claimants — it is not a regulatory action, a lawsuit outcome, or any finding that the sponsor or the Trust did anything wrong.
Has the Trust reported an outcome — a sale or a 721 exit?
No outcome has been reported. The SEC record ends with the March 24, 2023 amendment, and no filing or public source found through August 24, 2026 reports a property sale, refinancing, or conversion of investor interests into REIT operating-partnership units (a 721/UPREIT exit). The Form D record also indicates no planned REIT conversion.
Chapter 6JWCM Heights West DST: Investigating ClaimsSecurities-law firm notice announcing an investigation of broker-dealer recommendations of JWCM Heights West DST to investors, noting a Form D filed December 30, 2022 reportedly seeking ~$14,882,588.