The Vivian
Multifamily property in Atlanta, GA · sponsored by JWCM Exchange I
Active offeringLatest Form D filed Sep 29, 2026 · 14 filings since Oct 28, 2025 (opens in a new tab)
The Vivian is a DST sponsored by JWCM Exchange I that owns a multifamily property in Atlanta, GA (325 units). Its latest Form D, filed Sep 29, 2026, lists a $46.1 million offering with a $25,000 minimum.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $46,170,900Equity offered, per the Form D
- Sold so far
- Form D, Sep 29, 2026; the % is our arithmetic50.5%
- Investors reported
- Form D, Sep 29, 202671
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,739,697 · 10.2% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
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 →
Sales so far
- Latest Form D
- Sep 29, 2026 · 14 filings
- First sale
- Oct 14, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $23,322,302
- Not yet sold
- $22,848,598
- Investors
- 71
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
50.5% of $46,170,900 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $2 million a month
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Ask a 1031 specialist about this recordFree. About: The Vivian. Top1031 is not a broker-dealer.The Vivian · Atlanta, GA · Photo: rangewaterre.com
What does The Vivian own?
The Vivian opened in 2023, three buildings in southwest Atlanta's Historic Capitol View neighborhood, fronting the BeltLine. RangeWater Real Estate and ParkProperty Capital sold it to JW Capital Management in September 2025, in a transaction brokered by Cushman & Wakefield. The Trust states it acquired the property on August 21, 2025. 1 Fulton County's development authority, which approved assigning the project to the Trust on July 22, 2025, described 49 of the units as affordable. 2
- Property address
- 1246 Allene Ave SW, Atlanta, GA
- Property size
- 325 units
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
The SEC filings disclose nothing about debt on the property. Sponsor materials describe Fannie Mae-backed acquisition financing sitting alongside the equity raise. 1 In a leveraged DST, the lender is repaid ahead of investors on any sale or refinancing, which magnifies both gains and losses on the equity.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- May convert to a REIT (721)
- Loan interest rate
- 5.30% fixed From JWCM Exchange I’s offering documents (Sep 2025). As reported by the sponsor.
- Target hold
- 5–10 years From JWCM Exchange I’s offering documents (Sep 2025). As reported by the sponsor.
Costs and terms from the Form D
- Selling commissions
- $4,739,697 · 10.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $3,063,750 · 6.6% of offeringForm D Item 16· The filing’s note: “item 16 is an estimate of acquisition fees and offering and organizational expenses that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 12 named in the Form D
Show the firms
- 1031 Securities Inc. · CRD 326590
- APW Capital, Inc. · CRD 43814
- Courtlandt Securities Corporation · CRD 137356
- DAI Securities, LLC · CRD 36673
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Independent Financial Group, LLC · CRD 7717
- McDermott Investment Services, LLC · CRD 154926
- Quincy Wells Capital, LLC · CRD 334163
- Wealthforge Securities, LLC · CRD 152550
- Westpark Capital, Inc. · CRD 39914
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Oct 14, 2025
- 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 are the deal terms?
From JWCM Exchange I’s offering documents (Sep 2025).
Your exit
- Can the sponsor's affiliate buy investors out?
- Yes, after 2 years
Rent and the bills
- Who pays rent to the trust?
- A master tenant affiliated with the sponsor
- Who pays for roof and structural repairs?
- Investors, through the trust
- Who pays if taxes or insurance go up?
- Investors, through the trust
- Was the property bought from a sponsor affiliate?
- No
Your rights
- Can investors remove the manager?
- No
- How are disputes with the sponsor resolved?
- In court
Who's behind The Vivian?
JW Capital Management is a New York firm; JWCM Exchange I is the affiliate named as sponsor, and JWCM Vivian Manager, LLC signs as manager and signatory trustee. 3 JWCM announced its acquisition of The Vivian on August 1, 2025. AltsWire reported on February 9, 2026 that NewStar Exchange launched a separate $21.27 million DST offering tied to the same Atlanta property. Investors here hold passive beneficial interests; sponsor affiliates make the operating and disposition decisions.
- Sponsor
- Sponsor entity in the Form D
- JWCM Exchange I, LLC
- Manager and signatory trustee
- JWCM Vivian Manager, LLC
- Depositor
- JWCM Vivian Depositor, LLC
- Offerings on record
What does the SEC record show?
The record begins with an original Form D — the notice an issuer files for a private placement — followed by amendments that each report more equity sold and more investors; the issuer gives October 14, 2025 as the date of first sale. 3 The exemption used permits public advertising, provided the sponsor verifies each investor's accredited status.
- Legal Trust name
- JWCM Vivian, DST
- SEC CIK
- 2087350
- First Form D
- Oct 28, 2025
- Latest Form D
- Sep 29, 2026
- Filings on record
- 14
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $46,170,900 | $23,322,302+$1,621,145 | 71+6 | EDGAR | |
| Form D/A | $46,170,900 | $21,701,157+$587,189 | 65+3 | EDGAR | |
| Form D/A | $46,170,900 | $21,113,968+$5,366,267 | 62+14 | EDGAR | |
| Form D/A | $46,170,900 | $15,747,701+$4,340,372 | 48+11 | EDGAR | |
| Form D/A | $46,170,900 | $11,407,329+$436,198 | 37+2 | EDGAR | |
| Form D/A | $46,170,900 | $10,971,131+$2,315,310 | 35+8 | EDGAR | |
| Form D/A | $46,170,900 | $8,655,821+$3,292,158 | 27+7 | EDGAR | |
| Form D/A | $46,170,900 | $5,363,663+$1,410,558 | 20+2 | EDGAR | |
| Form D/A | $46,170,900 | $3,953,105+$900,000 | 18+2 | EDGAR | |
| Form D/A | $46,170,900 | $3,053,105+$491,845 | 16+3 | EDGAR | |
| Form D/A | $46,170,900 | $2,561,260+$613,328 | 13+3 | EDGAR | |
| Form D/A | $46,170,900 | $1,947,932+$391,297 | 10+3 | EDGAR | |
| Form D/A | $46,170,900 | $1,556,635+$1,335,032 | 7+6 | EDGAR | |
| Form D | $46,170,900 | $221,603 | 1 | EDGAR |
Show all 14 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
- Is The Vivian an active offering?
- The Vivian is an Active offering: its latest Form D was filed Sep 29, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- Does The Vivian have a 721 UPREIT exit?
- The record lists a possible 721 exit for The Vivian. It is an option, not a completed transaction; the offering documents set whether and when it can happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- What does this Trust actually own?
- One property: The Vivian, a 325-unit apartment community at 1246 Allene Ave SW in Atlanta, completed in 2023 and arranged in three buildings along the BeltLine in the Historic Capitol View neighborhood. Sponsor materials date the Trust's acquisition to August 21, 2025. Fulton County's development authority described the completed project as including 49 affordable units, with the recorded land-use restriction scheduled to expire in 2043. There is no second asset, so results depend on this single community and the Atlanta rental market.
- Does the Trust own the land outright?
- Not in the ordinary fee-title sense while a Fulton County bond-lease arrangement is in place. An offering description states that the development authority holds fee title and leases the property to the Trust, so the Trust holds a leasehold interest during the arrangement rather than fee title. Authority minutes dated July 22, 2025 record approval to assign the 1246 Allene project to JWCM Vivian, DST or an affiliate, but that approval does not by itself establish that the assignment closed. The sponsor separately describes a bonds-for-title program providing a ten-year, declining property-tax abatement. The bond documents, the title position and what happens when the bond lease ends belong in the offering documents.
- Is there debt on the property?
- Sponsor materials say yes. The offering snapshot lists $46,170,900 of equity and $47,189,000 of loan proceeds, for $93,359,900 of total capitalization — a figure the brochure does not identify as the acquisition price. The sponsor reports the Fannie Mae debt as 50.55% of total offering value, versus 57.90% of the purchase price, carrying a 5.30% interest rate. The sellers' announcement did not disclose a sale price, and the SEC filings are silent on leverage, so confirm the loan balance, lender, reserves, prepayment provisions, guaranties and any lender consent required on a future sale in the offering documents.
- Who operates the community, and is occupancy disclosed?
- The Trust master-leases the community to JWCM Vivian Master Tenant, LLC, an affiliate that operates it and subleases apartments to residents, with RangeWater Residential LLC named as third-party property manager. On occupancy, research as of October 4, 2026 found no reliably dated reading of actual occupancy; the sponsor brochure states an operating goal for the master tenant's business plan, not a measured figure. The SEC filings disclose no occupancy number. Ask the sponsor for a dated rent roll.
- Is there a REIT exit?
- The filing record shows no plan to convert investor interests into REIT shares through a 721/UPREIT exchange — the structure some sponsors use to roll DST investors into a REIT's operating partnership. Nothing in the SEC filings sets a schedule for a sale or refinancing either, so the intended hold period and exit path are questions for the sponsor and the offering documents.
In the news
Sources
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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.