Top1031

CityWest Commons

Class-A office building in Las Vegas, Nevada · sponsored by Kingsbarn Realty Capital

HistoricalLast Form D filed Aug 3, 2022 (opens in a new tab)

CityWest Commons was a DST sponsored by Kingsbarn Realty Capital that owned a class-A office building in Las Vegas, Nevada (70,000 square feet). Its last Form D was filed Aug 3, 2022.

How it ended

No outcome recorded · under 7 years

Last Form D filed Aug 3, 2022.

Kingsbarn Realty Capital has 10 active offerings on record →

Key facts

Minimum investment
$172,500
From the Form D
Offering size
$17,250,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Aug 3, 2022)
Form D, Aug 3, 2022
Selling commissions
$690,000 · 4.0% 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.
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 →

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CityWest Commons image

CityWest Commons · Las Vegas, Nevada · Photo: docvault-docs.kingsbarn.com

What did CityWest Commons own?

Kingsbarn announced on July 21, 2022 that it had purchased the former LaPour Corporate Center in the Southwest Submarket of Las Vegas, would rename it CityWest Commons, and intended it for a Delaware statutory trust offering. 2 Clark County's parcel record lists KB Beltway, DST as the owner of parcel 163-29-401-005, with a record date of July 14, 2022. 1 Kingsbarn's materials describe a LEED-certified building with 284 parking stalls on roughly 3.81 acres.

Property address
9075 West Diablo Drive, Las Vegas, Nevada
Property size
70,000 square feet (building also cited as approximately 67,415 SF); three stories

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

The Trust is leveraged rather than all-cash: Kingsbarn's offering brochure described non-recourse debt of $14,300,000 against a total investment cost of $31,550,000, meaning the loan sits at the Trust level and is not a personal obligation of individual investors. 4 Public filings do not identify the lender.

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
$690,000 · 4.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,590,000 · 9.2% of offering
Form D Item 16
· The filing’s note: “An affiliate of KBEP will receive this amount for services provided in structuring the offering of the securities and acquisition of property associated therewith.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$172,500

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.

What does the SEC record show?

Only one Form D — the brief notice an issuer files with the SEC to claim a private-placement exemption — appears on record for this Trust, with no amendments filed since. Whether the offering was later completed, extended, or withdrawn is not visible in the SEC record.

Legal Trust name
KB Beltway, DST
SEC CIK
1940530
First Form D
Aug 3, 2022
Latest Form D
Aug 3, 2022
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$17,250,000
$0
EDGAR

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 CityWest Commons?
CityWest Commons is a Historical offering. Last Form D filed Aug 3, 2022.
Who occupies CityWest Commons?
It is a multi-tenant office building. Kingsbarn CEO Jeff Pori said at the July 2022 acquisition that the building was 96 percent leased to tenants including the State of Nevada, Chicago Title, and NV Energy, with 51 percent of tenancy investment-grade or government-related. Individual lease commencement dates, expirations, and rents are not in the public record, and no later whole-property occupancy figure has been published.
Does the Trust carry debt?
Yes. Kingsbarn's offering brochure described $14,300,000 of non-recourse financing on a 120-month term as part of a total investment cost of $31,550,000. Non-recourse means the lender's remedy is the property itself rather than the personal assets of investors, but leverage still means a mortgage default could put the asset — and the exchange — at risk.

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.