KB Diversified Healthcare 60, DST
Office — sponsored by Kingsbarn Realty Capital
Minimum investment
$711k
Offering size
$71.1M
How much has sold
29.0%
Asset type
Office
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?
KB Diversified Healthcare 60, DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — sponsored by Las Vegas-based Kingsbarn Realty Capital. It filed a $71.1 million Rule 506(c) offering in June 2022 and bought the Waystar-occupied office tower at 888 W. Market Street in Louisville. Kingsbarn's program table describes the Trust as a ten-property, eight-state portfolio.1
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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?
Louisville Business First reported that the Trust bought 888 W. Market Street in downtown Louisville for $27.2 million in May 2022; ZirMed, a Waystar predecessor, built the tower in 2009. Kingsbarn's DST program table, dated May 1, 2023, lists this Trust as ten properties across eight states totaling 283,759 square feet.1 No retrieved public source identifies the other nine properties, their cities, or the eight states.
- Property size
- 128,710 square feet
Who is the tenant, and what's the lease?
Waystar, the Louisville-born healthcare payments company, is the fully leased occupant of the Louisville building, according to Louisville Business First. Neither the Form D nor any retrieved source states lease type, term, or rent for that building or for the Trust's other properties, so the tenancy documents behind this portfolio are not public.
How did it end?
No ending on record
No public full-cycle or disposition announcement found; the Kingsbarn May 2023 prior performance PDF lists the 10-property, 283,759-sf, 8-state portfolio without a disposition date, and no Kingsbarn, AltsWire, or property-level sale coverage could be matched to the offering. [1][5]
Louisville Business First reported a $27.2 million sale and identified Waystar as the fully leased occupant; LoopNet identifies the asset as a 2009-built office property of 128,710 square feet and 10 stories.
128,710 square feetSupporting evidence
How is it financed, and what does it pay?
The Form D discloses no loan, lender, or debt terms, and this Trust's leverage is recorded as unknown. Kingsbarn's May 1, 2023 program table reports a $132,375,000 purchase price for the portfolio alongside the $71.1 million equity offering; no retrieved source reconciles the two figures or names a lender.1
Who's behind it?
Kingsbarn Realty Capital is a Las Vegas sponsor whose principal address on the SEC record is 1645 Village Center Circle, Suite 200.2 Its 1031 platform runs through KB Exchange Properties, LLC, named in the Form D as promoter and as the manager of the manager of the Trust's signatory trustee.3 That filing also identifies Jeffrey A. Pori as a Kingsbarn manager and Rustyn Osier as chief financial officer.3
- Sponsor
- Kingsbarn Realty Capital
- Legal Trust name
- KB Diversified Healthcare 60, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 10 active / 31 total offerings from Kingsbarn Realty Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The paper trail here is thin: a first sale on May 31, 2022, a single notice filing days later, and no amendment on the SEC record since.2 The offering may be advertised publicly, but every buyer must be a verified accredited investor — someone meeting SEC income or net-worth tests whose status the sponsor confirms.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 KB Diversified Healthcare 60, DST?
Top1031 lists KB Diversified Healthcare 60, DST as historical. It is no longer raising money.
Where does Top1031 get the data for KB Diversified Healthcare 60, 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 does this Trust actually own?
The one property named in public reporting is 888 W. Market Street in downtown Louisville, Kentucky, a 2009-built office tower of 128,710 square feet that Louisville Business First reported selling to KB Diversified Healthcare 60, DST for $27.2 million in May 2022. Kingsbarn's own DST program table, dated May 1, 2023, describes the Trust as ten properties across eight states totaling 283,759 square feet. The other nine properties are not identified in any source retrieved for this record.
Who is Waystar, and is it still the tenant?
Waystar is a healthcare payments software company dually headquartered in Louisville. Louisville Business First identified it as the fully leased occupant of 888 W. Market Street at the time of the May 2022 sale, and WDRB reported in October 2023 that ZirMed, a Waystar predecessor, built the 888 W. Market Street tower in 2009. No retrieved source confirms the current lease status, term, or renewal dates.
What does Rule 506(c) mean for me as an investor?
Rule 506(c) is the private-placement exemption that permits a sponsor to market an offering publicly — website, email, advertising — in exchange for a stricter check on buyers. Every investor must be accredited, and the sponsor must take reasonable steps to verify it, typically through tax returns, brokerage statements, or a letter from your CPA or attorney. A self-certification checkbox is not enough under 506(c).
Can this Trust roll into a REIT at the end?
The record for this Trust shows no 721/UPREIT exit — the arrangement in which a DST's property is contributed to a REIT's operating partnership in exchange for units rather than sold for cash. Absent that feature, the customary path is a sale of the underlying real estate, with investors free to attempt another 1031 exchange at that point. The PPM governs; confirm exit mechanics there.
What is the minimum investment?
The Form D reports a minimum outside investment of $711,000 for this offering. That figure is what the issuer filed with the SEC; sponsors and selling broker-dealers sometimes apply different minimums for exchange versus cash investors, so the PPM and your intermediary's terms control.
What can't I learn from the public filings here?
A fair amount. The single Form D does not disclose the property addresses, the eight states, tenant rosters, lease structures or terms, occupancy, closing dates, or any debt. It also does not reconcile the $71.1 million offering with the $132,375,000 purchase price shown on Kingsbarn's May 1, 2023 program table. Those answers live in the PPM — the private placement memorandum a sponsor delivers to prospective investors.
Chapter 9EXCLUSIVE: Downtown Louisville office building, home to Waystar, sells for $27 millionLouisville Business First reported that the downtown office building at 888 W. Market St. in the Glassworks District sold to KB Diversified Healthcare 60, DST for $27.2 million and remained fully leased to Waystar.