KB Mill Creek
Creative office campus in Laguna Hills, CA · sponsored by Kingsbarn Realty Capital
KB Mill Creek was a DST sponsored by Kingsbarn Realty Capital that owned a creative office campus in Laguna Hills, CA. Its last Form D was filed Dec 9, 2022.
How it ended
No outcome recorded · under 7 years
Last Form D filed Dec 9, 2022.
Kingsbarn Realty Capital has 10 active offerings on record →
Key facts
- Minimum investment
- $275,500From the Form D
- Offering size
- $27,550,000Equity offered, per the Form D
- Sold
- 14.6%Form D, Dec 9, 2022; the % is our arithmetic
- Investors reported
- Form D, Dec 9, 20224
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,102,000 · 4.0% of offering
- 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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Ask a 1031 specialist about this recordFree. About: KB Mill Creek. Top1031 is not a broker-dealer.What did KB Mill Creek own?
Kingsbarn announced on November 21, 2022 that it had acquired a five-building creative office campus on Mill Creek Drive in south Orange County. The Trust's own brochure describes three of those addresses: three buildings on roughly two acres, built in 1988 and 1989 and renovated in 2017. 2 In October 2024 the Trust was named among applicant entities in a City of Laguna Hills housing application proposing 464 units, including 24 affordable, in place of existing office uses. 3
- Reported location
- Laguna Hills, CA
- Property size
- 162,821 rentable square feet (offering PDF); 233,974 rentable square feet (Kingsbarn acquisition article)
How was it financed, and what did it cost to sell?
Kingsbarn's brochure describes a leveraged deal: investor equity sitting above roughly $24.8 million of non-recourse debt within total investment cost of $52.35 million. 2 Non-recourse means the lender's remedy runs to the property, not to investors personally. Neither the Form D nor the reviewed public record names 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
- $1,102,000 · 4.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,140,000 · 4.1% of offeringForm D Item 16· The filing’s note: “KREC 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
- MIT Associates, LLC · CRD 121171
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Dec 5, 2022
- Minimum investment
- $275,500
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. The issuer marked these amounts as an estimate.
Who's behind KB Mill Creek?
Kingsbarn Realty Capital is a repeat 1031 sponsor; the Form D names Kingsbarn Real Estate Capital, LLC as promoter and manager of the manager of the signatory trustee, with Jeffrey A. Pori and CFO Rustyn Osier as executive officers. 1 On June 10, 2026 Kingsbarn announced city council approval of Terravita, a residential redevelopment of the Laguna Hills office campuses, without naming this Trust individually. 5 A bankruptcy adversary proceeding listing the Trust's trustee as a defendant was dismissed by stipulation. 6
- Sponsor
- Offerings on record
What does the SEC record show?
- Legal Trust name
- KB Mill Creek, DST
- SEC CIK
- 1955497
- First Form D
- Dec 9, 2022
- Latest Form D
- Dec 9, 2022
- Filings on record
- 1
- 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 | $27,550,000 | $4,041,035 | 4 | 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 KB Mill Creek?
- KB Mill Creek is a Historical offering. Last Form D filed Dec 9, 2022.
- What does KB Mill Creek, DST actually own?
- A creative office campus in Laguna Hills, California. The Kingsbarn offering brochure identifies 23332, 23382 and 23422 Mill Creek Drive — three buildings on roughly two acres, built in 1988 and 1989 and renovated in 2017. Kingsbarn's November 2022 acquisition announcement describes a broader five-building campus in the same location; the public record does not separately allocate that purchase to this Trust.
- Why do two different square-footage figures appear for this property?
- The sponsor's offering PDF states 162,821 rentable square feet for the three Mill Creek Drive buildings, while coverage of Kingsbarn's campus acquisition describes 233,974 rentable square feet across five buildings. Both are reported here as published. The apparent difference is one of scope — three addresses versus the wider campus — but no reviewed source reconciles the two figures.
- Is the office campus being converted to housing?
- There is an approved residential project covering overlapping addresses. An October 2024 SB 330 preliminary application to the City of Laguna Hills named KB Mill Creek DST among applicant entities for a project of 464 units. The City's project record shows Terravita, covering the three Mill Creek Drive addresses plus others, approved by the Planning Agency on February 24, 2026, and a June 10, 2026 Kingsbarn release reports city council approval of an 18.5-acre, 480-unit plan. Neither record allocates that project solely to this Trust.
- Is this a triple-net, single-tenant deal?
- No. It is a multi-tenant office campus. The brochure lists tenants including Centercode, SpineArt USA and MemorialCare Home Health, with SpineArt at roughly 12,058 square feet expiring May 2027 and Full Spectrum Group at 4,999 square feet expiring July 2027, and reported 81.5% leased occupancy excluding master-leased space. Current occupancy and tenant status are not publicly confirmed.
- Was this Trust in bankruptcy?
- No, based on the reviewed court records. A July 23, 2026 calendar for the U.S. Bankruptcy Court, Central District of California shows the trustee of KB Mill Creek DST as a defendant in an adversary proceeding tied to another debtor's Chapter 11 case, and shows that proceeding dismissed by court-approved stipulation. The Trust itself is not identified as the debtor.
In the news
Sources
Show sources (9)Hide sources (9)
These links support the record as a whole; individual details may come from different sources.
- U.S. Securities and Exchange Commission, Form D ↗
- Sponsor offering documents, Apr 2023
- City of Laguna Hills, SB 330 Preliminary Application ↗
- City of Laguna Hills, Residential Development Project Documents ↗
- Kingsbarn Capital & Development press release ↗
- U.S. Bankruptcy Court, Central District of California, Courtroom 1368 Calendar ↗
- kingsbarn.com ↗
- kelemencompany.com ↗
- irei.com ↗
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.