The Grove at Mankato
Student housing / multifamily property in Mankato, Minnesota — sponsored by Kingsbarn Realty Capital
Files with the SEC as KB Grove at Mankato, DST
Minimum investment
$100k
Offering size
$37.0M
How much has sold
None sold yet
Asset type
Student housing / multifamily property
Location
Mankato, Minnesota
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
The Grove at Mankato is a Delaware Statutory Trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — sponsored by Kingsbarn Realty Capital. It holds a 524-unit apartment community in Mankato, Minnesota, whose residents are largely Minnesota State students. A Kingsbarn affiliate sold the property into the Trust for $70 million in a transaction reported in August 2022.1
Show sources (9)Hide sources (9)
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?
The community spreads across 26 buildings on more than 31 acres, built in four phases between 1973 and 2016, with 1,079 beds.2 A Kingsbarn affiliate, KB Mankato LLC, sold it to the Trust for $70 million in a deal reported on August 3, 2022.1 Kingsbarn said a renovation of more than $5 million covering the clubhouse, fitness center, pool and dog park was then weeks from completion.1
- Property address
- 200 Briargate Road; 100 Briargate Road; 240 Jaycee Court; 235 Jaycee Court, Mankato, Minnesota
- Property size
- 524 units
Who is the tenant, and what's the lease?
No master tenant appears in the public record; residents lease apartments directly. Kingsbarn said in August 2022 that the property ran on 12-month leases rented by the unit rather than by the bed, with 70% to 80% student residents.1 Management today carries the Yugo brand.3
How did it end?
No sale or other ending on record
Whitepages' property record lists Kb Grove At Mankato Dst as the owner of 200 Briargate Road, while the Minnesota State University, Mankato off-campus listing for that same address was last updated one day ago and shows a unit available now, supporting continued ownership and active operation of The Grove at Mankato.
Kingsbarn's announcement describes a 26-building, 524-unit property on more than 31 acres and a planned DST offering; Finance & Commerce reports the 2022 DST purchase at $70 million, while Interstate Development lists 1,079 beds.
524 unitsSupporting evidence
How is it financed, and what does it pay?
The public record does not state the Trust's loan balance or whether mortgage debt sits behind it at all. Finance & Commerce reported a $28.39 million down payment on the purchase and did not report a loan amount.1
Who's behind it?
Kingsbarn Realty Capital runs its exchange programs from Las Vegas, and the SEC lists this Trust as a Delaware entity with a Las Vegas mailing address.5 The Trust bought the property from another Kingsbarn entity rather than an unrelated third party.1 Filings name KB Grove at Mankato ST, LLC as signatory trustee with KB Exchange Properties, LLC above it, Jeffrey A. Pori as Kingsbarn's manager and Rustyn Osier as CFO.4
- Sponsor
- Kingsbarn Realty Capital
- Legal Trust name
- KB Grove at Mankato, 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?
Kingsbarn filed the original Form D in August 2022 and amended it twice; the September 30, 2022 amendment cut the stated minimum investment to $100,000 from $370,000 and reduced disclosed sales commissions. It is offered under Rule 506(b) — privately, without general advertising, to accredited (wealth- or income-qualified) investors.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 3
- 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 The Grove at Mankato?
Top1031 lists The Grove at Mankato as historical. It is no longer raising money.
Where does Top1031 get the data for The Grove at Mankato?
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.
Is this Trust still accepting new investors?
The public filing record stops on September 30, 2022, when Kingsbarn filed the second amendment to its Form D. No later amendment or closing notice appears on EDGAR, so the SEC record alone does not establish whether the offering is still open or has been closed. Anyone mid-exchange would need to confirm current availability directly with Kingsbarn Realty Capital or a broker-dealer carrying the program.
What does the Trust actually own?
A 524-unit apartment community at 200 and 100 Briargate Road and 240 and 235 Jaycee Court in Mankato, Minnesota. Kingsbarn materials describe 26 buildings on more than 31 acres built in four phases between 1973 and 2016, and Interstate Development lists 1,079 beds. Finance & Commerce reported the Trust bought it for $70 million in a transaction dated August 3, 2022.
Is this student housing or conventional apartments?
Both descriptions get used. Kingsbarn told Finance & Commerce in August 2022 that the property was 70% to 80% student-occupied but operated as a traditional apartment community — 12-month leases rented by the unit, not by the bed, which is the conventional multifamily model rather than the bed-by-bed student housing model. Minnesota State University, Mankato is the demand driver either way.
How much debt is on the property?
The public record does not say. Finance & Commerce reported a $28.39 million down payment on the $70 million purchase but did not state a loan amount or lender, and no SEC filing discloses the Trust's leverage. A prospective investor would find the loan terms, lender and any lockout or prepayment provisions in the private placement memorandum (PPM), the offering's governing disclosure document.
Can investors roll into a REIT at the end?
Nothing in the record indicates a 721/UPREIT exit — the arrangement where a DST's property is later contributed to a REIT's operating partnership in exchange for units. Top1031's data shows no REIT conversion feature for this Trust. Confirm the exit mechanics described in the PPM before relying on any particular endgame.
What was the minimum investment?
The September 30, 2022 Form D amendment states a $100,000 minimum, down from the $370,000 minimum shown in the original August 5, 2022 filing and its August 18, 2022 amendment. Minimums stated in a Form D reflect the offering as of that filing date and can differ from what a selling broker-dealer applies.
Chapter 9Mankato student housing complex sells for $70MFinance & Commerce reported that KB Grove at Mankato DST bought the 524-unit complex at the four listed Mankato addresses for $70 million for fractional 1031-exchange ownership. Kingsbarn Realty Capital Purchases a 524-Unit Apartment Community in Mankato, MinnesotaKingsbarn announced the purchase of a 26-building, 524-unit multifamily property in Mankato and said KB Exchange Trust would offer it as a Delaware Statutory Trust investment.