The Grove at Mankato
Student housing property in Mankato, Minnesota · sponsored by Kingsbarn Realty Capital
The Grove at Mankato was a DST sponsored by Kingsbarn Realty Capital that owned a student housing property in Mankato, Minnesota (524 units). Its last Form D was filed Sep 30, 2022.
How it ended
No outcome recorded · under 7 years
Last Form D filed Sep 30, 2022.
Kingsbarn Realty Capital has 10 active offerings on record →
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $37,000,000Equity offered, per the Form D
- Sold
- Not reported in its Form D filings (latest Sep 30, 2022)Form D, Sep 30, 2022
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,405,000 · 6.5% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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: The Grove at Mankato. Top1031 is not a broker-dealer.The Grove at Mankato · Mankato, Minnesota · Photo: thegroveatmankato.com
What did The Grove at Mankato own?
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
How was it financed, and what did it cost to sell?
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
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $2,405,000 · 6.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,990,000 · 5.3% of offeringForm D Item 16· The filing’s note: “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
- MIT Associates, LLC · CRD 121171
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Not in the Form D
- Minimum investment
- $100,000
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.
Who's behind The Grove at Mankato?
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
- Offerings on record
What does the SEC record show?
- Legal Trust name
- KB Grove at Mankato, DST
- SEC CIK
- 1941409
- First Form D
- Aug 5, 2022
- Latest Form D
- Sep 30, 2022
- Filings on record
- 3
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Minimum | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $37,000,000 | $0 | $100,000was $370,000 | EDGAR | |
| Form D/A | $37,000,000 | $0 | $370,000 | EDGAR | |
| Form D | $37,000,000 | $0 | $370,000 | 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 The Grove at Mankato?
- The Grove at Mankato is a Historical offering. Last Form D filed Sep 30, 2022.
- 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 offering documents.
- 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 offering documents 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.
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.