Madison Waterstar
Multifamily property in Kissimmee, FL · sponsored by Madison Capital Group
Madison Waterstar is a DST sponsored by Madison Capital Group that owns a multifamily property in Kissimmee, FL (320 units). Its latest Form D, filed Aug 13, 2025, lists a $106.7 million offering with a $25,000 minimum.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $106,751,437Equity offered, per the Form D
- Sold so far
- Form D, Aug 13, 2025; the % is our arithmetic1.6%
- Investors reported
- Form D, Aug 13, 20254
- Selling commissions
- Form D Item 15; the % is our arithmetic$6,405,086 · 5.9% of offering
- Financing
- All cash. This offering reports no 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 →
Sales so far
- Latest Form D
- Aug 13, 2025 · 2 filings
- First sale
- Jul 23, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $1,712,283
- Not yet sold
- $105,039,154
- Investors
- 4
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
1.6% of $106,751,437 sold, calculated by Top1031 from the Form D
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Ask a 1031 specialist about this recordFree. About: Madison Waterstar. Top1031 is not a broker-dealer.Madison Waterstar · Kissimmee, FL · Photo: products.staxai.com
What does Madison Waterstar own?
Madison Waterstar was built in 2023 and sits in the Orlando area of central Florida. The sponsor describes the asset as eight four-story residential buildings. 3
- Property address
- 14535 Star Water Rd, Kissimmee, FL
- Property size
- 320 units / ~310,624 NRSF
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
The Trust carries no mortgage, so there is no lender, no refinancing during the hold, and no loan covenant that could force a sale. For an exchanger who paid off debt on the sold property, there is also no replacement debt here, which can leave taxable boot.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
- May convert to a REIT (721)
Costs and terms from the Form D
- Selling commissions
- $6,405,086 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $583,757 · 0.5% of offeringForm D Item 16· The filing’s note: “Estimate of Issuer's proportionate share of Third Party Due Diligence Expenses and Managing Broker-Dealer Fee.”
- Broker-dealers named in the Form D
- 4 named in the Form D
Show the firms
- Emerson Equity LLC · CRD 130032
- Lightpath Capital, Inc. · CRD 34617
- Madison Capital Markets LLC · CRD 332196
- Realta Equities, Inc. · CRD 23769
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jul 23, 2025
- Minimum investment
- $25,000
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. The issuer marked these amounts as an estimate.
What are the deal terms?
From Madison Capital Group’s offering documents (Aug 2025).
Your exit
- Can the sponsor's affiliate buy investors out?
- No
Rent and the bills
- Who pays rent to the trust?
- A master tenant affiliated with the sponsor
- Who pays for roof and structural repairs?
- Investors, through the trust
- Who pays if taxes or insurance go up?
- Investors, through the trust
- Was the property bought from a sponsor affiliate?
- Yes
Your rights
- Can investors remove the manager?
- Only for cause
- How are disputes with the sponsor resolved?
- Mandatory arbitration
Who's behind Madison Waterstar?
The Form D names Madison Capital DST Manager, LLC, Madison Capital Group's DST sponsor entity, as the offering's sponsor. 1 On March 25, 2026 the firm announced that three of its strategies, including this Trust, had become available on iCapital Marketplace, a platform financial advisers use to reach private offerings. 6
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed its initial exempt-offering notice and an amendment to it on the same day, reporting July 23, 2025 as the date of first sale. 1 Because the offering uses the exemption that permits general advertising, the sponsor verifies each investor's accredited status rather than accepting self-certification.
- Legal Trust name
- Madison Waterstar Orlando DST
- SEC CIK
- 2080290
- First Form D
- Aug 13, 2025
- Latest Form D
- Aug 13, 2025
- Filings on record
- 2
- 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/A | $106,751,437 | $1,712,283+$1,560,000 | 4+3 | EDGAR | |
| Form D | $106,751,437 | $152,283 | 1 | 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
- Is Madison Waterstar an active offering?
- Madison Waterstar is an Active offering: its latest Form D was filed Aug 13, 2025. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- What does Madison Waterstar Orlando DST own?
- It owns Madison Waterstar, a 320-unit apartment community at 14535 Star Water Road in Kissimmee, Florida, built in 2023. Madison Capital Group's offering page describes the asset as eight four-story residential buildings totaling roughly 310,624 net rentable square feet. The property's own leasing site gives the ZIP code as 34747.
- Who pays the rent at this property?
- Residents do. This is an apartment community rather than a single-tenant building, and the community's FAQ page advertises resident lease terms of nine to fifteen months. A description on the Stax Capital selling platform says the property will be subject to a master lease with a sponsor affiliate, meaning the Trust would collect rent from that affiliate entity instead of directly from renters; that page does not name the lessee or set out executed lease terms.
- Does this DST use mortgage debt?
- No. The structure is all cash, and Madison Capital Group's brochure markets the investment as debt-free, which is an offering representation rather than a title or lien search. A debt-free Trust has no lender and no loan maturity during the hold. It also provides no replacement debt for an exchanger who repaid a loan on the property being sold, which can create taxable boot.
- Who sponsors the Trust?
- Madison Capital Group. The August 13, 2025 Form D names Madison Capital DST Manager, LLC as the sponsor entity. On March 25, 2026 the firm announced that three of its strategies, including Madison Waterstar Orlando DST, had become available on iCapital Marketplace, a platform used by financial advisers.
- What is the minimum investment?
- The Form D filed with the SEC reports a $25,000 minimum accepted from an outside investor, while sponsor offering material lists a $100,000 minimum, which is why marketing summaries and the filing differ. The offering documents carry the actual subscription terms, including any sponsor waiver of a stated minimum.
- Can investors exchange into a REIT through this Trust?
- No 721 UPREIT conversion is indicated for this Trust. In a 721 exit, DST interests are contributed to a real estate investment trust's operating partnership in return for partnership units. Without that feature, a DST normally ends when the property is sold, and investors may then do another 1031 exchange or pay tax on the gain.
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.