Madison Waterstar
Multifamily property in Kissimmee, FL — sponsored by Madison Capital Group
Files with the SEC as Madison Waterstar Orlando DST
Minimum investment
$25k
Offering size
$106.8M
How much has sold
2.0%
Asset type
Multifamily property
Location
Kissimmee, FL
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Madison Waterstar Orlando DST is a Delaware statutory trust — a passive co-ownership structure whose interests can serve as 1031 replacement property — holding a 2023-built apartment community in the Orlando market.3 Madison Capital Group is raising up to $106,751,437 from accredited investors, those meeting SEC income or net-worth tests, under an amended Form D filed August 13, 2025.1 Sponsor materials describe the Trust as debt-free.3
All-cash 0% LTV; $100k min; $106.75M offering; built 2023; 100% master-leased; ~25% funded; on iCapital 3/2026
Show sources (10)Hide sources (10)
These links support the public record as a whole; individual details may come from different sources.
- SEC Form D/A (Madison Waterstar Orlando DST) ↗
- Madison Capital Group offering page ↗
- Madison Capital Group / Madison Waterstar DST offering deck ↗
- ACRE Credit ↗
- Madison Capital Group / PR Newswire ↗
- Madison Capital Group ↗
- Madison Waterstar property site ↗
- products.staxai.com ↗
- madisoncapgroup.com ↗
- apartments.com ↗
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?
Madison Capital Group announced on January 20, 2021 that it had bought roughly 10 acres along U.S. 192, next to Disney's Animal Kingdom Lodge, to develop an apartment community named Madison Waterstar.6 The sponsor's offering page describes eight four-story residential buildings.2 A sponsor offering deck dated July 29, 2024 gives the year built as 2023 and places the asset in the Orlando MSA.3 The Trust's SEC filings state no purchase price and no acquisition closing date.
- Property address
- 14535 Star Water Rd, Kissimmee, FL
- Property size
- 320 units / ~310,624 NRSF
Who is the tenant, and what's the lease?
This is an apartment community, so income comes from many individual resident leases rather than one corporate tenant; the property's own leasing page offers terms of nine to fifteen months.7 Listing data for the Trust describes the property as fully master-leased, but the public materials reviewed name no master lessee and state no lease term or coverage.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
2.0% reported sold
- Amount sold
- $1,712,283
- Still available
- $105,039,154
- Investors reported
- 4
- Total offering
- $106,751,437
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How is it financed, and what does it pay?
With no mortgage at the Trust level, there is no loan maturity to manage mid-hold and no replacement debt for an exchanger who carried a mortgage on the property sold. ACRE Credit reported on October 23, 2024 a $58.5 million first-mortgage bridge loan to Madison Capital Group Holdings, LLC to refinance Madison Waterstar — affiliate borrowing, not Trust debt.4
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Madison Capital Group sponsors this Trust through its DST platform and runs several 1031 offerings at once, counted below. On March 25, 2026, the firm announced that this Trust was among three of its strategies made available on iCapital Marketplace, a platform advisers use to reach private offerings.5 A sponsor profile published by SQX Alts on August 25, 2026 reported that the firm closed its eighth and ninth bonus-depreciation funds earlier in 2026, raising more than $100 million between them.
- Sponsor
- Madison Capital Group
- Legal Trust name
- Madison Waterstar Orlando DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 6 active / 12 total offerings from Madison Capital Group
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust filed its initial exempt-offering notice and an amendment on the same day; the amendment raised the reported amount sold and the investor count while leaving the total offering amount unchanged.1 It is offered under the private-placement exemption that permits public advertising, provided the sponsor verifies each investor's accredited status rather than accepting self-certification.
- Form D filedFirst and latest filing on record.
- Filings on record
- 2
- 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
Is Madison Waterstar still raising money?
Top1031 lists Madison Waterstar as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Madison Waterstar?
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 open to new investors?
Yes — Madison Waterstar Orlando DST is raising. The most recent amended Form D on record was filed August 13, 2025 and reports a total offering amount of $106,751,437, with a first sale dated July 23, 2025.[1] On March 25, 2026, Madison Capital Group announced the Trust had been made available through iCapital Marketplace, though that is sponsor-reported and does not by itself establish that interests remain available today.[5] Sales progress to date appears in the sales section of this page.
Does this DST use mortgage debt?
No mortgage appears at the Trust level; a sponsor offering deck dated July 29, 2024 describes an all-cash, debt-free structure.[3] For a 1031 exchanger that matters: a debt-free Trust supplies no replacement debt, so an investor who paid off a mortgage on the relinquished property may need other means to match that debt or else recognize boot. Separately, ACRE Credit reported on October 23, 2024 a $58.5 million first-mortgage bridge loan to Madison Capital Group Holdings, LLC to refinance Madison Waterstar — the borrower there is a sponsor affiliate, not the DST issuer.[4]
Who is the tenant, and how full is the property?
There is no single corporate tenant. This is an apartment community, and the property's leasing page offers resident terms of nine to fifteen months subject to availability and daily pricing.[7] The Trust's listing data describes the property as fully master-leased, but the public materials reviewed as of September 1, 2026 do not name a master lessee, state a master-lease term, or disclose a rent-coverage arrangement. No physical occupancy percentage appears in those materials either.
Can this Trust convert into a REIT later?
The record shows no REIT conversion feature — no 721/UPREIT exit, meaning an exchange of DST interests for operating-partnership units in a real estate investment trust. Absent that path, the expected outcome is an eventual sale of the property, after which investors may attempt another 1031 exchange. The private placement memorandum, the offering's governing disclosure document, controls what exit options the sponsor may pursue.
How is the offering sold, and what is the minimum?
Under Rule 506(c), a private-placement exemption that lets the sponsor advertise publicly but requires it to verify each investor's accredited status rather than accept self-certification. The amended Form D filed August 13, 2025 states a $25,000 minimum investment accepted from any outside investor.[1] The listing summary on this page records a higher $100,000 sponsor minimum, which the SEC filings do not confirm; selling platforms may set their own thresholds.
What does the public record not settle about this Trust?
Several things. The SEC filings state no purchase price, no reserve amount, no master-lease terms, no named master lessee, no occupancy percentage, and no acquisition closing date. The January 20, 2021 sponsor announcement covers the land purchase and development plan only, and its date is not an acquisition or closing date for the Trust.[6] A Form D is an issuer notice, not an SEC review or approval of the offering.
Chapter 9Madison Capital Group Strategies Now Available on iCapital MarketplaceSponsor announcement that three of Madison Capital Group's strategies, including Madison Waterstar Orlando DST, are now available on iCapital Marketplace. DST Equity Raise Drops 19% in July but Still on Track for $7.5B by Year's EndIndustry round-up listing Madison Waterstar DST as a multifamily asset in Kissimmee, FL, sponsored by Madison Capital Group and seeking to raise approximately $106.75 million.