Madison Waterstar

The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.

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.

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.[1] The initial Form D reported a first sale on July 23, 2025 and a $25,000 minimum investment.[2] On March 25, 2026 Madison Capital Group announced the Trust had been made available through iCapital Marketplace; that is a sponsor statement and does not by itself establish that interests remain available today.[8] Sales progress to date appears in the sales section of this page.

No mortgage appears at the Trust level. An offering-platform listing states total equity of $106,751,437 and total debt of $0.[5] 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 — that borrower is a sponsor affiliate, not the DST issuer, and no primary loan record tying that borrowing to the Trust was identified.[7]

There is no single corporate tenant; this is an apartment community, and the property's FAQ page offers resident lease terms of nine to fifteen months subject to availability and daily pricing.[6] Offering material states the property is subject to a master lease with an affiliate of the sponsor but names no master lessee and gives no master-lease term.[5] RentCafe identifies Madison Capital Group as the property manager.[9] Apartment List showed 54 available units as of September 10, 2026 — an availability count, not a property-wide occupancy rate.[10]

An offering-platform listing states a purchase price of $93,440,000 and reserves of $4,250,000, against total equity of $106,751,437 with no debt.[5] The Trust's SEC filings state the offering amount but no purchase price, no reserve figure, and no closing date, so the price and reserves rest on sponsor-supplied disclosure rather than a public closing record. The private placement memorandum — the offering's governing disclosure document — controls the actual sources and uses.

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 controls what exit options the sponsor may pursue.

Several things. The SEC filings state no purchase price, no reserves, no master-lease terms or 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.[4] The October 23, 2024 ACRE Credit report identifies a sponsor affiliate as borrower rather than the Trust.[7] And a Form D is an issuer notice of an exempt offering, not an SEC review or approval.