Top1031

The Heron

Multifamily property in Chicago, IL · sponsored by Madison Capital Group

Active offeringLatest Form D filed Apr 9, 2026 (opens in a new tab)

The Heron is a DST sponsored by Madison Capital Group that owns a multifamily property in Chicago, IL. Its latest Form D, filed Apr 9, 2026, lists a $12.6 million offering with a $500,000 minimum.

Key facts

Minimum investment
$500,000
From the Form D
Offering size
$12,625,000
Equity offered, per the Form D
Sold so far
0.9%
Form D, Apr 9, 2026; the % is our arithmetic
Investors reported
1
Form D, Apr 9, 2026
Selling commissions
$1,230,937 · 9.7% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
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 →

Sales so far

Latest Form D
Apr 9, 2026 · 1 filing
First sale
Apr 7, 2026

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Apr 9, 2026.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
Amount sold
$125,000
Not yet sold
$12,500,000
Investors
1

Calculated by Top1031 from the Form D filings, not stated by the sponsor:

0.9% of $12,625,000 sold, calculated by Top1031 from the Form D

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Ask a 1031 specialist about this recordFree. About: The Heron. Top1031 is not a broker-dealer.
The Heron image

The Heron · Chicago, IL · Photo: livetheheronedgewater.com

Location map5440 N Sheridan Rd, Chicago, ILAddress matched to a cited source

What does The Heron own?

The building stands five stories in Edgewater, a lakefront neighborhood on Chicago's North Side. CEDARst Companies built it from the ground up and reports a 2023 delivery. 1 The building's rental listing names Cedar Street Companies as property manager. 4

Property address
5440 N Sheridan Rd, Chicago, IL
Property size
78 Residential Units

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?

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$1,230,937 · 9.7% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Apr 7, 2026
Minimum investment
$500,000

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.

What does the SEC record show?

Legal Trust name
Heron DST Holdings
SEC CIK
2125788
First Form D
Apr 9, 2026
Latest Form D
Apr 9, 2026
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$12,625,000
$125,000
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 The Heron an active offering?
The Heron is an Active offering: its latest Form D was filed Apr 9, 2026. 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 this Trust own?
An apartment building known as The Heron, at 5440 N Sheridan Road in Chicago's Edgewater neighborhood, with 78 residential units. CEDARst Companies' project page describes a ground-up development that it delivered in 2023. The legal trust name is Heron DST Holdings, and its signatory trustee is named 5440 Sheridan Property Owner.
Who pays the rent here?
Residents do. A multifamily building earns income from many individual apartment leases, usually a year or shorter, rather than from one corporate tenant on a long contract. That means rent collections move with occupancy, turnover and local market rents in Edgewater instead of being fixed by a single lease.
Who built and runs the building?
CEDARst Companies, a Chicago developer and operator co-founded by Alex Samoylovich and Will Heffron, built The Heron from the ground up and reports a 2023 delivery on its project page. The rental listing for 5440 N Sheridan Road names Cedar Street Companies as property manager, and the FLATS platform markets the apartments and advertises leasing tours.
Who is the sponsor, and how is the Trust organized?
Madison Capital Group is the sponsor carried for this offering. The April 9, 2026 Form D identifies the issuer as a Delaware statutory trust organized in 2025, names 5440 Sheridan Property Owner as its signatory trustee, and names 5440 Sheridan Manager LLC as manager of that trustee.
Can investors roll into a REIT at the end?
No 721 exchange option is part of this Trust's structure. A 721 or UPREIT exit is a path some DSTs use, where investors swap their real estate interest for operating partnership units in a REIT instead of taking cash at sale. Without it, the exit is a sale of the property or of the Trust's interest in it.
What is the minimum investment?
The Form D filed April 9, 2026 reports a $500,000 minimum accepted from an outside investor. The offering is made under Rule 506(b), the private placement exemption that allows no general advertising and limits sales here to accredited investors, meaning people who meet SEC income or net-worth tests. The offering documents are the governing documents for the terms.

Sources

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These links support the record as a whole; individual details may come from different sources.

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.