Talk to a 1031 specialistData updated Apr 9, 2026
Offering size$12.6M
Asset typeMultifamily
LocationChicago, IL
FinancingNot disclosed
Regulation D exemptionRule 506(b)
Sponsor-reported potential 721/UPREIT exitNo
First filedApr 9, 2026
Last filedApr 9, 2026
Minimum$500k
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.
The Heron is the trade name for Heron DST Holdings, a Delaware statutory trust associated with Madison Capital Group. Its underlying asset is The Heron, a ground-up multifamily property at 5440 N Sheridan Road in Chicago's Edgewater neighborhood. Delivered in 2023, the 78-unit building includes studios, one- and two-bedroom apartments plus multilevel townhouses, with amenities such as a gym, parking, balconies, and custom cabinetry, and is operated under the FLATS brand. A Form D filed April 9, 2026 reported a $12,625,000 total offering with $125,000 sold as of that date.
Sponsor: CEDARst Cos (Samoylovich/Heffron); built 2023, 5 stories, Edgewater; 506(b) first sale 2026-04-07; $12.6M
78 unitsBased on issuer-filed Form D notices through Apr 9, 2026. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Reported sold as a percentage of stated offering amount1.0%
Not enough filing history for a trend line.
Capital sold, per latest Form D$125,000
Remaining amount reported in latest Form D$12,500,000
Investor count reported in latest Form D1
Stated minimum investment$500,000
See the full reported financial recordBy creating an account you agree to the Terms of Service and acknowledge the Privacy Policy. We'll email you sign-in links and service notices about your account.
First filedApr 9, 2026
Latest filingApr 9, 2026
Filings tracked1
View filing on SEC EDGARForm D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.
Offering profile
SEC filings + cited sources
Underlying property
The Heron holds a single ground-up multifamily asset at 5440 N Sheridan Road, Chicago, IL 60640, in the Edgewater neighborhood on the city's north side. The building was delivered in 2023 and contains 78 units spanning studios, one-bedroom and two-bedroom apartments plus multilevel townhouses. Listed amenities include balconies, dishwashers, custom cabinetry, a gym, high-speed internet, a lobby, kitchen islands, and parking, and the property is operated under the FLATS brand 1.
Offering identity and filing figures
The offering is held by the trust Heron DST Holdings and is associated with Madison Capital Group 3. A Form D filed with the SEC on April 9, 2026 reported a total offering amount of $12,625,000 and $125,000 sold as of that filing date 2.
In the news
Frequently asked questions
Is The Heron currently active?
The Heron is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.
Where does Top1031 get the data for The Heron?
Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.