The Heron
Multifamily property in Chicago, IL — sponsored by Madison Capital Group
Files with the SEC as Heron DST Holdings
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
The Heron is a 78-unit apartment building in Chicago's Edgewater neighborhood, built from the ground up by CEDARst Companies and delivered in 2023.1 Its issuer, Heron DST Holdings, is a Delaware statutory trust (DST) — the wrapper that lets 1031 exchange investors hold fractional interests in real estate — raising up to $12,625,000 from accredited investors under Rule 506(b), the private exemption that bars public advertising.2
Sponsor: CEDARst Cos (Samoylovich/Heffron); built 2023, 5 stories, Edgewater; 506(b) first sale 2026-04-07; $12.6M
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These links support the public record as a whole; individual details may come from different sources.
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?
CEDARst Companies built the five-story project from the ground up in Chicago's Edgewater neighborhood and delivered it in 2023.1 No record retrieved shows what the Trust paid for the building or when it took title; the SEC file records a first sale of securities, which is not an acquisition date.
- Property address
- 5440 N Sheridan, Chicago, IL 60640
- Property size
- 78 Residential Units
Who is the tenant, and what's the lease?
Income comes from many short residential leases rather than one corporate tenant, so cash flow tracks occupancy, concessions and turnover instead of a single credit. The building's official floorplans page advertises studio, one-, two- and three-bedroom apartments as available, which shows active leasing but is not an occupancy figure.3
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.
- Amount sold
- $125,000
- Still available
- $12,500,000
- Investors reported
- 1
- Total offering
- $12,625,000
How is it financed, and what does it pay?
The Form D describes the securities offered as equity and names no lender or loan, so the public record does not say whether the Trust carries a mortgage or holds the building free of debt.2 Nothing reviewed as of September 5, 2026 establishes leverage or loan-to-value either way.
Who's behind it?
CEDARst Companies developed the building, and co-founders Alex Samoylovich and Will Heffron remain active in Chicago multifamily — announcing the Avra West Loop acquisition on March 17, 2026 and advancing a 32-story tower at 1338 W. Lake St. on March 16, 2026. The sponsor named below is directory-reported; as of September 5, 2026 that firm's own offerings page did not list this property.4 The Form D names 5440 Sheridan Property Owner as signatory trustee.2
- Sponsor
- Madison Capital Group
- Legal Trust name
- Heron DST Holdings
- 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 SEC record here is a new notice rather than an amendment: the issuer reported its first sale on April 7, 2026, two days before the notice reached EDGAR.2 Interests are placed privately with accredited investors — those meeting SEC income or net-worth tests — without general advertising.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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 The Heron still raising money?
Top1031 lists The Heron 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 The Heron?
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.
What does this Trust actually 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 ground-up construction delivered in 2023. The Form D filed April 9, 2026 is a notice of an exempt offering rather than a title document, so it does not by itself confirm that Heron DST Holdings holds deed to the building. The private placement memorandum (PPM) — the offering's governing disclosure document — and the Cook County title record settle the ownership chain.
Who is behind this Trust?
CEDARst Companies developed the building and continues to buy and build in Chicago, announcing the Avra West Loop acquisition on March 17, 2026. The sponsor name shown on this page comes from Top1031's own directory; as of the September 5, 2026 research review, that firm's offerings page did not list this property and the reviewed SEC filing does not name it. The filing does name 5440 Sheridan Property Owner as signatory trustee and 5440 Sheridan Manager LLC as the manager of that trustee. The PPM identifies the sponsor, trustees and asset manager by name.
How much debt is on the property?
Public filings do not say. The Form D reports an offering of equity interests and identifies no lender, loan balance, interest rate or maturity, and no primary record reviewed as of September 5, 2026 establishes debt, leverage or loan-to-value at the Trust level. The PPM's sources-and-uses table and loan summary settle whether the Trust is leveraged or all-cash.
Is the building leased up?
No verified building-wide occupancy figure appears in any record retrieved as of September 5, 2026. The property's official floorplans page advertises studio, one-, two- and three-bedroom apartments as available, which shows active leasing but says nothing about overall occupancy, rent levels or concessions. A current rent roll and occupancy history would come from the PPM and the sponsor's operating materials.
What is the minimum investment?
The Form D filed April 9, 2026 reports a $500,000 minimum accepted from any outside investor. A Form D is a point-in-time notice rather than the governing contract, so the current minimum — and whether a smaller exchange amount would be accepted — has to be confirmed in the PPM.
Is there a 721/UPREIT exit?
No public record retrieved shows one, and this record marks the Trust as not convertible to a REIT. A 721/UPREIT exit is a provision letting a DST's interests be contributed into a real estate investment trust's operating partnership in exchange for partnership units, instead of the property being sold for cash. Any exit route here, including a straight sale of the building, has to be traced through the PPM.