Bellagio
Single-family residential / build-to-rent homes in a master-planned lagoon community in Forney, TX — sponsored by Megatel (MCI Exchange)
Files with the SEC as MCI Exchange Bellagio A Series DST
Minimum investment
$48k
Offering size
$48.4M
How much has sold
9.0%
Asset type
Single-family residential / build-to-rent homes in a master-planned lagoon community
Location
Forney, TX
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
MCI Exchange Bellagio A Series DST is a Delaware statutory trust — fractional property co-ownership that can serve as replacement property in a 1031 exchange — organized in 2026 and raising from accredited investors under Rule 506(c), which permits public advertising but requires the issuer to verify buyer status.1 Its Form D discloses no purchase price, mortgage, or lender, so those terms sit only in the offering documents.6
Min $48,435; $4.30M of $48.435M sold as of 6/5/26 (~9%); 506(c); first sale 5/29/26; sponsor Megatel Capital Investment (MCI DST-Sponsor LLC), Dallas TX; Co-Presidents Armin & Arash Afzalipour
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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?
The Form D names no parcel, deed, or property schedule, so what the Trust holds remains unresolved in the public record.2 Top1031's data maps it to build-to-rent single-family homes in Megatel Homes' Bellagio lagoon community in Forney, Texas, though no primary record confirms which homes.2 Megatel Homes published a Bellagio development update video dated September 5, 2025.
- Property address
- 1008 Joseph Court (community sales office; specific DST home parcels not publicly disclosed), Forney, TX
- Property size
- Homes 1,787-3,456 SF, 3-6 bd; community is an $800M+ lagoon development
Who is the tenant, and what's the lease?
The Form D discloses no tenant, operator, lease terms, or occupancy for the Trust.5 If the holdings are rental homes, income would come from many short household leases rather than a single corporate tenant, making management and vacancy terms questions for the PPM — the private placement memorandum that governs the deal.
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.
9.0% reported sold
- Amount sold
- $4,299,713
- Still available
- $44,135,287
- Investors reported
- 8
- Total offering
- $48,435,000
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
The Form D discloses no mortgage, lender, loan-to-value, or maturity, and that silence does not establish that the Trust is unlevered.6 Whether the Offering is all-cash or leveraged decides whether an exchanger can replace debt carried on a relinquished property; only the PPM and loan documents answer it.
Who's behind it?
The Form D names MCI DST-Sponsor as the sponsor and as sole member and manager of the signatory trustee, with Armin Afzalipour and Arash Afzalipour as that trustee's co-presidents.4 The filing gives a Dallas principal office at 2101 Cedar Springs Road, Suite 700.1 The SEC notice itself names MCI DST-Sponsor rather than Megatel Homes; the Megatel branding comes from sponsor and company material.4
- Sponsor
- Megatel (MCI Exchange)
- Legal Trust name
- MCI Exchange Bellagio A Series DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 6 total offerings from Megatel (MCI Exchange)
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
A Form D is an issuer notice of an exempt offering, not an SEC review or approval, and no amendment to this one has been identified, so every reported figure dates from that single notice. The issuer stated its first sale occurred May 29, 2026.3
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 Bellagio still raising money?
Top1031 lists Bellagio 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 Bellagio?
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?
Public filings do not say. The Form D filed June 5, 2026 describes only the securities offered — beneficial interests in a Delaware statutory trust — and names no parcel, deed, purchase price, or property schedule. Top1031's data maps the Trust to build-to-rent single-family homes in Megatel Homes' Bellagio lagoon community in Forney, Texas, but no primary public record confirms which homes the Trust holds. The PPM and its property schedule are where that gets settled.
What is the minimum investment?
The Form D filed June 5, 2026 reports a minimum investment of $48,435 from an outside investor. A PPM can set a different minimum for exchange investors than for cash investors, so the offering documents control.
Is the Trust leveraged?
Unknown from public sources. The Form D discloses no mortgage, lender, loan-to-value, or maturity, and no separate financing record for the Trust was located. Absence of disclosure does not mean the Trust is debt-free. If you need to replace debt from a relinquished property, the PPM and the underlying loan documents are the only answer.
Can I invest if I'm not an accredited investor?
No. The Offering is made under Rule 506(c), the exemption that permits general solicitation and advertising but limits purchasers to accredited investors whose status the issuer must verify with documentation such as tax returns, brokerage statements, or a letter from a CPA or attorney.
Is a 721/UPREIT exit contemplated?
Nothing in the record indicates one. A 721/UPREIT exit is where a DST's property is contributed to a real estate investment trust in exchange for operating-partnership units; Top1031's data records no such conversion feature here. Confirm the stated exit strategy in the PPM.
What does the Form D say about selling costs?
The Form D filed June 5, 2026 estimates sales commissions of $4,843,500 and finders' fees of $0, and states that commissions and fees will be paid by the sponsor or an affiliate of the issuer. That is an estimate tied to the offering as filed, not a statement of what any single investor pays. The PPM's use-of-proceeds and compensation sections govern.
Chapter 9Bellagio by Megatel Homes in Forney, TXReal estate listing site introduces Bellagio as a new single-family community by Megatel Homes in Forney, TX, the underlying lagoon community supporting the MCI Exchange Bellagio A Series DST.