Bellagio
Single-family residential / build-to-rent homes in a master-planned lagoon community in Forney, TX — sponsored by Megatel (MCI Exchange)
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
Show sources (9)Hide sources (9)
These links support the public record as a whole; individual details may come from different sources.
- U.S. Securities and Exchange Commission, Form D ↗
- Top1031 ↗
- Top1031 ↗
- City of Forney, Texas, First Amendment to Development Agreement ↗
- U.S. Securities and Exchange Commission, Form D ↗
- U.S. Securities and Exchange Commission, issuer submissions record for CIK 0002138398 ↗
- sec.gov ↗
- megatelhomes.com ↗
- altswire.com ↗
What is this, in one paragraph?
MCI Exchange Bellagio A Series DST is a Delaware statutory trust — fractional co-ownership of real estate usable as replacement property in a 1031 exchange — organized in 2026 and raising from accredited investors under Rule 506(c), the exemption allowing public advertising if the issuer verifies each buyer's status.1 Its single Form D names no parcel, deed, or purchase price; those details sit only in the offering documents.2
Minimum investment
$48k
Offering size
$48.4M
How much has sold
9.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
No deed, parcel, or property schedule for the Trust appears in the public record, so what it owns is unresolved.2 Top1031's data maps it to build-to-rent homes in Megatel Homes' Bellagio lagoon community in Forney, Texas, a mapping no primary record confirms.3 A City of Forney development-agreement amendment covering 349.09 acres of Bellagio and Bellagio East names Bellagio Laguna Azure, LLC — not the Trust — as the party.4
- 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?
No tenant, operator, lease terms, or occupancy for the Trust appears in the public record. Build-to-rent homes draw income from many short household leases rather than one corporate tenant, so property management, turnover, and vacancy terms are 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
- Reported unsold
- $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?
No mortgage, lender, loan-to-value, or maturity for the Trust appears in the public record, and that silence is not evidence it is unlevered.2 Whether an exchanger can replace debt carried on a relinquished property is settled only by the PPM and the underlying loan documents.
Who's behind it?
The Form D names MCI DST-Sponsor LLC as the sponsor and as sole member and manager of the signatory trustee, MCI Exchange Bellagio A Series ST, and identifies Armin Afzalipour and Arash Afzalipour as that trustee's co-presidents.5 The sponsor filed from a Dallas, Texas address. The Megatel branding an investor sees comes from company and community material; the SEC notice itself names MCI DST-Sponsor.
- Sponsor
- Megatel (MCI Exchange)
- 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's notice of an exempt offering, not an SEC review or approval of it. The issuer reported its first sale on May 29, 2026.1 The SEC submissions record reviewed on September 16, 2026 shows no later filing, so every reported figure dates from that single notice.6
- Form D filedFirst and latest filing on record.
- Legal Trust name
- MCI Exchange Bellagio A Series DST
- 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?
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.
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?
The public record does 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 deed, parcel schedule, or acquisition record confirms which homes the Trust holds. A City of Forney First Amendment to Development Agreement dated 2023, describing 349.09 acres made up of Bellagio at 246.38 acres and Bellagio East at 102.71 acres, names a different entity — Bellagio Laguna Azure, LLC — as the counterparty, and does not name the Trust. The PPM and its property schedule are where the ownership question 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 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 reports estimated sales commissions of $4,843,500 for the offering as filed. That figure is an estimate covering the entire offering, not a statement of what any single investor pays. The PPM's use-of-proceeds and compensation sections govern what is actually charged and to whom.
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.