Enclave of Bahamas
Residential — single-family build-to-rent in master-planned lagoon community (inferred from sponsor affiliation) property in Royse City, TX — sponsored by Megatel (MCI Exchange)
Files with the SEC as MCI Exchange Enclave of Bahamas/Bahamas B Series, DST
Minimum investment
$58k
Offering size
$57.7M
How much has sold
None sold yet
Asset type
Residential — single-family build-to-rent in master-planned lagoon community (inferred from sponsor affiliation) property
Location
Royse City, TX
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Enclave of Bahamas is a Delaware statutory trust (DST) — the fractional-ownership vehicle 1031 exchangers use — holding land in two Megatel-affiliated master-planned communities in Royse City and Caddo Mills, Texas.2 There is no operating building: the brochure describes raw land intended for future residential phases, to be ground-leased to an unnamed tenant who also holds an option to buy.2 The Trust is raising.
Min inv $57,710 (Form D); 506(c); first sale yet to occur as of 8/8/25; sponsor = Megatel Capital Investment, Dallas
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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 sponsor brochure describes tracts of undeveloped land in the Bahamas and Enclave of Bahamas Laguna Azure communities in Royse City and Caddo Mills, Texas, intended for development into future residential phases of those master-planned communities.2 It does not describe a completed operating building.2 No acquisition closing date or recorded transfer of title into the Trust appears in the records reviewed.
- Property address
- Crenshaw Rd (Bahamas community; exact DST parcel addresses not public), Royse City, TX
- Property size
- 253.886 acres (six parcels)
Who is the tenant, and what's the lease?
No tenant is named. The sponsor brochure describes land to be ground-leased to an unnamed tenant that also holds an option to buy the land from the Trust.2 In a ground lease the Trust owns the dirt and the tenant controls what happens on it, so the tenant's identity and capacity are what an investor is underwriting.
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.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
Public filings do not state whether the Trust borrows. The sponsor brochure presents the capitalization as all cash — investor equity funds the purchase, with no mortgage and no lender in the capital stack — and states no debt, loan or leverage figure of any kind.2
Who's behind it?
The Form D names MCI DST-Sponsor LLC as the Trust's sponsor and as sole member and manager of the signatory trustee.1 Behind it is the Dallas-based Megatel homebuilding group, whose lagoon-anchored master-planned communities are the model for this land. Megatel announced a $2 billion, 1,800-home lagoon community in the Houston area in June 2022 and the close-out of a single-family community near Dallas that September.
- Sponsor
- Megatel (MCI Exchange)
- Legal Trust name
- MCI Exchange Enclave of Bahamas/Bahamas B 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?
The only filing on record is a new-notice Form D marked "first sale yet to occur," and no later amendment was located.1 The Trust is offered under the exemption that permits public advertising while limiting purchasers to accredited investors — those meeting the SEC's income or net-worth tests — whose status the sponsor must verify.
- 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 Enclave of Bahamas still raising money?
Top1031 lists Enclave of Bahamas 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 Enclave of Bahamas?
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?
According to the sponsor brochure, parcels of undeveloped land in the Bahamas and Enclave of Bahamas Laguna Azure master-planned communities in Royse City and Caddo Mills, Texas, intended for development into future residential phases. The brochure does not describe a completed operating building, and no acquisition closing date or recorded transfer of title into the Trust was located in the records reviewed.
Who pays rent to the Trust?
The sponsor brochure does not name a tenant. It refers only to land to be ground-leased to an unnamed tenant that also holds an option to purchase the land from the Trust. Identifying that party, its financial capacity, and the actual lease terms requires the Private Placement Memorandum (PPM), the offering document delivered to prospective investors.
Is the Trust leveraged?
The sponsor brochure presents the capitalization as all cash and states no debt, mortgage, loan or leverage figure; the SEC Form D does not address leverage either. An all-cash presentation is not the same as a covenant against future borrowing, so the PPM and the trust agreement are where to confirm whether debt may later be placed on the land.
Who can invest, and what is the stated minimum?
The offering is made under Rule 506(c), which permits public advertising but limits purchases to accredited investors whose status the sponsor must verify. The Form D dated August 8, 2025 reported a $57,710 minimum investment for outside investors and estimated sales commissions of $5,710,000.
Is this Trust still being marketed?
The only SEC filing on record is the August 8, 2025 Form D, filed as a new notice marked "first sale yet to occur" and not amended. Sponsor brochure material carries a February 2026 date and a BlueVault Partners listing page for the offering is dated April 2026, indicating marketing continued after the filing. Those are secondary signals, not an issuer confirmation of current sales status.
Can this convert into a REIT interest later?
No 721/UPREIT exit — the route where DST investors contribute their property to a REIT's operating partnership in exchange for REIT units — is indicated for this Trust. The brochure instead describes an option under which the unnamed ground tenant may purchase the property from the Trust, and that tenant is not obligated to exercise it.
Chapter 9Enclave of Bahamas / Bahamas B SeriesBlueVault Partners listing page for the Enclave of Bahamas / Bahamas B Series DST, dated April 23, 2026, confirming ongoing sponsor activity on this Megatel-affiliated offering. MCI Exchange Enclave of Bahamas/Bahamas B Series DST (Offering Brochure)Offering brochure for the Enclave of Bahamas / Bahamas B Series DST — $57.71M equity raise for development of 253.886 acres across the Bahamas and Enclave of Bahamas master-planned communities in Royse City and Caddo Mills, TX.