Fountainhead Apartments
Multifamily property in Kansas City, MO — sponsored by NAS Investment Solutions
Files with the SEC as 9821 Kansas City, DST
Minimum investment
$187k
Offering size
$11.6M
How much has sold
96.0%
Asset type
Multifamily property
Location
Kansas City, MO
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Fountainhead Apartments is a Kansas City, Missouri apartment community held through 9821 Kansas City, DST — a Delaware statutory trust that sells fractional beneficial interests to 1031 exchange buyers. NAS Investment Solutions announced the acquisition on April 17, 2025, stating neither a purchase price nor a closing date.1 Interests are offered under Rule 506(c), which permits public advertising so long as every buyer's accredited status is verified.
Sponsor NAS Investment Solutions; value-add; min $187k; $11.1M/$11.6M sold 8/25; proj eff return to 7.94% yr7
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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?
Cherry Tree Capital Partners announced a $14 million purchase of the same community on December 23, 2021.2 NAS Investment Solutions announced its own acquisition on April 17, 2025, naming neither a price nor a closing date.1 The sponsor markets it as value-add — an older property bought to be renovated rather than one already stabilized at market rents.
- Property address
- 9821 Wornall Rd, Kansas City, MO
- Property size
- 112 units (built 1986, 4 bldgs, 5.6 ac)
Who is the tenant, and what's the lease?
There is no corporate tenant here: an apartment community earns income from many short residential leases rather than one long one. A rental listing advertised one- and two-bedroom units, five of them available — advertised availability, not an occupancy rate.3 No rent roll or property-wide occupancy figure appears in the located public record.
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.
96.0% reported sold
- Amount sold
- $11,104,882
- Still available
- $495,118
- Investors reported
- 14
- Total offering
- $11,600,000
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How is it financed, and what does it pay?
The Trust carries acquisition debt, so investors hold an interest in a leveraged property rather than a debt-free one. The latest Form D identifies the security as a beneficial interest in a Delaware statutory trust and estimates $400,000 of proceeds going to an affiliate for bridge financing.4 Located materials name no lender, principal balance or maturity.
- Loan interest rate
- 3.29%nasinvestmentsolutions.com
- Target hold
- 7nasinvestmentsolutions.com
Who's behind it?
NAS Investment Solutions sponsors this Trust. Its affiliate National Asset Services announced on May 30, 2025 that it had assumed both asset-management and property-management duties at Fountainhead.5 A rental listing instead attributes management to Cushman & Wakefield, so who runs the property today is unresolved in the located record.3 In a release dated July 14, 2026, NAS said it had delivered a 41% effective rate of return to investors in a completed, full-cycle Clorox-leased office property in Bentonville, Arkansas.
- Sponsor
- NAS Investment Solutions
- Legal Trust name
- 9821 Kansas City, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 4 total offerings from NAS Investment Solutions
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The first Form D was filed before any interests had been sold; an amendment eighteen days later raised the stated offering total and reset the stated minimum investment. The August amendment was the first to report sales, and it gives April 15, 2025 as the date of first sale.4
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 3
- 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 Fountainhead Apartments still raising money?
Top1031 lists Fountainhead Apartments 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 Fountainhead Apartments?
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.
Is this Trust still open to new investors?
The most recent filing located is the Form D/A filed August 21, 2025, which reported that some equity remained unsold. The availability module on this page shows the sold, remaining and investor figures exactly as filed. Form D amounts are issuer self-reports that change only when a new amendment is filed, so real-time availability can differ from what EDGAR shows. No later amendment was located as of September 5, 2026.
Who is the tenant?
There isn't one in the corporate sense. Fountainhead Apartments is a multifamily community, so income comes from many residential leases rather than a single tenant on a long-term lease. A rental listing reviewed for this profile advertised one- and two-bedroom units, with five shown as available — that is advertised availability, not a property-wide occupancy rate. No source located as of September 5, 2026 states an occupancy percentage, a rent roll or a lease-expiration schedule; the Private Placement Memorandum, the offering's governing disclosure document, is where that detail must be read.
What does "value-add" mean for this Trust?
It signals that the business plan depends on renovating an older property and raising rents over time rather than on income already locked in under a long lease. The sources reviewed for this update do not state a renovation budget, a scope of work, how the work would be funded, or any completed renovation results. Those terms live in the Private Placement Memorandum and the trust's business plan, not in the SEC filings.
Who owned the property before this Trust?
Cherry Tree Capital Partners announced a $14 million acquisition of the same 112-unit Fountainhead community on December 23, 2021. NAS Investment Solutions disclosed no purchase price, closing date or seller in its April 17, 2025 acquisition announcement, so the terms of the 2025 transfer are not established in the located public record.
What do the public materials say about the debt?
Sponsor material states an interest rate, shown in the financing rows on this page with its source link. Beyond that, the located materials do not name the lender, the loan principal, the maturity date or the loan-to-value ratio. Separately, the Form D/A filed August 21, 2025 estimates that $400,000 of offering proceeds would be paid to an affiliate for bridge financing. The Private Placement Memorandum and the loan documents govern the actual terms.
Who manages the property day to day?
This is unresolved in the public record. National Asset Services, an affiliate of the sponsor, announced on May 30, 2025 that it had assumed both asset-management and property-management responsibilities at 9821 Wornall Road. A current rental listing for the same address instead attributes property management to Cushman & Wakefield. The management agreement described in the Private Placement Memorandum is the governing document on who is engaged and on what terms.
Chapter 9NAS Assumes Asset & Property Management Responsibilities for Fountainhead ApartmentsSponsor-site article announcing that NAS has assumed both asset management and property management responsibilities for Fountainhead Apartments in Kansas City, MO; included as sponsor-level context for the property. NAS Investment Solutions Acquires Kansas City Multifamily Property Providing Tremendous Value-Add Opportunity for InvestorsPress-release article covering NAS Investment Solutions' acquisition of the 112-unit Fountainhead Apartments community (the underlying property of the 9821 Kansas City, DST) on a 5.629-acre site in Kansas City, MO; included as the late-2025 acquisition announcement for the property.