Fountainhead Apartments
Multifamily property in Kansas City, MO · sponsored by NAS Investment Solutions
Fountainhead Apartments is a DST sponsored by NAS Investment Solutions that owns a multifamily property in Kansas City, MO (112 units). Its latest Form D, filed Aug 21, 2025, lists a $11.6 million offering with a $187,077 minimum.
Key facts
- Minimum investment
- $187,077From the Form D
- Offering size
- $11,600,000Equity offered, per the Form D
- Sold so far
- Form D, Aug 21, 2025; the % is our arithmetic95.7%
- Investors reported
- Form D, Aug 21, 202514
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Sales so far
- Latest Form D
- Aug 21, 2025 · 3 filings
- First sale
- Apr 15, 2025
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
- $11,104,882
- Not yet sold
- $495,118
- Investors
- 14
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
95.7% of $11,600,000 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $2.6 million a month
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What does Fountainhead Apartments own?
Revitate Cherry Tree announced buying the community for $14 million in December 2021 — that is the prior owner's price, not the Trust's. 3 NAS Investment Solutions announced its own acquisition on April 17, 2025, calling it value-add: the plan rests on upgrading units and re-renting them rather than on income already locked in. 2 NAS said it would upgrade the one- and two-bedroom residences within three years, and no reviewed source reports that work complete. 2
- Property address
- 9821 Wornall Rd, Kansas City, MO
- Property size
- 112 units (built 1986, 4 bldgs, 5.6 ac)
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
The sponsor's property page states a rate on the acquisition loan but names no lender, principal balance or maturity date, and no reviewed SEC filing supplies them. 4 The August 21, 2025 Form D/A estimated $1,376,000 of proceeds for payments to related persons, including about $400,000 to an affiliate for bridge financing. 1
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,376,000 · 11.8% of offeringForm D Item 16· The filing’s note: “An estimated $400,000 of this will go to an Affiliate for Bridge Financing”
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- Apr 15, 2025
- Minimum investment
- $187,077
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind Fountainhead Apartments?
NAS Investment Solutions sponsors 1031 exchange DST offerings across several property types. Its affiliate National Asset Services announced on May 30, 2025 that it had assumed asset-management and property-management responsibilities for this community. 5 A third-party rental listing still names Cushman & Wakefield as manager, so which firm operates the property today is unresolved. 6 In a July 14, 2026 announcement, 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
- Offerings on record
What does the SEC record show?
- Legal Trust name
- 9821 Kansas City, DST
- SEC CIK
- 2055497
- First Form D
- Feb 10, 2025
- Latest Form D
- Aug 21, 2025
- Filings on record
- 3
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Minimum | Filing on SEC EDGAR |
|---|---|---|---|---|---|---|
| Form D/A | $11,600,000 | $11,104,882+$11,104,882 | 14 | $187,077was $60,000 | EDGAR | |
| Form D/A | $11,600,000was $11,200,000 | $0 | $60,000was $190,187 | EDGAR | ||
| Form D | $11,200,000 | $0 | $190,187 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- Is Fountainhead Apartments an active offering?
- Fountainhead Apartments is an Active offering: its latest Form D was filed Aug 21, 2025. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- 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 on one- and two-bedroom apartments rather than from a single tenant on a long-term lease. Occupancy, the rent roll and lease expirations are disclosed in the offering documents rather than in SEC filings, and no property-wide occupancy figure was established in the reviewed public sources.
- What does "value-add" mean for this Trust?
- It signals a business plan that depends on improving a property and re-renting units rather than on income already locked in under a long lease. NAS Investment Solutions announced the acquisition on April 17, 2025 and described the property as a value-add opportunity. In the same announcement, NAS said it planned to upgrade the one- and two-bedroom residences within the first three years to seek higher rents. The reviewed sources state no renovation budget and report no completed renovation count.
- Who manages the property day to day?
- National Asset Services, an NAS affiliate, announced on May 30, 2025 that it had assumed both asset-management and property-management responsibilities for Fountainhead Apartments. A third-party rental listing for the property displays Cushman & Wakefield as the management company and is undated, so which firm is operative today is not resolved by the reviewed sources. Where a manager sits inside the sponsor's own organization, fee arrangements and any resulting conflicts are disclosed in the offering documents and the management agreement, not in SEC filings.
- What do the public materials say about the debt?
- NAS Investment Solutions' property page states an interest rate on the acquisition loan, and that rate appears in the financing rows on this page with its source link. Beyond that, the reviewed material does not name the lender or state the loan principal, the maturity date or the loan-to-value ratio. The August 21, 2025 Form D/A separately estimated about $400,000 of proceeds going to an affiliate for bridge financing. The loan documents and the offering documents govern the actual terms, including whether the debt is non-recourse to investors.
In the news
Sources
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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 offering documents before investing.