FC GRAND RAPIDS MI INVESTORS DST
Other property — sponsored by Net Lease Capital Advisors
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
FC Grand Rapids MI Investors DST is a Delaware Statutory Trust — a passive co-ownership vehicle whose interests qualify for 1031 exchanges — sponsored by Net Lease Capital Advisors of Nashua, New Hampshire. Its SEC filings cover a $24,164,713 offering of trust interests sold under Rule 506(b) to accredited investors. The filings never name the underlying real estate; only the trust's name points to Grand Rapids, Michigan.1
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These links support the historical public record; 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?
No source reviewed identifies the building. The Form D classifies the issuer's industry only as "Other Real Estate" and names no property, address, size, tenant, or purchase price.1 Beyond the SEC filing and the sponsor's own profile page, no marketing property name, address, asset class, or size was located. The legal name points to Grand Rapids, Michigan; nothing in the public record confirms a specific address there.
How did it end?
No sale or other ending on record
JRW's Net Lease Capital Advisors sponsor dashboard (read 2026-07-28) lists FC Grand Rapids MI Investors as still 'Active' in the Full Cycle column (Conclusion: Conditional; 0.00% cash flow), with 0 of 12 NLCA offerings marked Full Cycle; no disposition, sale, or 721 conversion announcement naming this DST was located on SEC EDGAR, AltsWire, sponsor pages, or trade press, and the underlying Commonwealth Senior Living at Grand Rapids property at 1175 68th St SE remains in operation.
Form D filed Aug 11 – Dec 22, 2020 (CIK 0001820388). Sponsor Net Lease Capital Advisors (Nashua, NH); related persons Douglas F. Blough and Bruce S. MacDonald. No public marketing property name, address, asset class, or size was located beyond the SEC filing and the sponsor profile page.
Who's behind it?
Net Lease Capital Advisors is a Nashua, New Hampshire sponsor of 1031 exchange programs; the related persons named on this Trust's Form D are Douglas F. Blough and Bruce S. MacDonald. On September 17, 2025, The White Law Group, a securities law firm, published a page saying it was investigating potential claims involving this Trust; that page describes an attorney investigation and reports no filed lawsuit, judgment, or regulator action.2
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- FC GRAND RAPIDS MI INVESTORS DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 22 total offerings from Net Lease Capital Advisors
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Interests were offered under Rule 506(b), the private-placement rule that bars general advertising and limits sales to investors the sponsor already knew, substantially all of them accredited. The issuer reported its first sale on July 30, 2020, and each later amendment restated the running subscription totals rather than changing the offering size.1
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 4
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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
What happened to FC GRAND RAPIDS MI INVESTORS DST?
Top1031 lists FC GRAND RAPIDS MI INVESTORS DST as historical. It is no longer raising money.
Where does Top1031 get the data for FC GRAND RAPIDS MI INVESTORS DST?
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 property does FC Grand Rapids MI Investors DST own?
The public record does not say. The Form D and its amendments describe the issuer's industry only as "Other Real Estate" and name no property, address, asset class, square footage, or tenant, and no sponsor marketing page for the Trust was located. A senior living community in Grand Rapids surfaced in research as an adjacent lead only — no source ties it to this Trust.
Is the Trust still open to new investors?
Top1031 classifies it as raising because the offering was never reported as fully subscribed and no withdrawal or final amendment appears on EDGAR. That said, no Form D amendment has been filed since December 2020, and a third-party sponsor directory lists the offering as closed. Anyone treating it as open should confirm current status directly with the sponsor.
What does Rule 506(b) mean for this offering?
Rule 506(b) is the private-placement exemption that lets an issuer sell securities without registering them, provided it does not advertise publicly and sells essentially only to accredited investors it already has a relationship with. That is why there is no public marketing material and why the Form D is the main public document.
How much detail does a Form D actually give an investor?
Very little. A Form D reports the issuer's name, the sponsor's related persons, the exemption claimed, the total offering amount, the amount sold, the investor count, and sales commissions. It does not disclose the property, the lease, the lender, the loan terms, or projected distributions. Those live in the private placement memorandum, the PPM, which the sponsor gives to prospective investors.
What is the White Law Group page about?
On September 17, 2025, the securities law firm The White Law Group posted an investor alert saying it was investigating potential securities claims involving FC Grand Rapids MI Investors DST. The page is an attorney investigation notice and solicitation; research identified no filed lawsuit, arbitration award, judgment, or regulatory action underlying it.
Is this Trust set up to convert into a REIT?
The record shows no 721 or UPREIT exit — the arrangement in which a DST's property is contributed to a REIT's operating partnership in exchange for units. Top1031's data marks this Trust as not convertible to a REIT, and no filing describes such an exit path.