Top1031

Government Lease Holdings 2 portfolio

Office property in Camp Springs, MD · sponsored by Net Lease Capital Advisors

Active offeringLatest Form D filed Oct 27, 2025 · 5 filings since Nov 20, 2024 (opens in a new tab)

Government Lease Holdings 2 portfolio is a DST sponsored by Net Lease Capital Advisors that owns 2 office properties in Camp Springs, MD. Its latest Form D, filed Oct 27, 2025, lists a $174.6 million offering with a $100,000 minimum.

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$174,652,396
Equity offered, per the Form D
Sold so far
19.9%
Form D, Oct 27, 2025; the % is our arithmetic
Investors reported
99
Form D, Oct 27, 2025
Selling commissions
$1,861,603 · 1.0% of offering
Form D Item 15; the % is our arithmetic
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
Oct 27, 2025 · 5 filings
First sale
Nov 8, 2024

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Oct 27, 2025.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
Amount sold
$34,757,548
Not yet sold
$139,894,848
Investors
99

Calculated by Top1031 from the Form D filings, not stated by the sponsor:

19.9% of $174,652,396 sold, calculated by Top1031 from the Form D

Average since first sale
about $2.9 million a month
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Government Lease Holdings 2 portfolio image

Government Lease Holdings 2 portfolio · Camp Springs, MD · Photo: realtymogul.com

Camp Springs, MD · no mappable address in the filings.

What does the Trust own?

Sponsor material places the Camp Springs building at 5900 Capital Gateway Drive, used by U.S. Citizenship and Immigration Services, and describes the Trust's stake there as a 50% interest in GSA CIS Camp Springs DST rather than ownership of the whole building. 2 The second asset is a 353,238-square-foot clinic at 1695 Kernersville Medical Parkway in North Carolina. 2 The Department of Veterans Affairs lists an operating clinic at that address. 4

Property address
5900 Capital Gateway Drive, Camp Springs, MD
Property size
2 properties; 574,767 sq ft (USCIS HQ) plus a second federal facility (sq ft undisclosed)

How have sales gone?

The sponsor’s own numbers, with the caveat in Sales so far ↑.

Share of the offering sold at each Form D filing date, calculated by Top1031 from the filed amounts
0%50%100%7.3%19.9%Nov 20, 2024Oct 27, 20250%50%100%7.3%19.9%Nov 20, 2024Oct 27, 2025

How is it financed, and what did it cost to sell?

Both properties carry mortgage debt, so this is a leveraged Trust: lender claims on the real estate rank ahead of investor equity. Sponsor material reports a loan on the Kernersville clinic and one at the Camp Springs building level, shared with that DST's other owner, both maturing in 2035. 2

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$1,861,603 · 1.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
19 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Nov 8, 2024
Minimum investment
$100,000

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.

What does the SEC record show?

A Form D is the notice a private offering files with the SEC instead of registering. The issuer reported its first sale on November 8, 2024. 1 Later amendments updated the subscription figures. 3 Rule 506(c) allows public advertising, so investors' accredited status is verified, not self-declared.

Legal Trust name
Government Lease Holdings 2 DST
SEC CIK
2045048
First Form D
Nov 20, 2024
Latest Form D
Oct 27, 2025
Filings on record
5
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$174,652,396
$34,757,548
99
EDGAR
Form D/A$174,652,396
$34,757,548+$26,400,855
99+93
EDGAR
Form D/A$174,652,396
$8,356,693+$2,747,866
6+5
EDGAR
Form D/A$174,652,396
$5,608,827−$7,313,854
1
EDGAR
Form D$174,652,396
$12,922,681
1
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 Government Lease Holdings 2 portfolio an active offering?
Government Lease Holdings 2 portfolio is an Active offering: its latest Form D was filed Oct 27, 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.
What does this Trust actually own?
It owns interests in two federally leased buildings, according to the sponsor's executive summary: an office at 5900 Capital Gateway Drive in Camp Springs, Maryland, used by U.S. Citizenship and Immigration Services and put at 574,767 rentable square feet, and a 353,238-rentable-square-foot clinic at 1695 Kernersville Medical Parkway in Kernersville, North Carolina. That same material describes the Camp Springs position as a 50% ownership interest in GSA CIS Camp Springs DST, not ownership of the entire building. SEC Form D filings name only the issuer and the offering economics, so property and lease detail comes from the sponsor and is governed by the offering documents.
Who is the tenant, and when do the leases expire?
The U.S. General Services Administration is the lessee at both properties, according to the sponsor's executive summary, with USCIS occupying Camp Springs and the Department of Veterans Affairs occupying Kernersville. Rent obligations therefore sit with a federal leasing agency rather than a private corporate tenant, subject to the government's own termination, renewal and appropriation rights. That material reports the Kernersville lease commencing December 11, 2015 on an initial 20-year term through December 10, 2035, and the Camp Springs lease commencing January 17, 2020 on a 15-year term through January 16, 2035, with one seven-year tenant renewal option. The lease exhibits attached to the offering documents govern.
Is there debt on the properties?
Yes. The sponsor's executive summary reports total offering debt of $227,745,000 and an all-in offering size of $402,397,396 including that debt, against the $174,652,396 equity offering recorded in the Form D. It lists a $186,745,000 Kernersville loan balance maturing July 1, 2035, and attributes $41,000,000 of Camp Springs debt to the Trust's 50% interest, half of an $82,000,000 balance, with a stated March 14, 2035 maturity. The loan documents and the debt section of the offering documents control.
What does a 50% interest in GSA CIS Camp Springs DST mean?
It means the Trust holds half of a separate Delaware statutory trust that owns the Camp Springs building, rather than owning that building outright, according to the sponsor's executive summary. The debt figure attributed to the Camp Springs component in that material is half of the property's stated balance, consistent with the half interest. A sale or refinancing of that building would involve the other half owner as well. The Kernersville clinic is described separately, without a shared-ownership structure.
Can this convert into REIT shares through a 721 exchange?
No 721 or UPREIT exit appears in the record for this Trust, a structure in which a DST's property is later contributed to a real estate investment trust's operating partnership in exchange for units. Investors here would look to a property-level outcome instead. Because the Camp Springs asset is held as a 50% interest in another DST, any sale of that building would involve the co-owner. The exit provisions described in the offering documents control.
Who is behind the offering?
Net Lease Capital Advisors is the sponsor shown on the record, and the offering's executive summary names NLCA Real Estate LLC as the sponsor entity, with the issuer's SEC filing giving an address in care of Net Lease Capital Advisors LLC. The record shows 8 active and 25 total offerings from this sponsor. The Trust itself is Government Lease Holdings 2 DST, a Delaware statutory trust formed in 2024, the second in the Government Lease Holdings series.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.