NLC Health Investors DST
Healthcare (implied by trust name) property — sponsored by Net Lease Capital Advisors
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
NLC Health Investors DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests can serve as replacement property in a 1031 exchange — sponsored by Net Lease Capital Advisors. Its first Form D registered a $145,476,941 offering to accredited investors (people meeting SEC income or net-worth tests) under Rule 506(b), the private-placement rule barring public advertising.1 No public filing names the property, tenant, or lender.
Min $150k; $145.24M sold of $145.48M, only $237k remaining (Form D/A 3/6/26); first sale 10/15/25; 506(b), no public property data
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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?
Net Lease Capital Advisors has not made the underlying real estate public. The initial Form D identifies only a Delaware statutory trust selling beneficial interests — no address, tenant, or square footage.1 No public record found as of August 27, 2026 names the building or its operator. The trust's name points toward healthcare; that is an inference, not a disclosure.
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.
- Amount sold
- $145,239,705
- Still available
- $237,236
- Investors reported
- 53
- Total offering
- $145,476,941
How is it financed, and what does it pay?
The Form D filings say nothing about leverage. Whether the Trust holds its real estate with mortgage debt, all cash, or a zero-coupon loan — a structure in which loan interest accrues rather than being paid currently — is a question only the PPM, the offering's full disclosure document, can answer.
Who's behind it?
Net Lease Capital Advisors is a net-lease real estate firm that files its 1031 exchange programs under its own name. On June 8, 2025 the firm announced a DST product line aimed at registered investment advisers serving high-net-worth clients, extending its 1031 distribution beyond broker-dealer channels. For this Trust, the firm has published no property-level material that research located.
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- NLC Health 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?
The first Form D was filed before any interests had been sold, with the first sale following on October 15, 2025.2 Nearly five months later the sponsor filed a Form D reporting the raise, then amended it the next day with identical totals — a housekeeping refiling rather than a change in terms.
- 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(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
Is NLC Health Investors DST still raising money?
Top1031 lists NLC Health Investors DST 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 NLC Health 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 NLC Health Investors DST own?
Public records do not say. The SEC Form D filings disclose no address, tenant, or square footage, and research through August 27, 2026 found no sponsor or third-party material naming a property for this Trust. The trust name implies a healthcare asset, but that is an inference. The PPM — the private placement memorandum given to prospective investors — is the only source that settles it.
Why is so little information public for a $145 million offering?
The Trust is offered under Rule 506(b), a private-placement exemption that prohibits general solicitation or advertising. Form D requires the issuer, sponsor, offering size, and sales figures — not property details. Sponsors using 506(b) commonly publish nothing about the asset outside the PPM, which goes only to investors with a pre-existing relationship with the sponsor or its representatives.
What is the minimum investment?
Every Form D on file, from the first on October 1, 2025 through the March 6, 2026 amendment, states a $150,000 minimum outside investment. Sponsors sometimes apply a different minimum to cash investors than to 1031 exchangers; the PPM governs.
Can I still invest?
The Form D/A filed March 6, 2026 reports the offering as open, with the amount sold and the balance remaining shown in the sales module on this page. Form D reflects the filing date, not today, and availability in a nearly complete DST can change day to day. Confirm current availability with the sponsor or your representative.
What does 'Delaware statutory trust' mean for a 1031 exchange?
A DST is a passive co-ownership structure. The trust holds title and the trustee makes all property decisions; investors own beneficial interests that the IRS treats as real property for 1031 exchange purposes. Investors have no management role and generally cannot force a sale or refinancing.
Is a 721 or UPREIT exit contemplated?
The record on this page shows no REIT conversion feature. A 721/UPREIT exit — contributing the property to a REIT in exchange for operating partnership units — is a structure some sponsors build in; nothing in the public filings for this Trust indicates one. Confirm the exit provisions in the PPM.