Oakwood Commons
Built-to-rent single-family residential property in Oakwood, GA — sponsored by NewStar Exchange
Files with the SEC as NE1 UC, DST
Minimum investment
$25k
Offering size
$10.1M
How much has sold
100.0%
Asset type
Built-to-rent single-family residential property
Location
Oakwood, GA
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Oakwood Commons is a 1031 DST — a Delaware Statutory Trust whose beneficial interests let exchange investors defer capital-gains tax — sponsored by NewStar Exchange. It holds a newly built, built-to-rent community of detached single-family rental homes in Oakwood, Georgia, northeast of Atlanta, bought in an all-cash transaction announced in April 2022.3 The Trust is closed to new investors; the sponsor says the offering closed in May 2023.1
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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?
NewStar Exchange acquired the community all-cash and announced it on April 25, 2022 as the first property bought under its new 1031 DST program, roughly 50 miles northeast of downtown Atlanta.3 The homes were built in 2022 on about 3.3 acres.4 NewStar describes two-story, cottage-style houses with private yards, resident parking and dedicated maintenance.1 The community's leasing site gives the address as 3078 Commons Drive, Oakwood, Georgia.2
- Reported location
- Oakwood, GA
- Property size
- 23 units; 1,374 square feet average home size; 3-bedroom/3-bathroom homes
Who is the tenant, and what's the lease?
There is no corporate tenant here. Income comes from individual household leases on detached rental homes rather than one master tenant, and no property operator or master-lease structure is named in the public sources reviewed. NewStar reported the community as 96% leased as of April 2022.1
How did it end?
No sale or other ending on record
No public full-cycle announcement, sale, foreclosure, or 721 conversion could be located; NewStar's website still lists the offering in past offerings with no disposition data, per White Law Group investor-loss investigation.
NewStar's offering page says the offering closed in May 2023; launch coverage called the asset University Commons, while the later sponsor release identifies Oakwood Commons. The offering raised $10.3 million and was 96% leased; no exact street address was publicly confirmed.
23 units; 1,374 square feet average home size; 3-bedroom/3-bathroom homesSupporting evidence
How is it financed, and what does it pay?
NewStar's offering page characterizes the Trust as unlevered — no mortgage on the property.1 For an exchanger, that means there is no debt to replace through this Trust and no lender, loan maturity or refinancing date to track.
Who's behind it?
NewStar Exchange is the 1031 exchange arm of NewStar Asset Management, and this Trust held the first property its DST program bought when the platform launched in April 2022.3 The program has stayed small since. On February 19, 2025, The White Law Group said it was investigating potential claims involving broker-dealers that recommended this Trust to investors; the firm's page describes an investigation, not a lawsuit or any adjudicated finding.5
- Sponsor
- NewStar Exchange
- Legal Trust name
- NE1 UC, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 1 active / 5 total offerings from NewStar Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The filing record is short: an initial Form D notice — the brief public notice an issuer files for a private placement — at launch, then a single amendment reporting the raise complete and restating the offering size to match what was actually sold. The exemption claimed permits public advertising, provided each investor's accredited status is verified.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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
What happened to Oakwood Commons?
Top1031 lists Oakwood Commons as historical. It is no longer raising money.
Where does Top1031 get the data for Oakwood Commons?
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.
Can I still invest in Oakwood Commons?
No. This Trust is closed to new investors. NewStar's offering page says the offering closed in May 2023, and a broker-dealer closed-funds page dated March 3, 2026 lists Oakwood Commons among funds no longer open to new investors. The sponsor announced on June 9, 2023 that the offering was fully subscribed.
Why does this Trust appear under two different property names?
The legal entity is NE1 UC, DST. Launch coverage in April 2022 called the asset University Commons, and NewStar's own past-offerings page still uses that heading, while the sponsor's later release and its broker-dealer materials identify the property as Oakwood Commons. They refer to the same 23-home built-to-rent community.
Where is the property?
The community's leasing website places Oakwood Commons at 3078 Commons Drive, Oakwood, Georgia 30504, in the northeast Atlanta metro area. The sponsor's April 25, 2022 acquisition announcement described the location as roughly 50 miles northeast of downtown Atlanta. No street address appears in the SEC filings themselves.
Does the Trust carry a mortgage?
NewStar's offering page characterizes the offering as unlevered, and the April 2022 announcement described the purchase as an all-cash transaction. No loan amount, lender or loan terms appear in the public sources reviewed. An exchanger who needs to replace debt from a relinquished property would not do so through an all-cash Trust.
What is the White Law Group investigation about?
On February 19, 2025, the securities law firm The White Law Group published a notice saying it was investigating potential claims involving broker-dealers who may have unsuitably recommended NE1 UC DST to investors. That page describes an investigation only — not a filed lawsuit, arbitration award, or any finding against the sponsor or the Trust. No primary record establishing an underlying securities issue was located.
Has the property been sold, or has an exit been reported?
No outcome has been reported. As of August 19, 2026, the sources reviewed show no sale, disposition, 721/UPREIT roll-up into a REIT operating partnership, or distress event for this Trust, and the sponsor's materials do not state whether the property may convert to a REIT. The last SEC filing on record is the October 17, 2023 amendment.
Chapter 9NewStar Exchange Fully Subscribes DST Offering for Newly Constructed Built-to-Rent (BTR) Community in Atlanta, GeorgiaNewStar announced that NE1 UC, DST was fully subscribed and identified the asset as Oakwood Commons, a 23-unit community of three-bedroom detached homes in the northeast Atlanta area. NewStar purchases Gainesville single-family communityAtlanta Agent Magazine reported NewStar's purchase of the University Commons built-to-rent community and said it was 96% leased at the time of the announcement. NewStar Exchange Launches 1031 DST Program and Announces Acquisition of Built-to-Rent (BTR) Community in Atlanta, Georgia MSANewStar announced the acquisition of University Commons for the NE1 UC DST program, describing three-bedroom, three-bath homes in the Atlanta MSA and a planned $10.3 million equity raise.