The Residences at Village Park Center
Built-to-rent single-family residential property in The Villages, FL — sponsored by NewStar Exchange
Files with the SEC as NE1 BTR Villages, DST
Minimum investment
$25k
Offering size
$16.3M
How much has sold
100.0%
Asset type
Built-to-rent single-family residential property
Location
The Villages, FL
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
The Residences at Village Park Center is a built-to-rent rental-home community in The Villages, Florida, held by NE1 BTR Villages, DST — a Delaware Statutory Trust whose beneficial interests can serve as like-kind replacement property in a 1031 exchange. NewStar Exchange announced the acquisition on June 21, 2022.2 The Offering is closed to new investors, and a March 2026 sponsor memorandum lists the Trust as still operating.6
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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?
The homes were completed in 2021, each with an attached two-car garage.3 NewStar Exchange announced its acquisition of the community, in The Villages, Florida, on June 21, 2022.2 Multi-Housing News reported the purchase came from an undisclosed seller in the Orlando area.4 The sponsor described the community as fully leased as of May 2022, with average in-place rents of $1,996 per month.3
- Reported location
- The Villages, FL
- Property size
- 39 units; 3-bedroom/2-bath homes; 1,544 square feet average home size
Who is the tenant, and what's the lease?
There is no single corporate tenant here. Income comes from individual households on residential leases, so occupancy and rent reset unit by unit rather than resting on one credit tenant. No reviewed source identified a master lease or a named third-party operator for this Trust.
How did it end?
No sale or other ending on record
A March 2026 NewStar PPM identifies NE1 BTR Villages / Crescent Villas as a currently operating DST program; the prior foreclosure classification is removed.
The NewStar past-offering page marks the offering closed in February 2023 and describes 2021 construction, three-bedroom/two-bath homes, average 1,544 square feet, and average rent of $1,996 per month; because that closure statement is sponsor-page evidence rather than news, status_signal remains none.
39 units; 3-bedroom/2-bath homes; 1,544 square feet average home size$19,000,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
The sponsor described the Offering as unlevered — no mortgage on the property, so no lender, no loan covenants, and nothing to refinance.3 Multi-Housing News reported the acquisition was all-cash.4 An exchanger carrying debt on a relinquished property gets no replacement mortgage from a structure like this.
Who's behind it?
NewStar Exchange runs the 1031 exchange platform behind this Trust. The Form D names NewStar Exchange I, LLC as sponsor, NewStar Villages Depositor, LLC as depositor, NE1 BTR Villages Manager, LLC as administrative trustee, and Boone Dupree as chief executive officer.1 A NewStar private placement memorandum dated March 2026 for a later offering lists this Trust, referred to there as Crescent Villas, among its operating programs.6
- Sponsor
- NewStar Exchange
- Legal Trust name
- NE1 BTR Villages, 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, then a single amendment that updated the sale figures and reported no amount remaining.5 The Trust was offered under the general-solicitation exemption, which lets a sponsor advertise the deal publicly but requires it to verify that every investor is accredited — meeting the SEC's income or net-worth tests.
- 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 The Residences at Village Park Center?
Top1031 lists The Residences at Village Park Center as historical. It is no longer raising money.
Where does Top1031 get the data for The Residences at Village Park Center?
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 this DST?
No. The Offering is closed to new investors — the NewStar Exchange past-offerings page marks it closed in February 2023, and the amended Form D filed March 20, 2023 reported no amount remaining. DST beneficial interests are illiquid private securities with no public trading market, so there is no exchange where prior investors can sell.
Where exactly is the property?
The community is The Residences at Village Park Center in The Villages, Florida, in the Orlando area, per NewStar Exchange's June 21, 2022 announcement and Multi-Housing News coverage. Research did not establish a single verified street address covering all of the homes in the Trust, so no address is published here.
Who is the tenant?
There isn't one corporate tenant. This is single-family built-to-rent housing leased to individual households, which means the Trust's cash flow depends on residential occupancy and renewals across the homes rather than on one lease with one company. No reviewed source identified a master lease or a named operator tied to this Trust.
Is there a mortgage on the property?
The sponsor described the Offering as unlevered, and Multi-Housing News reported an all-cash acquisition. For a 1031 exchanger, that matters in both directions: there is no loan maturity or lender risk at the property, but there is also no debt at the Trust level to help replace mortgage debt that was paid off on a relinquished property.
Does this Trust convert into a REIT?
The record shows no 721/UPREIT conversion feature — that is a structure where DST interests are eventually exchanged for operating-partnership units in a REIT, ending 1031 eligibility on any later sale. Nothing in this Trust's filing record or the sponsor materials reviewed describes such an exit.
What is known about the Trust after the raise closed?
A NewStar private placement memorandum dated March 2026, prepared for a later offering, lists NE1 BTR Villages, DST among the sponsor's currently operating programs. No sale, refinancing, or other disposition of the property was reported in the sources reviewed as of August 22, 2026.
Chapter 9NewStar Exchange Buys Orlando-Area BTR CommunityMulti-Housing News reported that The Residences at Village Park Center at 3122 E. Amelia St. in The Villages was fully leased and identified NE1 BTR Villages DST in connection with the property. NewStar Exchange Announces Acquisition of Newly Constructed Built-to-Rent (BTR) Community in The Villages, FloridaNewStar announced the acquisition of The Residences at Village Park Center for NE1 BTR Villages DST, describing a 39-home, three-bedroom/two-bath built-to-rent community and a $16.3 million equity offering.