Domain at Town Centre

Property

Domain at Town Centre is a stabilized, 2012-built student-housing community of 336 units and 912 beds at 5000 Domain Drive, Morgantown, West Virginia, serving West Virginia University from approximately one mile off campus and adjacent to a major retail center. The community comprises 14 residential buildings with a clubhouse, resort-style pool, 24-hour fitness center, and 976 parking spaces, and its unit mix carries bed-to-bath parity across 1x1, 2x2, 3x3, and 4x4 plans, with 4x4 units accounting for roughly 53% of beds ¹. CoStar reported in March 2026 that Fortress Real Estate Exchange acquired the 912-bed complex near WVU as part of its move into DST-based tax-deferred products ²; the trust holding the property is FREX DB Series I DST ³.

Capitalization and debt

Sponsor-supplied offering material dated June 29, 2026 reports a $65.1 million real-estate purchase price and total capitalization of $75.98 million, combining a $40.18 million sponsor equity raise with a $35.81 million Wells Fargo first-mortgage loan. That loan is fixed at 6.098% and interest-only for its full 10-year term, maturing March 11, 2036 ¹.

Master lease

The property is net-leased to FREX DB LeaseCo Series I LLC, an affiliated master tenant, under a 10-year master lease. Sponsor material dated June 29, 2026 describes rent as Base Rent covering debt service plus taxes and insurance, together with capped Additional Rent and performance-based Supplemental Rent, and states that a $1,500,000 demand note from FREX DST Holdings LLC supports the master lease ¹.

Occupancy and submarket

The same sponsor material reports occupancy of 93% for the 2025/26 academic year and pre-leasing of 73% for 2026/27. It also reports that the Morgantown student-housing submarket has seen 534 new beds delivered over the past decade, with none since 2016, against West Virginia University enrollment of roughly 23,600 served by about 5,249 on-campus beds and roughly 6,700 off-campus beds ¹.