Liberty Square Bldg
Office in Liberty Lake, WA — sponsor not disclosed
Files with the SEC as 1421 Meadow Wood DST
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
1421 Meadow Wood DST is a Delaware statutory trust — a passive co-ownership vehicle used in 1031 exchanges — formed on August 17, 2022 to hold the Liberty Square office building at 1421 North Meadowwood Lane in Liberty Lake, Washington.1 Spokane County records still name the trust as owner.2 Washington regulators named it in an April 10, 2026 order alleging securities violations; that matter is pending.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?
The trust was formed in August 2022 for a single purpose: acquiring the commercial property at 1421 North Meadowwood Lane in Liberty Lake, Washington.1 The building dates to 2001, rises two to three stories and sits inside the Meadowwood Technology Campus; listings disagree on whether it is Class A or Class B. Spokane County's parcel record, stated current as of August 7, 2026, names the trust as owner.2
- Reported location
- Liberty Lake, WA
- Property size
- 32,947 SF
Who is the tenant, and what's the lease?
No tenant, occupancy level or lease terms for this building appear in the trust's SEC filing or in the Washington regulatory record. A Form D discloses none of that, and the trust has filed nothing further with the SEC.
How did it end?
No ending on record
A Washington receivership notice published June 11, 2026 states that High Plateau Asset Management, LLC was appointed general receiver over 1421 Meadow Wood DST effective April 23, 2026; the available sources do not report a completed property sale, foreclosure, 721/UPREIT exchange, or realized-return figures.
Office building built 2001; 2-3 stories; located in Meadowwood Technology Campus; Building Class A or B per different listings
32,947 SFHow is it financed, and what does it pay?
Nothing in the public record states whether the property carries mortgage debt, so the leverage structure here is simply unknown rather than confirmed all-cash.
Who's behind it?
The Form D named no sponsor. Washington's Department of Financial Institutions identifies Equilus Capital Partners, LLC as the sponsor and Equilus Group, Inc. as the investment adviser and de facto manager of five real-estate funds including this one.1 On April 10, 2026 the department entered a summary order and statement of charges naming the trust among respondents, alleging registration and anti-fraud violations.1 Its April 27, 2026 release adds allegations of misappropriation and Ponzi-like payments; respondents may request a hearing, and the record shows no final disposition.3
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- Legal Trust name
- 1421 Meadow Wood DST
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
One Form D, never amended, is the trust's entire SEC record. It claimed Rule 506(b) — the private-placement exemption that bars public advertising and generally limits sales to investors the sponsor already knew. The Washington order states the trust also filed with the state Securities Division on December 8, 2022.1
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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
What happened to Liberty Square Bldg?
Top1031 lists Liberty Square Bldg as historical. It is no longer raising money.
Where does Top1031 get the data for Liberty Square Bldg?
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 does this Trust actually own?
A single office property at 1421 North Meadowwood Lane in Liberty Lake, Washington, known as the Liberty Square Building. The Washington Department of Financial Institutions describes 1421 Meadow Wood, DST as a Delaware statutory trust formed August 17, 2022 whose business is acquiring that commercial property, and Spokane County's parcel record for 55156.9156 names the trust as owner, stated current as of August 7, 2026. The building was completed in 2001 and sits within the Meadowwood Technology Campus.
Who is the sponsor? The filing doesn't say.
The Form D filed on October 11, 2022 does not disclose a sponsor. Washington's Department of Financial Institutions identifies Equilus Capital Partners, LLC as the fund sponsor and Equilus Group, Inc. as the investment adviser, and states that the adviser acts as de facto manager across five real-estate funds, this trust among them. Top1031 lists the sponsor field as undisclosed because the SEC filing itself names no sponsor.
Is the offering still open, and how much was sold?
The trust filed one Form D in October 2022 and never amended it, so the SEC record was never updated for any later activity. Separately, the Washington Department of Financial Institutions states that ECP Opportunities initially owned 100% of Meadow Wood, sold a portion of those interests to two investors for $2,920,081.63 between December 2022 and June 2024, and retained 54.7% of the remaining interests as of May 2025.
What is the Washington regulatory action about?
On April 10, 2026 the Washington Department of Financial Institutions entered a Summary Order and Statement of Charges naming 1421 Meadow Wood DST among the respondents, alleging securities-registration and anti-fraud violations. The department's April 27, 2026 release says the Equilus funds, including this trust, were not registered in Washington and describes allegations including misappropriation, Ponzi-like payments, false account statements and unregistered broker-dealer activity. These are allegations in a pending administrative matter; respondents may request a hearing, and no final disposition appears in the record.
Who occupies the building, and what does the lease look like?
Neither the trust's SEC filing nor the Washington regulatory record identifies a tenant, states occupancy, or sets out lease terms. An investor evaluating this record would have no publicly filed lease information to work from and would need the offering's private placement memorandum — the sponsor's full disclosure document — and current rent roll to answer the question.
Could this Trust roll into a REIT later?
Nothing in the public record indicates a 721/UPREIT exit, the structure in which a DST's property is contributed to a REIT's operating partnership in exchange for partnership units. Top1031's record shows no such conversion feature for this trust.