Top1031

PB 1205 West

Commercial property in Mission Viejo, CA

HistoricalLast Form D filed May 23, 2023 (opens in a new tab)

PB 1205 West was a DST that owned a commercial property in Mission Viejo, CA. Its last Form D was filed May 23, 2023.

How it ended

No outcome recorded · under 7 years

Last Form D filed May 23, 2023.

Key facts

A free account shows how much of each active offering has sold and the Sponsor Grade letters.
Minimum investment
$25,000
From the Form D
Offering size
$4,166,150
Equity offered, per the Form D
Sold
17.6%
Form D, May 23, 2023; the % is our arithmetic
Investors reported
3
Form D, May 23, 2023
Selling commissions
$531,400 · 12.7% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: PB 1205 West. Top1031 is not a broker-dealer.

What did PB 1205 West own?

Nothing in the public record names the building. The Form D lists no property address, and the Mission Viejo, California address on the filing is the issuer's own principal place of business rather than a property location. 1

Reported location
Mission Viejo, CA

How was it financed, and what did it cost to sell?

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$531,400 · 12.7% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$211,000 · 5.0% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Mar 6, 2023
Minimum investment
$25,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

Legal Trust name
PB 1205 West, DST
SEC CIK
1969817
First Form D
May 23, 2023
Latest Form D
May 23, 2023
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$4,166,150
$735,000
3
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

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.

Common questions

What happened to PB 1205 West?
PB 1205 West is a Historical offering. Last Form D filed May 23, 2023.
What property does PB 1205 West, DST actually own?
The public record does not say. A Form D is a short notice of an exempt securities offering and does not require an issuer to identify the real estate it holds. The offering documents would name the property, its tenant, and its debt.
Who sponsors the Trust?
No sponsor entity is named in the filing. Brian Sconyers signed the Form D as President of the Signatory Trustee and is listed as the Trust's related person and executive officer. Emerson Equity LLC of San Mateo, California is identified as the broker-dealer compensated on sales. Top1031 lists the sponsor as not disclosed because the filing supports no firm attribution.
Has anyone raised public concerns about this offering?
Yes. The White Law Group, a securities law firm, published an investigation page on March 28, 2025 titled "PB 1205 West DST: Investor Alert," stating that the Trust filed a Form D in 2023 to raise $4,166,150 and that sales commissions and fees exceeded 9% of the offering amount. That is the law firm's own characterization of the filing, published as part of soliciting investor inquiries, and it is not a finding by a regulator.
What is the minimum investment?
The Form D reports a minimum accepted investment of $25,000 in beneficial interests of the Delaware Statutory Trust. For a 1031 exchange, the practical minimum is usually driven by how much equity an investor needs to place, not by the stated floor, and the offering documents control the actual subscription terms.
What does the Delaware Statutory Trust structure mean for a 1031 exchange?
A DST holds title to real estate and issues beneficial interests that the IRS treats as direct interests in real property, so they can receive 1031 exchange proceeds. Investors have no management role — the trustee and sponsor make all decisions, including when to sell. Because the property here is not publicly identified, an investor would depend entirely on the offering documents to evaluate the asset, its lease, and any mortgage debt.

In the news

Sources

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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 offering documents before investing.