PB 1205 West
Commercial property in Mission Viejo, CA — sponsor not disclosed
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
PB 1205 West, DST is a Delaware Statutory Trust — a structure that lets 1031 exchange investors hold fractional interests in real estate and treat them as like-kind property.1 It filed one Form D in May 2023 for a roughly $4.17 million offering of commercial real estate. The filing names no property, no tenant, and no sponsor firm. Interests carry a $25,000 minimum and were sold through Emerson Equity LLC.
Minimum investment
$25k
Offering size
$4.2M
How much has sold
18.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
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 Research through August 30, 2026 turned up no public identification of a "1205 West" asset, its city, or its use beyond the commercial classification carried on the filing itself.
- Reported location
- Mission Viejo, CA
- Property size
- $4,166,150 offering
How did it end?
No ending on record
Form D filed 2023-05-23 (Acc-no 0001969817-23-000001). Industry: Commercial. Offering amount up to $4,166,150; $735,000 sold at filing; sales commissions $531,400; date of first sale 2023-03-06. Minimum investment $25,000. Brian Sconyers, President, signed on behalf of the Signatory Trustee; Mission Viejo, CA DST sponsor context (College Yard Investments / HBS Global Corporation context). Broker-dealer: Emerson Equity LLC (CRD 130032), 155 Bovet Road Suite 725, San Mateo, CA. The underlying '1205 West' property was not specifically identified from public news; address shown is the trustee/sponsor HQ.
$4,166,150 offeringSupporting evidence
Counted on the sponsor’s Record Card as: No outcome recorded · under 7 years Document
Who's behind it?
No sponsor firm is named anywhere in the filing. Brian Sconyers is listed as a related person and executive officer of the Trust and signed the Form D as President of the Signatory Trustee.1 Emerson Equity LLC, a broker-dealer at 155 Bovet Road in San Mateo, California, is identified as the firm compensated for selling interests, and the filing reports $531,400 in sales commissions. No parent company, track record, or affiliated 1031 program is disclosed in the record.
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
One filing carries the entire record: a new notice rather than an amendment, so nothing has been updated, corrected, or closed out in the SEC record since it was submitted.2 The exemption claimed bars general advertising, which means interests could be offered only through pre-existing relationships, principally to accredited investors — people who meet SEC income or net-worth tests.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- PB 1205 West, DST
- Filings on record
- 1
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- 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 PB 1205 West?
PB 1205 West is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for PB 1205 West?
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 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 May 23, 2023 filing gives no property address, and independent research through August 30, 2026 found no public identification of the underlying asset. The private placement memorandum (PPM) — the offering document given to prospective investors — would name the property, its tenant, and its debt.
Is this Trust still raising money?
The SEC record contains a single Form D, filed May 23, 2023, with a first sale date of March 6, 2023, and no later filing or amendment. Top1031 classifies the Trust as raising on that basis. Because no closing notice or updated amendment exists in the record, the current status cannot be confirmed from SEC filings alone; the sponsor or the selling broker-dealer would have to confirm whether interests remain available.
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.[1] 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.[1] 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 PPM controls 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 PPM to evaluate the asset, its lease, and any mortgage debt.
Chapter 7PB 1205 West DST: Investor AlertInvestigation page stating PB 1205 West DST filed a Form D in 2023 to raise $4,166,150 and noting sales commissions/fees above 9% of the offering amount.