The Grove at Mankato
Student housing property in Mankato, MN — 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?
BT Mankato Student Housing DST is a Delaware statutory trust — a passive co-ownership structure that qualifies for 1031 exchange treatment — formed in 2022 to hold student-oriented housing near Minnesota State University, Mankato, and raising up to $49,725,000 from accredited investors, meaning those meeting SEC income or net-worth tests. Which community it owns is unsettled: reviewed reporting ties the trust to College Town, not The Grove.2
Minimum investment
$100k
Offering size
$49.7M
How much has sold
34.0%
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?
The record's property name points at The Grove at Mankato, but reviewed reporting ties this trust to College Town — a gated community of more than 100 townhouses off Pohl Road, southeast of Minnesota State University, Mankato — transferred to the trust on November 1, 2022 in a sale reported at $34.8 million.2 Finance & Commerce reported The Grove itself was bought by a separate vehicle, KB Grove at Mankato DST, tied to Kingsbarn.3
- Reported location
- Mankato, MN
- Property size
- 524 units / 1,079 beds
Who is the tenant, and what's the lease?
Student housing has no single tenant: income comes from many individual resident leases that turn over with the academic year, so space is re-leased annually rather than locked in by one corporate tenant. No trust-level lease terms, rent roll, or occupancy figures were established in the reviewed record.
How did it end?
Still operating
Baker Tilly-sponsored student housing DST owning the Quarters at Mankato (formerly College Town) near MSU Mankato; the Aug 30, 2025 Mankato Free Press article confirms Blue Earth County still sends property tax notices to the BT Mankato Student Housing DST at the sponsor's Madison, WI office, providing dated 2025 evidence the trust still owns the property [1].
Off-campus student housing community adjacent to Minnesota State University, Mankato; 524 units / 1,079 beds (per sponsor/Interstate Development); 70-80% student-occupied; acquired 2022 for ~$70M (prior DST vehicle, not BT Mankato DST); BT Mankato Student Housing DST formed 2022, sponsored by Baker Tilly; raises up to $49M; SEC filing costs ~$7.24M.
524 units / 1,079 bedsSupporting evidence
Counted on the sponsor’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
The Form D filings disclose no lender, loan, or leverage for this trust, and none was established in the reviewed record — whether the property carries mortgage debt is unknown here.
Who's behind it?
SEC filings identify the issuer as a Delaware statutory trust organized in 2022, with a principal address at 4807 Innovate Lane, Madison, Wisconsin.1 Baker Tilly, the accounting and advisory firm, markets a Delaware statutory trust program and describes acquiring Mankato student-housing communities in November 2022, without naming this trust.5 Blue Earth County sends the trust's property-tax notices to Baker Tilly's Madison office.2 On June 26, 2025, the White Law Group announced an investigation into brokers who sold the trust.
- 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?
The first Form D — the brief notice filed for a private offering exempt from SEC registration — reported nothing sold; later amendments recorded a $49,725,000 offering and a first sale dated August 3, 2023.4 It is offered under Rule 506(c), which permits public advertising but limits purchases to investors whose accredited status is verified.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- BT Mankato Student Housing DST
- Filings on record
- 3
- 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 Grove at Mankato?
The Grove at Mankato 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 The Grove at Mankato?
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.
Which property does this trust actually own?
That is the central open question. The offering record carries the name The Grove at Mankato, but the reporting that names BT Mankato Student Housing DST directly ties it to College Town, a gated townhouse community off Pohl Road southeast of Minnesota State University, Mankato, transferred to the trust on November 1, 2022. Finance & Commerce reported The Grove at Mankato was purchased by a different vehicle, KB Grove at Mankato DST, connected to Kingsbarn. Anyone evaluating this Trust should read the property description in the PPM (the private placement memorandum, the offering's full disclosure document) rather than relying on the name alone.
Is Baker Tilly the sponsor?
The Form D names BT Mankato Student Housing Depositor, LLC as the depositor and does not name a separate sponsor. The link to Baker Tilly is circumstantial but documented: the trust's SEC principal address is 4807 Innovate Lane in Madison, Wisconsin, Baker Tilly markets a Delaware statutory trust program, and Blue Earth County sends the trust's property-tax notices to Baker Tilly's Madison office.
Is the offering still open?
The Trust is still classified as raising. The most recent Form D on record was filed March 19, 2024, and no notice of a closed or fully subscribed offering appears in the reviewed record. There is also no full-cycle or sale outcome reported.
What is the minimum investment?
Every Form D on record lists a $100,000 minimum outside investment. Interests are offered under Rule 506(c), so a purchaser's accredited-investor status must be verified rather than self-certified.
How much debt is on the property?
Unknown from the public record. Form D does not require loan disclosure, and no lender, loan amount, or loan-to-value figure for this trust was established in the reviewed sources. Debt terms, if any, would be described in the PPM.
Why is a law firm investigating this DST?
On June 26, 2025, the White Law Group published an investigation notice concerning BT Mankato Student Housing DST, focused on potential liability of the brokerage firms that recommended the illiquid private offering to clients. It is an announced investigation by a plaintiffs' firm, not a court finding.
Chapter 9BT Mankato Student Housing DST: Lawsuit InvestigationLaw firm announces investigation into BT Mankato Student Housing DST (formed 2022, sponsored by Baker Tilly) for potential brokerage liability in recommending the high-risk illiquid investment. Mankato student housing complex sells for $70MReprint/aggregator of the original Finance & Commerce article describing the $70 million sale of The Grove at Mankato (524 units) to KB Grove at Mankato DST, a Kingsbarn-related Delaware Statutory Trust vehicle. Mankato student housing complex sells for $70MReports KB Grove at Mankato DST purchased the 524-unit student housing complex for $70 million with a $28.39M down payment; brokered by CBRE. Kingsbarn Realty Capital Purchases a 524-Unit Apartment Community in Mankato, MinnesotaKingsbarn Realty Capital announced its acquisition of the Live Active 26-building, 524-unit apartment community near Minnesota State University in Mankato, MN, originally for use as a Delaware Statutory Trust offering.