The Grove at Mankato
Student housing property in Mankato, MN
The Grove at Mankato was a DST that owned a student housing property in Mankato, MN (524 units). Its last Form D was filed Mar 19, 2024.
How it ended
No outcome recorded · under 7 yearsLast Form D filed Mar 19, 2024.
Key facts
A free account shows how much of each active offering has sold and the Sponsor Grade letters.- Minimum investment
- $100,000From the Form D
- Offering size
- $49,725,000Equity offered, per the Form D
- Sold
- 34.3%Form D, Mar 19, 2024; the % is our arithmetic
- Investors reported
- Form D, Mar 19, 202452
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,599,563 · 9.2% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
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 →
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Ask a 1031 specialist about this recordFree. About: The Grove at Mankato. Top1031 is not a broker-dealer.The Grove at Mankato · Mankato, MN · Photo: interstatedevelopment.com
What did The Grove at Mankato own?
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
How was it financed, and what did it cost to sell?
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.
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
- $4,599,563 · 9.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $9,609,687 · 19.3% of offeringForm D Item 16· The filing’s note: “BT Mankato Student Housing Depositor, LLC is required to pay approximately $7,241,312 in costs and expenses related to the offering and acquisition of the property.”
- Broker-dealers named in the Form D
- 9 named in the Form D
Show the firms
- AAG Capital, Inc. · CRD 188
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Green Vista Capital, LLC · CRD 293630
- Invicta Capital LLC · CRD 288101
- Orchard Securities, LLC · CRD 133378
- Realized Financial, Inc. · CRD 22333
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Aug 3, 2023
- Minimum investment
- $100,000
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.
Who's behind The Grove at Mankato?
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.
What does the SEC record show?
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.
- Legal Trust name
- BT Mankato Student Housing DST
- SEC CIK
- 1961436
- First Form D
- Jan 9, 2023
- Latest Form D
- Mar 19, 2024
- Filings on record
- 3
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $49,725,000 | $17,060,568+$14,594,336 | 52+47 | EDGAR | |
| Form D/A | $49,725,000was $49,000,000 | $2,466,232+$2,466,232 | 5 | EDGAR | |
| Form D | $49,000,000 | $0 | 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 The Grove at Mankato?
- The Grove at Mankato is a Historical offering. Last Form D filed Mar 19, 2024.
- 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 offering documents 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.
- 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 offering documents.
- 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.
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.