The June

Top1031 lists The June as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

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.

The Form D filed December 18, 2025 identifies the issuer but carries no property schedule, so the issuer filing alone does not name a building. The tie runs through Broadway 5155 Property, LLC, the signatory trustee named in that filing, and through sponsor material: CEDARst Companies lists The June at 5155 N Broadway, Chicago, IL 60640 as a new development of 27 residential units in studio and one-bedroom configurations plus ground-floor retail, with the 27 units delivered in 2020. Ask for the private placement memorandum (PPM) to confirm the property and how title is held.

The public record does not quantify it. The Form D states that related persons may receive a financial fee in connection with the loan, which points toward debt, but it discloses no lender, principal balance, interest rate, maturity or loan-to-value, and none appeared in the sponsor or listing material reviewed through August 24, 2026. For a 1031 exchanger who must replace debt from a relinquished property, the PPM and the loan documents are where the amount and terms of any trust-level mortgage are confirmed.

The Form D names Broadway 5155 Property, LLC as signatory trustee and Broadway 5155 Manager, LLC as manager of that signatory trustee, with the trust's principal address at 151 W. Huron Street in Chicago. These are single-purpose entities organized around one building, so there is no multi-offering public DST track record to review. CEDARst Companies, a Chicago developer, publishes The June in its portfolio, but the filing does not state CEDARst's legal role in the Trust.

The residential units are leased one at a time. An Apartments.com listing for The June advertises 27 units with 12–24 month lease options and monthly rents of $1,550–$1,985, including one-bedroom availability. On the retail side, an undated Baum Realty flyer markets a final ground-floor space, Suite 109 of approximately 1,857 square feet, and names Rush Physical Therapy and Broadway Dental as co-tenancy. Marketing listings show availability, not occupancy: no verified occupancy rate and no executed-lease schedule appear in the reviewed public record.

506(b) is the private-placement exemption that bars general advertising or public solicitation. The sponsor cannot market the offering publicly and sells through pre-existing relationships, generally to accredited investors — people meeting SEC income or net-worth thresholds. In practice you reach an offering like this through a broker-dealer or registered representative rather than a public listing, and you receive a PPM rather than a prospectus.

The Form D reports a $500,000 minimum investment. Measure that against your exchange equity and any debt-replacement requirement, and confirm in the PPM and subscription agreement whether the sponsor may accept less. The record shows no 721/UPREIT exit — the structure in which DST interests are later contributed to a REIT's operating partnership in exchange for units — so treat the exit as a straight property sale unless the PPM says otherwise.