The June

The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.

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 identifies the issuer as a Delaware statutory trust organized in 2025 and marks the offering as Rule 506(b) equity, but it carries no property schedule — so the filing alone names no building. The link runs through Broadway 5155 Property, LLC, the signatory trustee named in that filing, and through outside material: CEDARst Companies publishes The June at 5155 N Broadway, Chicago as studio and one-bedroom apartments above ground-floor retail, with residential units delivered in 2020. Ask for the private placement memorandum (PPM), the private offering document given to prospective investors, to confirm the property and how title is held.

The public record does not quantify it. The Form D discloses that related persons may receive a fee in connection with a loan, which points toward debt, but it names no lender and states no principal balance, interest rate, maturity or loan-to-value, and none appeared in the sponsor or listing material reviewed through September 15, 2026. For a 1031 exchanger who must replace debt from a relinquished property, the PPM and the loan documents are where any trust-level mortgage is confirmed.

The Form D names Broadway 5155 Property, LLC as signatory trustee and Broadway 5155 Manager, LLC as manager of that signatory trustee. Both 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 project portfolio, but the reviewed materials do not state CEDARst's legal role in the Trust.

The residential units are leased one at a time, so income depends on unit-by-unit turnover rather than on a single corporate tenant. For the commercial space, a LoopNet listing markets 1,857 square feet of ground-floor retail as available for lease and does not identify executed tenants, co-tenants, or lease terms. Marketed availability is not measured occupancy, and no apartment occupancy figure was located in the reviewed record.

The Form D reports a $500,000 minimum investment from an outside investor. 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 reviewed 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.

Rule 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.