The Mirage
Student housing property in San Marcos, TX — sponsor not disclosed
Sponsor Palladius Capital Mgmt (PREX); acquired 2023, renovated; min $90k; $3.4M/$44.9M sold (6/2026)
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These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
The Mirage is a Delaware statutory trust — a structure letting 1031 exchange investors hold fractional title to one property — raising $44,900,000 against a student housing community in San Marcos, Texas.1 Interests are sold privately to accredited investors, who must meet SEC income or net-worth tests. An SEC-filed loan record shows the property carries a $35,000,000 mortgage.2
Minimum investment
$90k
Offering size
$44.9M
How much has sold
8.0%
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?
An SEC-filed loan record describes a complex built in 2003 on a 23.60-acre site and renovated in 2025.2 A CrowdStreet offering report carried by Benzinga states that Palladius Capital Management acquired the facility on May 1, 2023.3 Community Impact reported that the property, then known as Castlerock at San Marcos, took the name The Mirage on October 6, 2023.4 That same loan record puts occupancy at 95.5% as of March 13, 2026.2
- Property address
- 1610 N IH-35, San Marcos, TX
- Property size
- 288 units / 816 beds
Who is the tenant, and what's the lease?
Rent here comes from hundreds of student leases that turn over with the academic year, not from one corporate tenant. Because a DST cannot actively operate real estate, the whole property is leased to a master lessee that handles day-to-day management, leasing and maintenance, while borrower affiliate PREX Manager, LLC manages the property.2
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
8.0% reported sold
- Amount sold
- $3,403,000
- Reported unsold
- $41,497,000
- Investors reported
- 2
- Total offering
- $44,900,000
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
This Trust is leveraged. An SEC-filed loan record shows a $35,000,000 mortgage balance secured by the property and taken out to refinance it, which means the lender is repaid ahead of investor equity.2 The lender is not named in the material reviewed.
Who's behind it?
An SEC-filed loan record names Palladius Real Estate Fund II, LP as borrower sponsor and non-recourse carveout guarantor on the property's mortgage.2 Top1031's data ties the offering to Palladius Capital Management's PREX exchange platform. Palladius chief executive Nitin Chexal discussed student-housing conditions on CNBC on March 25, 2025. Connect CRE reported on January 24, 2025 that Palladius acquired a separate 696-bed student housing property near Texas State University in San Marcos.
- 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?
No amendment has followed the Trust's initial SEC notice, so the public record still shows only the original terms. The exemption used bars general advertising, so interests reach investors through existing sponsor and broker-dealer relationships. A DTCC notice dated July 10, 2026 set a first trade date of July 13, 2026 for the offering on its alternative-investment platform.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- PREX MIRAGE STUDENT HOUSING DST
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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
Is The Mirage still raising money?
Availability unconfirmed. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.
Where does Top1031 get the data for The Mirage?
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.
Does the Trust carry a mortgage?
Yes. An SEC-filed mortgage collateral term sheet names PREX Mirage Student Housing DST as borrower on a loan against The Mirage at San Marcos property, listing a $35,000,000 cut-off-date principal balance, a 5.26500% interest rate, and refinance as the loan purpose. The lender's identity, the note date and the maturity date did not appear in the material reviewed for this update. Confirm every loan term in the Private Placement Memorandum, the private offering document that governs the deal.
Who is behind this Trust?
The Trust's Form D — the brief notice an issuer files with the SEC for a private offering — attributes no sponsor firm. An SEC-filed mortgage collateral record names Palladius Real Estate Fund II, LP as borrower sponsor and non-recourse carveout guarantor, and PREX Manager, LLC, an affiliate of the borrower, as property manager. Top1031's data associates the offering with Palladius Capital Management's PREX exchange platform. Ask for each affiliate's role in writing before subscribing.
How does student housing differ from a single-tenant net lease?
There is no credit tenant contractually obligated for the rent. Hundreds of student leases turn over with the academic year, so income depends on pre-leasing pace, rental rates, turnover cost and university enrollment rather than one company's balance sheet. Because a DST cannot operate real estate itself, the property is master-leased to an operating entity. The SEC-filed loan record reports 95.5% occupancy as of March 13, 2026; that is a single point in time, not a trend.
What is the minimum investment?
The Form D filed June 5, 2026 states a $90,000 minimum investment from any outside investor. Minimums often differ between 1031 exchange investors and cash investors, and the Private Placement Memorandum controls. Confirm the figure with the sponsor or your representative, including whether a smaller subscription may be accepted.
Is the Trust still open to new investors?
Its only SEC filing is the Form D filed June 5, 2026, which reports a first sale on May 28, 2026; no amendment or closing notice appeared in the material reviewed through September 6, 2026. A DTCC notice dated July 10, 2026 assigned the offering a first trade date of July 13, 2026, which is distribution plumbing rather than a property event. A Form D is an issuer filing, not SEC approval, and it does not confirm interests remain available — ask the sponsor or your representative.
Could this end in a 721/UPREIT exit?
Nothing in the public record indicates it. A 721 or UPREIT exit is where a DST's property is contributed to a REIT in exchange for operating partnership units instead of being sold for cash. Top1031's data for this Trust shows no REIT conversion feature. Confirm the stated exit path, and how it interacts with the mortgage, in the Private Placement Memorandum.
Chapter 9NSCC Important Notice - First Trade Date, July 13, 2026 - Partner Fund Services, LLC / Prex Mirage Student Housing DSTNSCC/DTCC notice dated July 10, 2026 confirms the PREX Mirage Student Housing DST (symbol 1VWX) was added to the Alternative Investment Products service with a first trade date of July 13, 2026, evidencing the offering was open for trading during the window.