The Mirage
Student housing property in San Marcos, TX — sponsor not disclosed
Files with the SEC as PREX MIRAGE STUDENT HOUSING DST
Sponsor not disclosed
Minimum investment
$90k
Offering size
$44.9M
How much has sold
8.0%
Asset type
Student housing property
Location
San Marcos, TX
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
The Mirage is a Delaware statutory trust — a structure that lets 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 Trust's fee interest in the property is mortgaged.2
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.
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, renovated in 2025 and located about 2.1 miles east of the Texas State University campus.2 Benzinga reported that Palladius Capital Management acquired the facility that became The Mirage on May 1, 2023.3 That loan record puts occupancy at 95.5% as of March 13, 2026 and says the ground lease was terminated as of April 7, 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?
There is no single corporate tenant here: rent comes from hundreds of student leases that turn over with the academic year. Because a DST cannot actively operate real estate, the whole property is master-leased to an entity — unnamed in the loan record — that handles day-to-day management, leasing and maintenance, with borrower affiliate PREX Manager, LLC managing 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
- Still available
- $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 — a refinancing secured by the Trust's fee interest in the property, structured as five-year, full-term interest-only debt, so nothing amortizes before maturity and the lender is paid ahead of investor equity.2 The lender's identity does not appear in the material reviewed.
Who's behind it?
No sponsor firm is attributed in the Trust's own SEC notice, but an SEC-filed loan record identifies Palladius Real Estate Fund II, LP as borrower sponsor and non-recourse carveout guarantor.2 Palladius chief executive Nitin Chexal discussed student-housing market 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, financed in part by a $31.2 million bridge loan from Seven Hills Realty Trust.
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- Legal Trust name
- PREX MIRAGE STUDENT HOUSING DST
- 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 here 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.
- 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?
Top1031 lists The Mirage as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
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 record describes a $35,000,000 loan on the Mirage at San Marcos property — a refinancing secured by the borrower's fee interest, bearing 5.26500% interest and structured as five-year, full-term interest-only debt — and names PREX Mirage Student Housing DST as the borrower. The lender's identity, the note date and the maturity date were not in the material reviewed. 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 own 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 names PREX Manager, LLC, a borrower affiliate, 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 whole property is master-leased to an operator. The SEC-filed loan record reports 95.5% occupancy as of March 13, 2026.
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, and no amendment or closing notice had appeared in the material reviewed through August 31, 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 that 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.