The Mirage
Student housing property in San Marcos, TX
Active offeringLatest Form D filed Jun 5, 2026 (opens in a new tab)
The Mirage is a DST that owns a student housing property in San Marcos, TX (288 units). Its latest Form D, filed Jun 5, 2026, lists a $44.9 million offering with a $90,000 minimum.
Key facts
- Minimum investment
- $90,000From the Form D
- Offering size
- $44,900,000Equity offered, per the Form D
- Sold so far
- Form D, Jun 5, 2026; the % is our arithmetic7.5%
- Investors reported
- Form D, Jun 5, 20262
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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 →
Sales so far
- Latest Form D
- Jun 5, 2026 · 1 filing
- First sale
- May 28, 2026
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $3,403,000
- Not yet sold
- $41,497,000
- Investors
- 2
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
7.5% of $44,900,000 sold, calculated by Top1031 from the Form D
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Ask a 1031 specialist about this recordFree. About: The Mirage. Top1031 is not a broker-dealer.The Mirage · San Marcos, TX · Photo: cdn.prod.website-files.com
What does The Mirage own?
A 2023 account of a CrowdStreet offering reports that Palladius Capital Management acquired the property on May 1, 2023; it does not establish that this Trust was the purchaser. 2 A collateral term sheet filed with the SEC says the complex was renovated in 2025 and that the Trust holds the fee interest securing the mortgage. 1 The same filing put occupancy at 95.5% as of March 13, 2026. 1
- Property address
- 1610 N IH-35, San Marcos, TX
- Property size
- 288 units / 816 beds
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
This Trust is leveraged: mortgage debt sits ahead of investor equity, so the lender is paid before investors are. An SEC-filed securitization term sheet describes a $35 million loan secured by the property and designates it a refinance — debt that replaced earlier borrowing rather than funding a purchase. 1
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- May 28, 2026
- Minimum investment
- $90,000
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.
Who's behind The Mirage?
An SEC-filed securitization term sheet identifies Palladius Real Estate Fund II, LP as the borrower's sponsor and non-recourse carveout guarantor — the party that backs lender claims for specified bad acts. 1 Palladius Capital Management, whose PREX exchange platform the Trust's name echoes, is a vertically integrated real-estate investor active in student housing. It announced on September 9, 2026 that it deployed roughly $475 million across its strategies in the first half of 2026.
What does the SEC record show?
The offering is made privately, without general advertising, so interests reach investors through existing relationships rather than public marketing. The Form D reports a first sale on May 28, 2026. 3 A DTCC notice dated July 10, 2026 added the Trust to the Alternative Investment Products service with a first trade date of July 13, 2026.
- Legal Trust name
- PREX MIRAGE STUDENT HOUSING DST
- SEC CIK
- 2133994
- First Form D
- Jun 5, 2026
- Latest Form D
- Jun 5, 2026
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $44,900,000 | $3,403,000 | 2 | 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
- Is The Mirage an active offering?
- The Mirage is an Active offering: its latest Form D was filed Jun 5, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- Does the Trust carry a mortgage, and on what terms?
- Yes. A collateral term sheet filed with the SEC for the BBCMS Mortgage Trust 2026-5C41 securitization describes a $35,000,000 mortgage secured by the borrower's fee interest in The Mirage at San Marcos, designated a refinance, bearing 5.2650% annual interest, interest-only for its five-year term, with a stated maturity of May 6, 2031. The originating lender is not established by the material reviewed on October 4, 2026. Confirm every debt term in the offering documents.
- Who is behind this Trust?
- The Form D — the notice an issuer files with the SEC for a private offering — attributes the Trust to no sponsor firm. A securitization term sheet filed with the SEC names Palladius Real Estate Fund II, LP as the borrower's sponsor and non-recourse carveout guarantor, names borrower affiliate PREX Manager, LLC as property manager, and says Asset Campus USA, LLC sub-manages the property. The offering is associated with Palladius Capital Management's PREX exchange platform; Palladius said on September 9, 2026 that it deployed roughly $475 million across affiliated equity and credit strategies, including student housing, in the first half of 2026. Ask for each affiliate's role and compensation 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. Income comes from hundreds of individual student leases that turn over with the academic year, so results depend on pre-leasing pace, rental rates, turnover cost and university enrollment rather than one company's balance sheet. The SEC-filed term sheet reported the property 95.5% occupied as of March 13, 2026 — a single point in time, not a trend. No later occupancy figure appeared in the material reviewed on October 4, 2026.
- What is a master lease, and does this Trust have one?
- A master lease is the arrangement most DSTs use to work around the tax restrictions on a trust's ability to operate a property: the trust leases the whole asset to a separate entity, which handles leasing, management and maintenance and pays rent up to the trust. The SEC-filed term sheet says the entire property is master-leased to a newly formed single-purpose master lessee responsible for day-to-day management, leasing and maintenance, with PREX Manager, LLC managing the property. The master lessee's legal name and the lease economics are not established by the public material reviewed; the offering documents set them out.
- Can this Trust convert into REIT shares through a 721 exchange?
- Nothing in the record indicates a 721/UPREIT exit — the arrangement in which a DST's property is later contributed to a REIT's operating partnership in exchange for units. The data on this record shows no such conversion feature, and the June 5, 2026 Form D does not address exit mechanics. Exit terms, including any sale or roll-up rights, are set out in the offering documents.
In the news
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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.