The Summit at Coates Run
Student housing property in Athens, OH — sponsor not disclosed
Files with the SEC as BT Athens Student Housing DST
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
BT Athens Student Housing DST is a Delaware statutory trust — fractional, passive ownership that qualifies for 1031 exchange treatment — holding The Summit at Coates Run, off-campus student housing serving Ohio University in Athens, Ohio.1 Athens County records show the property transferring into the Trust on February 18, 2026.2 It carries mortgage debt and is structured for a mandatory 721 UPREIT exit into a REIT's operating partnership.
Show sources (8)Hide sources (8)
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?
Athens County's auditor sales report records the Trust buying the property from BVSHSSF Athens LLC for $62,500,000 in a sale dated February 18, 2026.2 Baker Tilly's offering page describes a garden-style community of ten buildings, roughly 324,983 square feet on about 33.8 acres, and reports a $64,000,000 appraised value against that purchase price.3 The buildings long predate the Trust and were bought as an operating asset, not developed for it.
- Property address
- 363 Richland Ave, Athens, OH
- Property size
- 856 beds / 239 units, Class A, built 2009, renovated 2019, 92.98% occupied, ~1 mile from Ohio University
- Structure
- 506(c), core-plus, ~2 yr est. hold, mandatory 721 UPREIT exit, ~19.58% total load
- Total offering
- $72,100,000
- Investor equity
- $37,725,000
- Debt
- $34,375,000
- Distributions
- 4.70% year 1 rising to 5.21% by year 10 (4.96% avg); 8.52% est. cap rate equivalent
Who is the tenant, and what's the lease?
There is no single corporate tenant: the sponsor reports fully furnished residences, primarily four-bedroom, leased by the bed, so income comes from many individual student leases that turn over with the academic year.3 The sponsor names Everest Campus Central, described as an affiliate of the seller, as day-to-day operator through the ownership transition.3
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.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
Leveraged means mortgage debt sits ahead of investor equity — the lender is paid before investors and must be satisfied on any sale. Because the loan does not amortize, the full principal balance comes due at maturity rather than being paid down over the term. The lender is a commercial bank rather than an agency source.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- Lender
- Old National Bank
- Interest rate
- 5.72% fixed
- Loan term
- 10 years, interest-only for 10 years
- Loan-to-value
- 47.68% in-placeThe loan measured against the property’s value.
- Year 1 debt-service coverage
- 2.04xHow many times rental income covers the loan payment in year one.
Who's behind it?
The Baker 1031 marketplace page identifies Baker Tilly as this Trust's sponsor.3 The legal issuer is a Delaware statutory trust registered with the SEC under CIK 2107367.1 On February 8, 2026, a sponsored announcement said Baker Tilly had formed a strategic relationship with Blue Vista Capital Management and PeakMade Real Estate to expand its Delaware Statutory Trust platform across student housing and residential assets.
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- Legal Trust name
- BT Athens Student Housing DST
- May convert to a REIT
- Yes
Note from the sponsorProperty is in Athens, OHIO (Ohio University), not Athens, GA. Marketplace listing status 'Coming Soon / Under Review', 100% available as of 6/27/2026. Baker1031.com is a third-party marketplace; details are sponsor-reported.
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Rule 506(c) means the offering may be advertised publicly, but the sponsor must affirmatively verify each buyer's accredited-investor status instead of accepting self-certification. The single Form D on record stands unamended, and the sponsor's offering page was still marked "Under Review" when last reviewed on July 12, 2026.4
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 Summit at Coates Run still raising money?
Top1031 lists The Summit at Coates Run 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 Summit at Coates Run?
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.
Is the property in Athens, Georgia or Athens, Ohio?
Athens, Ohio. The property sits on Richland Avenue in Athens, Ohio, and the sponsor describes it as roughly one mile from Ohio University's main campus. Nothing in the public record connects this Trust to Athens, Georgia.
What did the Trust pay for the building?
The Athens County Auditor's sales report records a $62,500,000 sale of 363 Richland Ave. dated February 18, 2026, with BT Athens Student Housing DST as buyer and BVSHSSF Athens LLC as seller. The sponsor reports a $64,000,000 appraised value against that price. The investor equity being raised and the mortgage debt on the property appear separately in the rows on this page.
Who is the tenant, and who runs the property?
There is no single corporate tenant. The Summit at Coates Run is student housing, and the sponsor reports fully furnished, primarily four-bedroom residences leased by the bed — each bed individually — so cash flow comes from many student leases rather than one credit tenant. On management, the sponsor names Everest Campus Central, an affiliate of the seller, as handling day-to-day operations through the ownership transition, while a third-party rental listing dated August 1, 2026 names PeakMade Real Estate as manager. Who operates the property after the transition is not established in the reviewed material; the private placement memorandum, the offering document that governs the deal, is where the management agreement is identified.
What does a mandatory 721 UPREIT exit mean?
A Section 721 exchange contributes a property to a REIT's operating partnership in return for partnership units rather than cash. Described as mandatory, the exit is intended to happen rather than being an option. The PPM is where to read how units would be valued, which REIT is involved, and whether further 1031 exchanges remain possible afterward.
Can any investor participate?
No. This is a Rule 506(c) offering, which permits public advertising but limits purchasers to accredited investors — those meeting SEC income or net-worth tests — whose status the sponsor must affirmatively verify, typically through tax returns, brokerage statements, or a letter from a CPA or attorney. The Form D filed March 2, 2026 reports a $100,000 minimum investment from an outside investor.
What stage is the offering at?
One Form D was filed with the SEC on March 2, 2026, and no amendment has followed it. That filing reported that the first sale had not yet occurred. The sponsor's own offering page carried an "Under Review" status when it was last reviewed on July 12, 2026. Subscription progress figures on record appear in the sales section of this page.