VA LV NW DST
Net lease medical outpatient (VA outpatient clinic) property — sponsor not disclosed
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These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission, Form D ↗
- U.S. Securities and Exchange Commission, Form D ↗
- U.S. Securities and Exchange Commission, Form D ↗
- U.S. Securities and Exchange Commission, Form D/A ↗
- U.S. Securities and Exchange Commission, issuer submissions history ↗
- netleasecapital.com ↗
- whitesecuritieslaw.com ↗
- sec.gov ↗
- netleasecapital.com ↗
What is this, in one paragraph?
VA LV NW DST is a Delaware statutory trust — a passive ownership vehicle whose interests can serve as replacement property in a 1031 exchange — organized in 2021 to hold single-tenant Department of Veterans Affairs outpatient clinic real estate.1 It was offered under Rule 506(b), the private-placement rule that bars general advertising, to accredited investors. Its most recent SEC filing is dated February 10, 2023.5
Minimum investment
$61k
Offering size
$11.6M
How much has sold
87.0%
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?
SEC filings for this Trust name no building; the Form D classifies the issuer only under Other Real Estate. Top1031's enrichment ties the name to Department of Veterans Affairs outpatient clinic real estate held in single-tenant form. As of August 27, 2026, no public record establishes when the Trust acquired that real estate, from whom, or at what price.
- Property size
- Portfolio of 2 VA outpatient clinic properties; ~160,688 SF total (VA – NW Las Vegas: 35,187 SF; VA – Eugene: 125,501 SF)
Who is the tenant, and what's the lease?
Top1031's enrichment identifies the tenant as the U.S. government acting through the Department of Veterans Affairs — a federal agency whose rent obligations rest on congressional appropriations rather than a corporate balance sheet. No lease term, expiration date, rent escalator, or expense structure for this Trust appears in the public record.
How did it end?
No ending on record
Sponsor: Net Lease Capital Advisors LLC (Nashua, NH). SEC Form D filed December 19, 2022 (original) and February 10, 2023 (amendment). Total offering amount: $11,555,556 USD. Related persons: Douglas F. Blough and Bruce S. MacDonald. Entity type: Delaware Statutory Trust organized in 2021. Industry group: Real Estate / Other Real Estate. The trust holds single-tenant VA outpatient clinic properties leased to the U.S. Government / Department of Veterans Affairs, consistent with the 'VA LV NW' name (Veterans Affairs, Las Vegas, Northwest).
Portfolio of 2 VA outpatient clinic properties; ~160,688 SF total (VA – NW Las Vegas: 35,187 SF; VA – Eugene: 125,501 SF)Supporting evidence
Counted on the sponsor’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
Form D has no field for debt, and no lender, loan balance, or loan-to-value figure for this Trust appears anywhere in the public record. Whether the Offering is leveraged or all-cash is a question for the private placement memorandum — the offering document a prospective investor receives — and for the sponsor directly.
Who's behind it?
The Form D names no sponsor firm, but the issuer files from 10 Tara Boulevard, Suite 501, Nashua, New Hampshire, care of Net Lease Capital Advisors LLC.2 Douglas F. Blough and Bruce S. MacDonald are listed as the Trust's executive officers.3 Nothing in the SEC record for this issuer describes the sponsor's other 1031 programs or the size of its platform.
- 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?
The file is short: an initial Form D showing nothing sold yet, a follow-on Form D reporting the first subscriptions, and an amendment that raised the reported totals. That amendment gives November 2, 2022 as the date of first sale and a $61,000 minimum investment.4
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- VA LV NW DST
- Filings on record
- 3
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- 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
What happened to VA LV NW DST?
VA LV NW DST is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for VA LV NW DST?
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.
What real estate does VA LV NW DST actually own?
No SEC filing names a property. Top1031's enrichment describes a portfolio of two single-tenant VA outpatient clinic properties totaling roughly 160,688 square feet — a northwest Las Vegas clinic of about 35,187 square feet and a Eugene clinic of about 125,501 square feet. As of August 27, 2026, web research found no primary public record (deed, lease, or filing) linking those specific buildings to this Trust, so an investor would need the sponsor's private placement memorandum to confirm the addresses.
Who is the tenant, and why does a VA clinic lease work differently?
The enrichment record identifies the tenant as the U.S. government through the Department of Veterans Affairs. Government leases are typically signed by a federal agency rather than an operating company, so the rent stream depends on appropriations and on the agency's renewal decisions rather than on a corporate credit rating. Lease term, renewal options, and who pays taxes, insurance, and maintenance are not disclosed in any public filing for this Trust.
Is the Offering still open?
The Trust is still categorized here as raising, but its most recent SEC filing is the Form D/A dated February 10, 2023, and no later filing appears in the issuer's submissions history.[5] A gap of that length is common when an issuer simply stops amending after a raise winds down. Only the sponsor or the selling broker-dealer can confirm current availability.
What was the minimum investment?
The February 10, 2023 amended Form D lists a minimum investment of $61,000 from any outside investor.[4] DST minimums are set by the sponsor and stated in the private placement memorandum; they can change between filings, and the amount an exchanger actually needs is usually driven by the debt and equity they must replace.
Is there any litigation or regulatory action tied to this Trust?
On August 1, 2025, the law firm White Securities Law published a page announcing an investigation into broker-dealer recommendations of the Net Lease VA LV NW DST on behalf of investors who reported losses, citing the Form D filed December 19, 2022 and its $11,555,556 offering amount. That page is a plaintiff-side solicitation, not a regulatory finding, and web research located no underlying enforcement action, court docket, or SEC proceeding involving this Trust.
Can this Trust convert into a REIT?
The record here shows no 721/UPREIT feature — that is, no mechanism for exchanging beneficial interests into operating-partnership units of a REIT at the end of the hold. Investors in a DST without that feature generally look to a sale of the property and a subsequent 1031 exchange as the exit path, subject to whatever the trust agreement and private placement memorandum provide.
Chapter 9Net Lease's VA LV NW DST: Securities InvestigationAnnounces an investigation of broker-dealer recommendations of the Net Lease VA LV NW DST for investors who suffered losses, citing the Form D filed December 19, 2022 with total offering amount of $11,555,556.