Whitefish Park DST
Land (38-acre development site: hospitality/retail/industrial pads) property in Kalispell, Montana — sponsor not disclosed
Sponsor not disclosed
Minimum investment
$50k
Offering size
$2.6M
How much has sold
51.0%
Asset type
Land (38-acre development site: hospitality/retail/industrial pads) property
Location
Kalispell, Montana
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Whitefish Park DST is a Delaware statutory trust — a structure that lets 1031 exchange buyers hold fractional interests in real estate — that owns a 38-acre undeveloped site on Highway 2 East beside Glacier Park International Airport near Kalispell, Montana. It is raising from accredited investors, those meeting SEC income or net-worth tests, under a single Form D, and it carries mortgage debt. No tenant appears in public filings.
Sponsor NAI Legacy (Bloomington MN); min $50k; 49% LTV; 6%+ potential cash flow; $6.456M total offering per Essential1031
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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?
The Trust holds unimproved land rather than a building; the sponsor's offering page lists two parcels zoned SE Scenic Corridor.2 That same page labels the location Kalispell in its terms and Whitefish in its narrative, and the records reviewed establish no acquisition date, purchase price or entitlement status.2 Next door, Glacier Park International Airport reopened its primary runway on July 10, 2026, ahead of schedule.3
- Property address
- Highway 2 East, adjacent to Glacier Park International Airport, Kalispell, Montana
- Property size
- 38 acres
Who is the tenant, and what's the lease?
No tenant is named in the Trust's public filings, and raw land produces no rent on its own. Offering material describes the site eventually being sold as development pads for hospitality, retail, convenience-store and industrial uses — a plan, not a completed outcome.4 Any income would depend on that plan rather than on an existing occupant.
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.
51.0% reported sold
- Amount sold
- $1,350,745
- Still available
- $1,295,370
- Investors reported
- 5
- Total offering
- $2,646,115
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
Leveraged means mortgage debt sits at the trust level alongside investors' exchange equity, and DST loan terms are generally fixed at closing rather than renegotiated later. No lender is named in the filing on record, and undated sponsor and marketing pages describe the capital stack in conflicting terms.4
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
The Form D names no sponsoring firm; it was signed by Duane H. Lund as manager.1 The offering appears on the LPT REIT platform of NAI Legacy, a Bloomington, Minnesota commercial real estate firm, whose page describes the land and its zoning.2 Separate marketing material calls NAI Legacy the land developer, an attribution that lives in sponsor material rather than in the SEC record.4 In January 2026, NAI Legacy combined operations with the Caspian Group under the name NAI Gateway Commercial.5
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- Legal Trust name
- Whitefish Park DST
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The public record consists of the initial Form D — the brief notice an issuer files for a private offering exempt from registration — with no amendment and no closing notice after it.1 Rule 506(b) means the offering may not be publicly advertised, so interests go to accredited investors the sponsor already knows.
- 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 Whitefish Park DST still raising money?
Top1031 lists Whitefish Park DST 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 Whitefish Park 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.
Is Whitefish Park DST still raising money?
The one Form D on record reports both an amount sold and an amount still remaining, and no amendment or closing notice has been filed since, as of August 20, 2026.[1] NAI Legacy's LPT REIT platform still carries a page for the Trust with a 'Request Offering Material' link but no dated status confirming availability or subscription.[2] The current sold and remaining figures appear in the sales data on this page.
Who is the sponsor?
The Form D names no sponsoring firm; it identifies Duane H. Lund as manager and signatory.[1] The offering is presented on the LPT REIT platform of NAI Legacy, a Bloomington, Minnesota commercial real estate firm.[2] Marketing material labels NAI Legacy the land developer for the deal, which is a sponsor attribution rather than an SEC designation.[4] Confirm the sponsoring entity, trustee and asset manager in the Private Placement Memorandum (PPM), the offering document that governs the deal.
Why do different sources give different offering sizes?
Sponsor materials are undated and do not agree. NAI Legacy's Whitefish Park DST page shows total capitalization of $5,146,115 — $2,646,115 of equity and $2,500,000 of debt, at 48.58% loan-to-value.[2] Essential1031 presents an estimated $6,456,000 total offering, states 'No Debt' in one place and non-recourse financing at 49% loan-to-value in another, and warns that its numbers may change and that the PPM controls.[4] The equity amount reported in the Form D is the figure on the public record.
How is a land DST different from one that owns a leased building?
A leased building has an identified tenant paying rent under a written lease. Here, public filings identify no tenant and the asset is a development site, so the paperwork — not a rent roll — defines where any cash would come from, how carrying costs such as taxes and insurance are paid, and what happens if parcels are not developed or sold.
Can this Trust convert into a REIT later?
The record shows no 721/UPREIT exit path — the arrangement in which a DST's property is contributed to a REIT's operating partnership in exchange for units instead of cash. Confirm exit mechanics, including any sale or roll-up rights, in the PPM.
What does the airport work next door mean for the site?
Glacier Park International Airport, which the site adjoins, rehabilitated its primary runway in mid-2026; the runway reopened at 9 a.m. on July 10, 2026, ahead of schedule after the first of four planned weekly closures.[3] Local reporting described roughly 88 hours of nonstop work by more than 150 workers.[6] The airport is a neighbor, not a party to the Trust.
Chapter 9Crews complete first phase of Glacier airport runway projectLocal newspaper reported that the monthlong runway rehabilitation at Glacier Park International Airport is ahead of schedule following 88 hours of nonstop work by more than 150 workers, directly affecting the area of the Whitefish Park DST development site. 2026 Runway Rehabilitation — Primary Runway Reopens Ahead of Schedule at 9 a.m. Friday, July 10Operator of Glacier Park International Airport (adjacent to the 38-acre GPI Airport development site that is the Whitefish Park DST's underlying property) confirmed the primary runway reopened July 10, 2026, completing the first of four weekly closures.