Velo Village Apartments
Multifamily property in Franklin, WI — sponsored by Trilogy Real Estate Group
Files with the SEC as Franklin WI Multifamily DST
Minimum investment
$25k
Offering size
$58.5M
How much has sold
22.0%
Asset type
Multifamily property
Location
Franklin, WI
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Franklin WI Multifamily DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — that owns Velo Village Apartments, a 265-unit Class A community in Franklin, Wisconsin, outside Milwaukee. Trilogy Real Estate Group sponsored it, launching the roughly $58.5 million offering in June 2022 and announcing on March 24, 2025 that it was fully subscribed.1
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These links support the historical public record; 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?
Velo Village stands at 7235 S Ballpark Drive in Franklin, Wisconsin, a suburb south of Milwaukee.2 Mandel Group announced the start of construction in the Ballpark Commons development on November 27, 2019.3 The sponsor describes the finished community as Class A luxury housing completed in 2020, with apartment homes averaging 988 square feet.1 JLA Architects reports the property reached full lease-up one month after construction was complete.4
- Reported location
- Franklin, WI
- Property size
- 265 units
Who is the tenant, and what's the lease?
This is apartments, not a net lease: income comes from many short-term resident leases that turn over continually rather than one corporate tenant, and the property listing advertises flexible lease terms.5 Trilogy Residential Management oversees operations at the community.6 The public record identifies no master tenant or lease abstract.
How did it end?
No sale or other ending on record
Trilogy and AltsWire reported full subscription of the Franklin WI Multifamily DST for Velo Village on March 24, 2025, and Velo Village's official site carries a 2026 leasing page; no DST sale, 721 exchange, foreclosure, or return metrics are stated [1][2][3][4].
Velo Village is a 2020-built Class A luxury multifamily community with an average unit size of 988 square feet; PR Newswire and AltsWire report that the approximately $58.5 million DST offering was fully subscribed on March 24, 2025.
265 unitsSupporting evidence
How is it financed, and what does it pay?
The sponsor reports the acquisition combined offering equity with $43.1 million of debt financing, meaning the property is mortgaged rather than owned free and clear.1 Neither the lender's identity nor the loan terms appear in the public record.
Who's behind it?
Trilogy Real Estate Group sponsored this Trust and, through affiliate Trilogy Residential Management, continues to oversee operations at the property.6 On March 24, 2025, the firm announced that its Franklin, Wisconsin multifamily DST had been fully subscribed, in a release picked up by trade press the same day.7 Trilogy's 1031 activity in SEC records is narrow: this Trust is the only Form D offering on file under its name.
- Sponsor
- Trilogy Real Estate Group
- Legal Trust name
- Franklin WI Multifamily DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 1 total offerings from Trilogy Real Estate Group
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust's initial Form D — the short SEC notice an issuer files for a private placement — was followed by a single amendment reporting updated sales. Because the Trust was offered under Rule 506(b), it could not be publicly advertised and reached accredited investors through pre-existing relationships. No later amendment records the 2025 full subscription.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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
What happened to Velo Village Apartments?
Top1031 lists Velo Village Apartments as historical. It is no longer raising money.
Where does Top1031 get the data for Velo Village Apartments?
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.
Can I still invest in this Trust?
No. Trilogy Real Estate Group announced on March 24, 2025 that the Franklin WI Multifamily DST offering was fully subscribed, and AltsWire reported the same. A fully subscribed Trust is closed to new investors; any interest would have to be acquired from an existing holder, which DST governing documents typically restrict.
What does the Trust actually own?
A single property: Velo Village Apartments at 7235 S Ballpark Drive in Franklin, Wisconsin, in the Ballpark Commons development south of Milwaukee. The sponsor describes it as a Class A luxury apartment community completed in 2020, with apartment homes averaging 988 square feet.
Who runs the property day to day?
A Greystar job posting for Velo Village states that Trilogy Residential Management, an affiliate of the sponsor, continues to oversee property management operations. The community is marketed publicly through a Greystar-hosted listing, which advertises flexible lease terms.
Why does the SEC record look out of date compared with the full-subscription news?
The Trust has two Form D filings on record, the most recent from March 2023. The sponsor's full-subscription announcement came in March 2025, and no further amendment was filed to reflect it. Form D amendments are not always filed at closing, so the EDGAR snapshot can lag the sponsor's own reporting.
Is a 721/UPREIT exit part of this deal?
Nothing in the record indicates one. A 721 or UPREIT exit is where a DST's property is contributed to a REIT's operating partnership in exchange for units instead of being sold for cash; here the public materials describe a conventional single-asset DST holding one apartment community with mortgage debt.
What is not disclosed publicly?
The lender, loan balance and loan terms are not in the reviewed public materials, and neither is a current occupancy figure. The 100% lease-up statement from the project architect describes the period one month after construction finished, not conditions today.
Chapter 9Trilogy Real Estate Group Fully Subscribes Luxury Multifamily DST Offering Near MilwaukeeTrilogy announced that Trilogy Franklin WI Multifamily DST was fully subscribed, with Velo Village Apartments as its 265-unit Class A luxury multifamily property at 7235 S Ballpark Drive in Franklin, Wisconsin. Velo Village provides Franklin residents with options for their active living lifestylesThe Daily Reporter described Velo Village as a new residential community in Franklin's Ballpark Commons development.