Velo Village Apartments
Multifamily property in Franklin, WI · sponsored by Trilogy Real Estate Group
Velo Village Apartments was a DST sponsored by Trilogy Real Estate Group that owned a multifamily property in Franklin, WI (265 units). Its last Form D was filed Mar 7, 2023.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Mar 7, 2023.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $58,459,357Equity offered, per the Form D
- Sold
- 21.8%Form D, Mar 7, 2023; the % is our arithmetic
- Investors reported
- Form D, Mar 7, 202334
- Selling commissions
- Form D Item 15; the % is our arithmetic$3,542,991 · 6.0% 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 →
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Ask a 1031 specialist about this recordFree. About: Velo Village Apartments. Top1031 is not a broker-dealer.Velo Village Apartments · Franklin, WI · Photo: dailyreporter.com
What did Velo Village Apartments own?
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
How was it financed, and what did it cost to sell?
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.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $3,542,991 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $12,199,477 · 20.8% of offeringForm D Item 16· The filing’s note: “Estimate of certain fees, including Offering and Organizational Expenses, Acquisition and Financing Costs, Lender Process Fee, Financing Fee, Bridge Equity Fee, Acquisition Fee and Asset Management Fee that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 9 named in the Form D
Show the firms
- Arete Wealth Management, LLC · CRD 44856
- Concorde Investment Services, LLC · CRD 151604
- Emerson Equity LLC · CRD 130032
- Equifinancial, LLC · CRD 136708
- FNEX Capital, LLC · CRD 166316
- Moloney Securities Co., Inc. · CRD 38535
- Stax Capital · CRD 300607
- Titan Securities · CRD 131392
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jun 27, 2022
- Minimum investment
- $25,000
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. The issuer marked these amounts as an estimate.
Who's behind Velo Village Apartments?
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
- Sponsor
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- Franklin WI Multifamily DST
- SEC CIK
- 1931158
- First Form D
- Jun 17, 2022
- Latest Form D
- Mar 7, 2023
- Filings on record
- 2
- 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/A | $58,459,357 | $12,785,506+$12,785,506 | 34 | EDGAR | |
| Form D | $58,459,357 | $0 | 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
- What happened to Velo Village Apartments?
- Velo Village Apartments is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Mar 7, 2023.
- 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.
In the news
Sources
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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.