Griffin Capital Tulsa BTR DST Overview
Griffin Capital Tulsa BTR DST is a Regulation D private placement offering accredited investors beneficial interests in a Delaware Statutory Trust that owns Meadow+Main (formerly Trulo Homes Jenks), a 138-unit, purpose-built build-to-rent (BTR) community completed in 2022-2023 at 11131 South Kennedy Court in Jenks, Oklahoma, within the Tulsa MSA. The community sits on approximately 15.53 acres and contains roughly 141,500 square feet of net rentable area across a mix of one-, two- and three-bedroom homes averaging 1,025 square feet, with in-place average rent of about $2,051 per month (roughly $2.00 per square foot) and reported occupancy of 97.8%. The Trust acquired the Property for $37,250,000 and capitalized it with $23,520,998 of beneficial-interest equity and a $20,455,000 first-mortgage loan, for a total Offering Price of $43,975,998 and a loan-to-offering-price ratio of 46.5%. The strategy is income-oriented: the Sponsor's business plan is to preserve investor capital, pay monthly distributions estimated to begin at 4.42% in Year 1 (projected to range from 4.42% to 5.76% over a hold of up to ten years), and sell the Property at a profit within approximately five to ten years. The DST is structured with a master lease to Griffin - Tulsa Master Tenant, LLC, a Sponsor affiliate, which subleases the homes to residents, while day-to-day operations are handled by a property manager affiliated with Greystar. Because interests are treated as direct ownership of real property, the offering is designed for 1031-exchange investors (minimum $100,000) and cash investors (minimum $25,000) seeking passive, professionally managed multifamily exposure, tax deferral, and monthly income, and who can accept illiquidity and the absence of day-to-day control.
Highlights
Meadow+Main is located in Jenks, one of the Tulsa MSA's most affluent and supply-constrained submarkets. According to the PPM, the immediate submarket has grown its population by 148% since 2010, carries a median household income of roughly $111,000 within a one-mile radius, and sits within Oklahoma's number-one-ranked public school district, all of which support durable demand for higher-quality, lower-density rental housing. Local unemployment is cited at 3.5%. In-place rents represent an approximately 50% discount to the cost of homeownership, a spread that underpins affordability, tenant retention, and the potential for future rent growth. Residents also have convenient access to major retail, dining and entertainment, including Tulsa Hills Shopping Center (800,000-plus square feet), Tulsa Premium Outlets (330,000-plus square feet), and Southwest Crossroads, reinforcing the location's appeal to the family-oriented renter base the community targets.
Meadow+Main is a newly constructed, institutional-quality BTR community built in 2022-2023 and fully stabilized, with reported occupancy of 97.8% and strong leasing velocity since completion. The homes average 1,025 square feet across one-, two- and three-bedroom floor plans and feature stainless steel appliances, luxury wood-style flooring, full-size washers and dryers, waterfall-edge granite countertops, and 10-foot ceilings. Community amenities include a gated entry, a modern clubhouse with resident lounge, a 24/7 fitness center, a resort-style swimming pool, an outdoor kitchen with grilling stations, a dog park, a playground, walking trails and a pond, and a secure mail and package room, along with detached garages, 108 carport spaces and surface parking. The homes are operated by a property manager affiliated with Greystar, a national multifamily operator, under a master-lease structure. Average in-place rent is about $2,051 per month (roughly $2.00 per square foot), and the unit mix spans one-, two- and three-bedroom layouts to appeal to a broad, family-oriented renter base.
The Trust financed the acquisition with a single first-mortgage loan of $20,455,000, representing a conservative 46.5% loan-to-offering-price ratio (approximately 54.9% of the $37,250,000 property purchase price). The loan carries a fixed interest rate of 5.07% per annum and a ten-year term maturing February 1, 2036, with monthly interest-only payments (approximately $86,000 to $88,000) for the entire term. Because payments are interest-only, there is no amortization, and the full principal balance becomes due as a balloon payment at maturity, making the Trust reliant on a sale or refinancing to retire the debt. The fixed-rate structure removes near-term interest-rate reset risk during the hold. In addition to the loan, the offering is capitalized with $23,520,998 of beneficial-interest equity, and the Trust funded lender escrows and multiple reserves at closing, including a Supplemental Trust Reserve of $2,174,299, a Replacement Reserve, and a Repair Reserve, intended to support operations and required repairs over the hold period.
The offering is sponsored by Griffin Capital Company, LLC, an El Segundo, California-based real estate and alternative investment firm founded in 1995. According to the PPM, Griffin Capital has directly or indirectly owned, managed, sponsored or co-sponsored investment programs representing over $24 billion in assets, and its senior executives and employees have co-invested more than $300 million across the firm's strategies, aligning the Sponsor's interests with those of investors. A Griffin Capital affiliate serves as Manager of the Trust, and a separate Sponsor affiliate, Griffin - Tulsa Master Tenant, LLC, holds the master lease and is responsible for operating the Property. Day-to-day property management is delegated to an unaffiliated third-party manager that is an affiliate of Greystar, one of the largest multifamily operators in the country, for a fee of 2.75% of gross collections. This layered structure combines an experienced sponsor, an institutional operator, and a fixed-rate financing package.
Structured as a Delaware Statutory Trust, the offering is designed so that beneficial interests are treated as direct ownership of real property, making them eligible as replacement property for investors completing a 1031 exchange and deferring capital gains tax. The minimum investment is $100,000 for 1031 exchangers and $25,000 for cash investors. Monthly distributions, estimated to start at 4.42% in Year 1, may be partially tax-deferred through depreciation and amortization. The DST structure removes the operational burden of direct ownership while preserving 1031 eligibility. On exit, the PPM notes that a transfer of the Property could, under current law, be structured so that it should not be subject to federal income tax pursuant to Code Section 721 (a potential UPREIT-style exit), though it cautions there is no assurance such a transfer would be tax-free and it could trigger state, local or other taxes. Investors should confirm treatment with their own tax and legal advisors.
Analysis of Griffin Capital Tulsa BTR DST
Insights
Underwrite Griffin Capital Tulsa BTR as what it is - a levered coupon, not a growth play. The exchanger buys ~4.4% of current income off Meadow+Main, a 138-unit build-to-rent community in Jenks, Oklahoma, delivered 2022-2023 and ~97.8% occupied under a Greystar-affiliated operator. It prices to the middle of the peer set, not through it: the 4.42% Year-1 and ~4.82% average distribution meet the ~4.85% income benchmark, the 5.76% Year-10 peak meets the ~5.55% market peak, and only the growth path screens above average - growth the buyer must earn off an already-full building. That is a market yield, not a discount. The load is the leak: ~14.07% all-in is double the ~7% that reads lean, and the $43.98M offering runs ~18% above the $37.25M the Trust paid for the bricks - the tab for passivity, the exchange clock, and the Greystar name. Cutting the other way, and buried in the pitch: the Year-1 payout is covered by property NOI at ~1.07x - earned income, not the reserve-fed return of capital common to DSTs. It hinges on the February 1, 2036 balloon: the $20.46M loan is fixed at 5.07% and interest-only, so no reset but no amortization, and with no committed 721/UPREIT off-ramp the result rests on the 2036 sale-or-refi cap and debt market; watch occupancy against the 97.8% underwrite in a single small submarket and whether rent growth shows. The real tell is the sponsor row: Griffin markets $24B+ in programs, but its full-cycle DST record on file is two deals - 18.0% average annual return, ~1.72x equity multiple, ~4.4-year holds - and even the 'covered' income routes through a Sponsor-affiliated master tenant, funded by a Demand Note, that can defer rent. Bottom line: it fits an accredited 1031 investor who must place proceeds inside tight identification windows and values hands-off, institutional income over control and price; anyone needing diversification, a lighter load, an amortizing loan, or real liquidity should pass.
Advantages
The offering pairs a newly built, fully stabilized asset with an income-oriented, tax-advantaged structure. Meadow+Main was completed in 2022-2023, is roughly 97.8% occupied, and sits in Jenks, an affluent, supply-constrained Tulsa submarket with 148% population growth since 2010, a median household income near $111,000 within one mile, 3.5% unemployment, and Oklahoma's top-ranked school district - demand drivers that support occupancy and rent durability. In-place rents at an approximate 50% discount to homeownership give the community an affordability cushion and room for potential rent growth. The capital structure is comparatively conservative: a single fixed-rate loan at 5.07% with no amortization risk during the term, a 46.5% loan-to-offering-price ratio, and no balloon until February 2036, giving the ten-year business plan runway. The Trust funded meaningful reserves at closing, including a $2,174,299 Supplemental Trust Reserve plus replacement and repair reserves, providing an operating buffer. Investors gain truly passive exposure - the master-lease structure and a Greystar-affiliated property manager handle operations - while the DST format preserves 1031 eligibility, offers monthly distributions estimated to begin at 4.42% and projected to reach 5.76%, and allows tax deferral both at entry (via the exchange) and on a portion of ongoing income (via depreciation). The Sponsor, Griffin Capital, is an experienced firm citing over $24 billion in programs and $300 million-plus of co-investment. Low minimums ($100,000 for 1031, $25,000 cash) make the offering accessible to a range of exchangers seeking to place proceeds within tight identification and closing windows.
Concerns
The PPM describes the Trust as highly speculative and illiquid, suitable only for investors who can bear a complete loss and hold for an indefinite period. There is no public market for the interests, and beneficial owners have no voting rights over management, operations, or the sale of the Property. This is a single-asset offering concentrated in one 138-unit community in one submarket (Jenks, OK), so there is no diversification - occupancy, rent, and value depend on the local multifamily market and competition from nearby communities, some managed by the same property manager. The offering is a best-efforts deal with no minimum raise, and the loan is interest-only with the entire principal due as a balloon at the February 2036 maturity, creating refinancing and exit-timing risk; prepayment terms may constrain the exit, and cash-management or cash-flow-sweep events could restrict distributions. Distributions are not guaranteed and are supported in part by reserves, including a $2,174,299 Supplemental Trust Reserve, and the Master Tenant - a Sponsor affiliate capitalized via a Sponsor-funded Demand Note - may defer a portion of rent under the Master Lease, so income relies on the performance of affiliated parties. Numerous conflicts of interest exist among the Sponsor, Manager, Master Tenant, Property Manager, and their affiliates. Fees and load are significant: an approximately 9.35% selling load (6% sales commissions plus dealer-manager, marketing/due-diligence, and organization/offering expenses), a 2.5% acquisition fee (about $931,250), a $177,837 financing fee, a 2.5% disposition fee, and ongoing property management fees of 2.75% of gross collections. The $43,975,998 offering price exceeds the $37,250,000 property purchase price, meaning investors pay a premium over the underlying real estate cost. Tax benefits are not assured: use of exchange funds to pay certain acquisition costs may create taxable boot, and 1031/DST and Section 721 treatment depend on assumptions that could be challenged.
Griffin Capital Tulsa BTR DST — Complete Offering Data
Offering & Structure
Investment NameGriffin Capital Tulsa BTR DST
SponsorGriffin Capital
StructureDelaware Statutory Trust (DST)
Offering Type506(c)
StatusConfirm Availability
Last Updated2026-08-05
Size & Availability
Total Offering$43,975,998
Equity$23,520,998
Debt$20,455,000
Available Equity$3,000,000 (12.8% of equity)
Minimum Investment$100,000
Total Load14.07%
Initial Reserves9.64%
Property
Property TypeMultifamily
StrategyCore-Plus
LocationOK
Market TierTier 3
Income & Projections
Average Yield4.81%
Projected Yields (Y1–Y10)Y1 4.42% · Y2 4.42% · Y3 4.49% · Y4 4.51% · Y5 4.53% · Y6 4.64% · Y7 4.84% · Y8 5.11% · Y9 5.43% · Y10 5.76%
Tax-Adjusted Yield11.26%
Cap Rate Equivalent8.33%
Year 1 NOI$2,148,624
Y1 Payout Ratio1.07
Financing
In-Place LTV46.51% LTV
LenderJLL Real Estate Capital, LLC
Loan TypeFixed
Interest Rate5.07% (Fixed)
Loan Term10 years
I/O Period10 years
AmortizationN/A (interest-only)
Y1 DSCR2.04x
Exit
Estimated Hold Period10 years
721 Exchange ExitNone
Benchmarks (vs sector median)
Avg. Income4.81% vs 4.85% market — Meets Average
Growth30.32% vs 24.88% market — Above Average
Peak5.76% vs 5.55% market — Meets Average
Every data point Baker 1031 tracks for this offering, in one place. Figures are drawn from the offering’s private placement memorandum and sponsor materials unless noted, are summaries for convenience only, and are qualified in their entirety by the PPM. Tap the ⓘ icon next to any label for what it means and how it is calculated.
