Florida Growth 2 - Jubilee 1 DST Overview
Approximately 268 acres of undeveloped forest land north of Berryhill Road and south of Willard Norris Road in Pace, Santa Rosa County, Florida, within the Pensacola-Ferry Pass-Brent MSA. The parcel sits inside the planned Jubilee Master Planned Community along the Florida Panhandle's northerly path of growth, roughly 20 minutes from Naval Air Station Whiting Field and within 10 miles of Interstate 10 and US Highway 90. The thesis is a pre-development land-banking play: acquire entitlable residential land at a basis approximating its February 2024 as-is appraised value ($6,800,000 against a $6,839,610 purchase price), hold it unimproved through an anticipated three-to-five-year hold, and dispose to a single national homebuilder or developer via a staged sale of up to three installments. The vehicle is unleveraged and non-operating, producing no rental income, no depreciation shelter, and no interim distributions, with all investor proceeds back-ended to disposition. Bare legal title is held by the Administrative Trustee (Jubilee Keeper 1, LLC); the Depositor is Jubilee Depositor 1, LLC and the Dealer Manager is Emerson Equity, LLC. Operating strategy is limited to value maintenance, entitlement positioning, and buyer negotiation rather than active asset management or repositioning.
Highlights
The asset's defining attribute is its position within the contiguous Jubilee Master Planned Community footprint along an established northerly growth corridor of the Pensacola MSA, which confers takeout optionality with national homebuilders seeking pre-entitled, scaled residential tracts. Large single-ownership parcels of this size inside a master plan are scarce, and the embedded master-plan framework reduces the entitlement friction a builder would otherwise underwrite, supporting a basis-to-finished-lot spread that anchors the appreciation thesis.
Demand fundamentals are anchored by Naval Air Station Whiting Field, which sustains roughly 2,700 active-duty members and 1,200 civilian employees as a durable, non-cyclical regional employment base, layered atop documented MSA in-migration, retiree settlement, and median household income growth projected near 18.3% over five years. The convergence of military-driven baseline demand with discretionary retiree and family migration diversifies the absorption profile across multiple buyer cohorts.
The all-cash, unleveraged capital structure eliminates the financing-side fragilities that typically dominate DST risk profiles: there is no loan maturity wall, no interest-rate-cap replacement cost, no DSCR covenant, and no lender foreclosure exposure on an asset that by design produces no debt-service coverage. For a non-cash-flowing land position, the absence of leverage removes the most acute mechanism by which a holding-period extension would otherwise destroy equity value.
The exit is architected as a staged sale to a single homebuilder or developer in no more than three installments, a structure that mirrors builder lot-takedown economics and allows the buyer to phase capital deployment against absorption. This alignment can compress marketing risk relative to a fragmented retail land sale and supports price realization at the finished-lot-demand end of the value chain rather than at raw-acreage discounts.
The Sponsor's specialization is narrow and long-tenured, with land-based investment strategies dating to 1979 and an institutional underwriting process evidenced by a third-party market study commissioned from John Burns Research and Consulting. This depth in pre-development land sourcing, entitlement navigation, and homebuilder relationships is the principal operational input distinguishing the vehicle, given that the strategy depends almost entirely on buyer-side execution rather than property operations.
Analysis of Florida Growth 2 - Jubilee 1 DST
Insights
On a risk-adjusted basis, the vehicle trades the financing and operational risks of a conventional leveraged DST for a concentrated, duration-sensitive bet on Florida Panhandle residential land appreciation and homebuilder takeout demand. The positioning is coherent within the current macro cycle insofar as Sun Belt migration and constrained entitled-lot supply continue to support builder land acquisition, but the underwriting's feasibility hinges on two unhedged variables: the timeline to convert raw acreage into builder-ready inventory, and the resilience of homebuilder demand against a higher-for-longer rate environment that directly compresses lot absorption and land bids. The unleveraged structure materially de-risks the hold itself, yet it cannot offset the fact that return realization is singular and exit-dependent, with carrying costs that escalate precisely when a soft homebuilder market would extend the hold. The basis at appraised value provides a measure of downside anchoring, but the appreciation spread required to clear fees and deliver investor return remains the operative assumption, supported by market-study projection rather than in-place cash flow. This is a non-income, opportunistic land position directly analogous to the ledger's Colorado Growth 1 - Holly Ridge holding and is not comparable to the income-distributing DSTs on the sheet.
Advantages
At the micro level, the offering benefits from a purchase price effectively at appraised value, a scaled and contiguous land position inside a coordinated master plan, and an unleveraged structure that insulates equity from rate and refinancing shocks during the hold. The submarket exhibits favorable demographic momentum, with above-MSA income levels, sustained employment growth since 2021, and a defense-anchored demand floor at Naval Air Station Whiting Field. At the macro level, the Florida Panhandle continues to capture domestic migration and retiree formation, and national homebuilders have maintained appetite for entitled land pipelines in lower-cost, high-growth Sun Belt corridors. The reserve account is pre-funded for operating costs, insurance, and property taxes, mitigating carrying-cost shortfall risk during the early hold.
Concerns
The principal asset-specific vulnerability is the binary, back-ended return profile: because the parcel generates no interim income and is non-depreciable raw land, the entire investor outcome depends on a single disposition event, with no current yield to cushion a delayed or impaired exit. Buyer concentration is acute, as the strategy contemplates a sale to one homebuilder, exposing realization to that counterparty's absorption pace, financing access, and rate sensitivity, with an affiliate of the Administrative Trustee positioned as the fallback buyer should no third party transact, an arrangement that introduces a pricing conflict at the most value-critical moment. Entitlement and horizontal-development assumptions embedded in the homebuilder takeout are unexecuted as of acquisition, and large-tract land appraisals rest on thin, subjective comparable sets. Carrying economics deteriorate on extension: an additional asset-management fee accrues at $11,399 per month from the thirty-seventh month through the earlier of sale or the ten-year agreement term, compounding against an asset producing no offsetting income, while the stated three-to-five-year hold is explicitly subject to extension. The aggregate fee and syndication load is substantial relative to a non-operating asset whose only value driver is appreciation.
Florida Growth 2 - Jubilee 1 DST — Complete Offering Data
Offering & Structure
Investment NameFlorida Growth 2 - Jubilee 1 DST
SponsorWalton Global Holdings
StructureDelaware Statutory Trust (DST)
Offering Type506(c)
StatusClosed
Last Updated2026-08-05
Size & Availability
Total Offering$9,671,490
Equity$9,671,490
DebtAll-Cash
Available Equity$0 (0% of equity)
Minimum Investment$100,000
Total Load17.77%
Initial Reserves7.27%
Property
Property TypeLand
StrategyOpportunistic
LocationFL
Market TierTier 3
Income & Projections
Average Yield0.00%
Projected Yields (Y1–Y10)Y1 0.00% · Y2 0.00% · Y3 0.00% · Y4 0.00% · Y5 0.00%
Tax-Adjusted YieldNot disclosed
Cap Rate Equivalent2.50%
Financing
In-Place LTV0.00% LTV
Exit
Estimated Hold Period3-5 years
721 Exchange ExitNone
Benchmarks (vs sector median)
Avg. Income0.00% vs 0.00% market
Peak0.00% vs 0.00% market
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.
