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Current Offerings  /  FREX DB Series I DST
Available506(c)721 Exchange: Optional

FREX DB Series I DST

SponsorFortress
LocationWest Virginia
Property TypeStudent Housing, Multifamily
$75,983,939
Total Investment
47.12%
LTV
6.24%
Income Average
10 years
Estimated Hold Period

Investment Description

The Trust owns Domain at Town Centre, a 336-unit, 365,252-square-foot student-housing community near West Virginia University in Morgantown, West Virginia. The property was approximately 93% leased in March 2026 and approximately 73% pre-leased for the 2026/2027 academic year. It is leased to a Sponsor-affiliated Master Tenant, with third-party property management by GREP Atlantic.

The Trust has a $35.805 million, 10-year, fixed-rate 6.098% interest-only loan from Wells Fargo, at 47.1% loan-to-capitalization. The PPM forecasts cash-on-cash returns of 5.00% in year one, increasing to 7.69% in year ten. The FMV option can be exercised after the required holding period, but each investor independently elects cash or exchange-entity units; the 721 option is investor-optional.

Investment Sponsor
Fortress
Availability Status
Available
Registration
506(c)
721 Exchange
Optional
Property Type
Student Housing, Multifamily
Equity
$40,178,939
Debt
$35,805,000
Total Investment
$75,983,939
LTV
47.12%
Initial Reserves
$3,136,706
Lender
Wells Fargo Bank, N.A.
Interest Rate
6.10%
Amortization
Interest-only
Loan Term
10 years
Estimated Hold Period
10 years

Projected Cash Flow

Cash Flow Basis: Projected Investor Distribution · Forecast Through: Year 10 · Post-Forecast Treatment: 10-Year Projection
PPM provides a 10-year investor distribution forecast: 5.00% in Year 1 to 7.69% in Year 10.

Highlights

1
Wells Fargo loan is fixed at 6.098% and interest-only for the full 10-year term.
2
47.1% loan-to-capitalization provides a meaningful equity cushion versus the stated capital stack.
3
Student-housing asset was 93% leased and 73% pre-leased for the next academic year at underwriting.
4
PPM forecasts cash-on-cash returns from 5.00% in year one to 7.69% in year ten.
5
FMV structure permits each investor to elect cash or units if the option is exercised.

Jerry Baker's Notes

Before you read these notes

Jerry Baker's Notes are his opinion, shared to help frame a conversation. They are not investment advice, a recommendation, or an offer, and they are not a substitute for the offering documents. Review the Private Placement Memorandum for complete information, including risk factors, before making any decision.

I understand · Show the notes

Debt sizing is moderate at 47.1% LTC and initial debt service is interest-only, which supports forecasted cash flow. However, the effective credit support is not institutional: the Master Tenant is newly formed and capitalized by a $1.5 million affiliate demand note, with no further sponsor or affiliate funding obligation. Master Lease income should be treated as a claim on that limited-capital entity and on the underlying student-housing NOI, not a parent guarantee.

Operational risk is concentrated in WVU enrollment, academic-year leasing, and Morgantown student-housing supply. The 10-year balloon must be addressed through sale, assumption, or a post-DST restructuring/refinancing; the 7.69% year-ten forecast does not eliminate exit-cap-rate or maturity risk.

Property Addresses

15000 Domain Drive, Morgantown, WV 26501

Offering Documents

Download all documents (.zip)
FREX DB Series I DST - PPM.pdfDownloadFREX DB Series I DST - Brochure.pdfDownload
Documents are provided by the sponsor for registered investors. Review the Private Placement Memorandum in full, including risk factors, before making any decision.

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