IDEAL Ecco Park DST Overview
IDEAL Ecco Park DST is a Delaware statutory trust (DST) offering sponsored by an affiliate of IDEAL Capital Group Holdings, LLC ("IDEAL Capital Group"), a vertically integrated real estate investment company that targets multifamily assets in primary and secondary U.S. markets. The Trust owns a fee simple interest in Ecco Park, a 360-unit, newer-vintage garden-style apartment community located at 3461 Huddle Way in Canal Winchester, Ohio, within the Columbus metropolitan statistical area. Completed in 2024, the property comprises fifteen three-story residential buildings totaling approximately 373,548 net rentable square feet on roughly 23.73 acres, together with a single-story clubhouse and six garage buildings. Units feature full kitchens with dishwasher, disposal, refrigerator and range, wood cabinetry and laminate countertops, and residents enjoy a fitness room, grilling station, social lounge, community pool, playground and dog park. As of the March 19, 2026 rent roll, the community was 92.50% occupied and 94.44% leased at an average monthly rent of approximately $1,449 per unit.
The Trust acquired the property on March 24, 2026 from an unaffiliated seller for a purchase price of $83,000,000, against a CBRE appraised value of $83,800,000 that reflects the net present value of a 15-year municipal tax abatement. The offering raises up to approximately $45,670,000 of beneficial interests, representing 100% of the Trust, complemented by a $48,855,000 fixed-rate Freddie Mac loan originated through Walker & Dunlop. The property is master-leased on a triple-net basis to an affiliated master tenant and professionally managed by Coastal Ridge Management, a Columbus-based operator. Investors hold a passive, non-managed beneficial interest and receive monthly distributions; the sponsor's business plan is to operate the community and sell it prior to the loan's April 1, 2036 maturity.
Structured to accommodate Section 1031 like-kind exchanges, the offering is designed for accredited investors seeking to defer capital gains on the sale of appreciated real estate while reinvesting into professionally managed multifamily real estate in an institutional location. The minimum investment is $100,000 for Section 1031 exchangers and $25,000 for cash investors. It is best suited to investors who want passive monthly income, do not need liquidity, and can bear the risks of a single-asset, leveraged, illiquid real estate program.
Highlights
Ecco Park is positioned in the Columbus, Ohio MSA, one of the Midwest's fastest-growing metros, with a population of roughly 2.2 million that has expanded about 12% over the past decade and is projected to grow another 6-10% over the next ten years. The property sits in the Canal Winchester submarket in southwest Franklin County, approximately seven miles southeast of the Columbus central business district, a commute of roughly fifteen minutes via I-70, I-270 and U.S. Highway 33. It lies about 20 minutes from The Ohio State University, whose record enrollment of nearly 67,000 students, approximately 50,000 staff and 22,000-plus Wexner Medical Center employees anchor a stable, recession-resilient renter base exceeding 70,000 across the metro. Columbus benefits from a diversified employment base that includes Nationwide, JPMorgan Chase, Kroger, Amazon, Honda and FedEx, a cost of living roughly 5% below the U.S. average, and major growth catalysts such as Anduril's planned 5 million-square-foot defense facility (about 4,000 jobs) and a $2 billion John Glenn International Airport terminal expansion. Residents also have convenient access to retail at Gender Road Towne Center and the Eastland-area centers, plus A-minus rated Canal Winchester public schools.
Completed in 2024, Ecco Park is a newer-vintage, garden-style community of 360 apartments across fifteen three-story buildings and roughly 373,548 net rentable square feet, offering one-, two- and three-bedroom floorplans (1x1, 2x2 and 3x2 layouts). The wood-framed buildings sit on concrete foundations with brick and vinyl exteriors and pitched asphalt-shingle roofs. In-unit features include full kitchens with dishwasher, disposal, refrigerator, electric range and microwave, wood cabinetry, laminate countertops, in-unit laundry hookups, individual electric HVAC and 40-gallon water heaters, and a wet fire-sprinkler system throughout. Community amenities include a leasing office and clubhouse with fitness center, swimming pool, playground and dog park, along with 645 parking spaces (72 detached garages, 558 surface and 15 ADA). The Property Condition Report rates the community in good overall condition, identifying only $4,100 of immediate repairs and modest long-term capital needs of roughly $200 per unit per year. As of the March 19, 2026 rent roll the community was 92.50% occupied and 94.44% leased at an average rent of about $1,449 per unit, and it is professionally operated by Coastal Ridge Management, a leading Ohio multifamily manager overseeing an estimated $6.4 billion of assets.
The Trust capitalized the acquisition with approximately $45,670,000 of equity (100% of the Interests) and a $48,855,000 first-mortgage loan originated by Walker & Dunlop under the Freddie Mac Capital Markets Execution Program and assigned to Freddie Mac at closing. The loan bears a fixed interest rate of 5.17% over a ten-year term maturing April 1, 2036, with interest-only payments during the first five years followed by amortizing payments thereafter, which supports distributable cash flow in the early hold period. Leverage is moderate for the sector: the loan equals roughly 59% of the $83,000,000 purchase price and about 51.7% of total capitalization of $94,525,000. The loan is nonrecourse to investors, with customary non-recourse carve-out and environmental indemnity guaranties provided by sponsor principals Austin Herzog and Kevin Conway. The Trust also funded meaningful reserves at closing, including a $2,173,049 Trust reserve, a $180,000 lender replacement reserve and a $173,565 tax and insurance reserve, providing a cushion for capital needs and uncontrollable expense overages. The fixed-rate, longer-dated agency debt insulates the offering from near-term interest-rate volatility, although a balloon repayment of outstanding principal comes due at the 2036 maturity.
The offering is sponsored by IDEAL Capital Group Holdings, LLC ("IDEAL Capital Group"), a vertically integrated real estate investment company headquartered in Clovis, California that targets multifamily assets across primary and secondary U.S. markets. Its in-house asset management, construction management and development teams are intended to drive operational efficiency and align interests across the property's cost structure. Sponsor principals include Austin Herzog (President), Kevin Conway (Managing Director) and Peter Herzog; the principals provide the lender's required non-recourse carve-out and environmental guaranties and personally guarantee the acquisition's bridge capital, evidencing alignment. Day-to-day operations are handled by Coastal Ridge Management, an unaffiliated third-party operator founded in 2013 and headquartered in Columbus, Ohio, widely regarded as a premier Ohio multifamily manager; Coastal Ridge manages an estimated $6.4 billion in multifamily assets across more than 50 markets and brings local depth and institutional scale. IDEAL affiliates also serve as the Trust's administrative trustee, asset manager and master tenant. Investors should note that these affiliated entities are newly formed, single-purpose vehicles with limited operating history, and their agreements with the Trust were not negotiated at arm's length.
The offering is structured to qualify as replacement property for investors completing a Section 1031 like-kind exchange, allowing deferral of federal and state capital gains and depreciation-recapture taxes on the sale of appreciated real estate. Special tax counsel has rendered an opinion that acquisition of an Interest "should" be treated as a direct acquisition of the underlying real estate for Section 1031 purposes, consistent with IRS Revenue Ruling 2004-86, which sanctioned the DST structure. Each investor owns a beneficial interest treated as direct ownership of the property, receives monthly distributions, and is allocated a pro rata share of the nonrecourse loan (approximately $106,974 of debt per $100,000 invested) to help satisfy exchange debt-replacement requirements, with a $100,000 minimum accommodating a range of exchange sizes. Investors also benefit from a 15-year municipal tax abatement covering 100% of the improved building value through tax year 2039, which enhances net cash flow. The Trust's exit strategy is a sale of the property prior to the loan's 2036 maturity, at which point sale and reserve proceeds are distributed pro rata and investors may pursue a subsequent 1031 exchange. Notably, this offering contemplates a straightforward property sale and does not include a REIT or UPREIT (Section 721) roll-up liquidity option.
Analysis of IDEAL Ecco Park DST
Insights
For a 1031 exchanger, IDEAL Ecco Park DST presents a recognizable, institutional-quality profile: a newly built (2024) multifamily asset in a growth Midwest metro, moderate fixed-rate agency leverage, and a passive DST wrapper backed by a favorable tax opinion. The central analytical question is whether the in-place economics justify the offering's capitalized price. Investors fund roughly $45,670,000 of equity against a property purchased for $83,000,000 with $48,855,000 of debt, meaning the equity raised (about $45.7 million) materially exceeds the property's net acquisition equity of approximately $34 million (purchase price less loan). That spread funds selling commissions and offering expenses of about 9.5%, an acquisition fee, loan and structuring fees, bridge-capital carry costs and reserves, and it must be earned back through appreciation and the tax abatement before an investor is made whole on a resale. This load is customary for DST offerings, but it means the exit sale price - and the exit cap rate - is the dominant driver of total return; a flat or softening Columbus multifamily market over the hold could leave limited residual equity after repayment of the loan, the disposition fee and closing costs. The 15-year tax abatement (through 2039) is a genuine value lever - the appraiser attributes roughly $13.31 million of value to it - but it is conditional on maintaining 72 income-restricted units, so compliance risk feeds directly into both cash flow and terminal value.
On risk and return, the five-year interest-only period supports early distributions, but investors should track actual occupancy and rent growth against the Financial Forecast assumptions. The community was 92.50% occupied at acquisition, modestly below the ~95.8% submarket average, and the Reynoldsburg/Far East Columbus submarket recently posted negative net absorption with flat-to-soft asking rents and meaningful new deliveries - a signal that near-term rent growth may be modest. Because the master tenant is a thinly capitalized (a $1,000,000 demand note), newly formed sponsor affiliate, the durability of distributions rests on property-level performance and Coastal Ridge's operating execution rather than on any tenant credit. Key items to monitor include occupancy and concessions versus pro forma; expense growth, particularly insurance and real estate taxes (uncontrollable-expense overages flow back to the Trust and reduce investor cash flow); radon remediation costs; and the refinance-or-sale outcome around 2036 relative to the roughly low-5% implied acquisition yield. Compared with net-lease retail or all-cash DSTs, this is a leveraged, operationally intensive multifamily deal - higher potential upside from rent growth and the abatement, but greater sensitivity to leverage, local supply and exit pricing. It fits an exchanger who must place both equity and replacement debt, wants passive multifamily exposure in a growth market, has no liquidity need over an approximately ten-year horizon, and is comfortable with single-asset concentration, sponsor-affiliate conflicts of interest, and the absence of any REIT/721 roll-up alternative to a straightforward market sale.
Advantages
The offering pairs a newly built (2024), well-amenitized garden-style multifamily community with an institutional location in the growing Columbus, Ohio MSA, a market supported by a diversified employer base, The Ohio State University and its medical center, above-average population growth and below-average cost of living. In-place fundamentals are healthy: as of March 2026 the community was 92.50% occupied and 94.44% leased at roughly $1,449 average rent, while the surrounding submarket reported occupancy near 95.8%. The property was acquired at $83,000,000, modestly below its $83,800,000 appraised value. A long-term, 15-year property tax abatement on 100% of the improved building value (effective through 2039) materially reduces operating expense and supports distributable cash flow. Financing is attractive for the current environment: a $48,855,000 Freddie Mac loan fixed at 5.17% for ten years, interest-only for the first five years, nonrecourse to investors and at moderate leverage of roughly 59% of purchase price, which limits refinancing and rate exposure during the hold. Meaningful closing reserves (a $2.17 million Trust reserve plus lender tax/insurance and replacement reserves) provide a capital cushion. The DST structure delivers genuinely passive ownership: a triple-net master lease shifts operating and expense responsibility to the affiliated master tenant, professional management is provided by Coastal Ridge, a roughly $6.4 billion Ohio multifamily operator, and investors receive monthly distributions with no management duties. For Section 1031 exchangers, the offering provides turnkey replacement property with a favorable tax opinion, a low $100,000 minimum, pre-arranged nonrecourse financing that satisfies debt-replacement needs, and the ability to reinvest exchange proceeds into a professionally managed asset. The sponsor is vertically integrated with in-house asset, construction and development capabilities, and its principals personally guarantee the loan carve-outs and bridge capital.
Concerns
An investment in the Interests is speculative, illiquid and suitable only for accredited investors who can bear a complete loss. There is no public market for the Interests, and transfer is restricted and subject to trustee consent, so investors should expect to hold for an indefinite period and may not realize a return for years, if at all. The DST structure affords investors no voting rights or control: the administrative trustee alone decides when to sell and how the property is operated, cannot be removed except for willful misconduct, fraud or gross negligence, and does not owe investors an ordinary fiduciary duty. The offering is a single, non-diversified asset in one submarket, so performance depends entirely on one property, its residents and local Columbus multifamily conditions; rising vacancy, concessions or expenses could reduce or eliminate distributions, and the submarket has recently shown negative net absorption and flat-to-soft asking rents amid new supply. The property is leveraged with a $48,855,000 loan requiring a balloon repayment at its April 1, 2036 maturity; if the property cannot be sold or refinanced on favorable terms, investors could lose their investment through foreclosure, and prepayment/defeasance provisions may constrain the exit and its timing. Distributions ultimately depend on an affiliated, newly formed master tenant capitalized with only a $1,000,000 demand note that may prove insufficient; the master tenant has no operating history and its rent obligation is contingent on property performance. Numerous fees and a substantial offering load reduce invested capital: selling commissions and offering expenses of about 9.5% of equity, plus an acquisition fee (~$830,000), structuring/financing and bridge carry costs, and a 2.5% disposition fee; the $45,670,000 offering price exceeds the property's net equity acquisition cost and was not set through arm's-length negotiation. The 15-year tax abatement requires ongoing affordable-housing compliance (72 income-restricted units), and non-compliance can trigger penalty payments of 20% to 90% of abated taxes, reducing returns. Environmental testing found elevated short-term radon in 63 of 360 units, which may require mitigation and unanticipated cost. Finally, Section 1031 qualification is not guaranteed - tax counsel provides only a "should" opinion, each investor's exchange is their own responsibility, and a Springing LLC conversion in a distress scenario would forfeit future 1031 eligibility and may create taxable consequences. Reserves may be inadequate, and the trustee may withhold distributions to replenish them.
IDEAL Ecco Park DST — Complete Offering Data
Offering & Structure
Investment NameIDEAL Ecco Park DST
SponsorIDEAL Capital Group
StructureDelaware Statutory Trust (DST)
Offering Type506(c)
StatusClosed
Last Updated2026-08-03
Size & Availability
Total Offering$94,525,000
Equity$45,670,000
Debt$48,855,000
Available Equity$0 (0% of equity)
Minimum Investment$100,000
Total Load10.56%
Initial Reserves2.30%
Property
Property TypeMultifamily
StrategyCore-Plus
LocationOH
Market TierTier 1
Income & Projections
Average Yield5.08%
Projected Yields (Y1–Y10)Y1 4.69% · Y2 4.69% · Y3 4.71% · Y4 4.97% · Y5 5.21% · Y6 4.74% · Y7 5.03% · Y8 5.25% · Y9 5.54% · Y10 5.93%
Tax-Adjusted Yield11.53%
Cap Rate Equivalent8.61%
Financing
In-Place LTV51.68% LTV
LenderWalker & Dunlop / Freddie Mac
Loan TypeFixed
Interest Rate5.17% (Fixed)
Loan Term10 years
I/O Period5 years
Amortization30 years (after I/O)
Y1 DSCR1.75x
Exit
Estimated Hold Period10 years
721 Exchange ExitNone
Benchmarks (vs sector median)
Avg. Income5.08% vs 4.85% market — Meets Average
Growth26.44% vs 24.76% market — Meets Average
Peak5.93% 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.
