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Olympus Coronado DST property photo

Olympus Coronado DST

Sponsored by Olympus Property
Minimum Investment$25,000
Total Offering$83,560,000
Available Equity$41,320,000 100.00% available
Equity$41,320,000
Debt$42,240,000
In-Place LTV50.55% LTV
Average Yield7.12%
Est. Tax-Adjusted Yield¹13.07%
Cap Rate Equivalent9.38%
LocationTX
Estimated Hold Period7 years
721 Exchange ExitOptional
Total Load14.86%
StrategyCore-Plus
StatusComing Soon / Under Review

Overview

Coronado on Briarwood is a Class A multifamily community at 6000 Briarwood Ave, Midland, Texas, acquired by an Olympus Property affiliate for $76,000,000 and held in a Delaware Statutory Trust. The Trust financed the purchase with a $42,240,000 Fannie Mae loan through Berkadia at a fixed 5.05%, interest-only for the full seven-year term (maturing December 1, 2032). Under a master lease, the Trust targets distributions beginning at 6.23% and rising to 8.24% of invested equity over an approximately seven-year hold, with an optional Section 721 exchange into an affiliated Exchange Entity at disposition. Offered under Rule 506(c).

Highlights

Class A Midland, TX multifamily (Coronado on Briarwood) acquired for $76M, held in a DST.

Fixed 5.05% Fannie Mae (Berkadia) loan, interest-only for the full 7-year term; ~50.6% LTV.

Projected distributions rising from 6.23% to 8.24% over a ~7-year hold (avg ~7.12%).

Optional Section 721 (FMV) exchange into an Olympus Exchange Entity at disposition.

Sponsored by Olympus Property, a Fort Worth multifamily owner-operator founded in 1992 with 54 realized full-cycle deals.

Analysis

Insights

A leveraged single-asset Class A multifamily DST in Midland; the ramp to 8.24% is back-loaded and depends on Olympus growing NOI. Fixed 5.05% interest-only debt and ~50.6% LTV are reasonable, but single-market Permian Basin exposure and the non-triple-net structure concentrate risk.

Advantages

Experienced multifamily sponsor (54 realized full-cycle deals, ~25.7% avg IRR); fixed-rate interest-only financing; larger $76M asset; rising distribution schedule to 8.24%; optional 721 liquidity path.

Concerns

Single-asset, single-market (Midland) concentration; illiquid non-traded interests; master lease is not triple-net; interest-only loan with a 2032 balloon and no refinancing permitted; back-loaded distribution schedule with reliance on reserves to meet targets.

Projected Distributions

Average Yield7.12%
Est. Tax-Adjusted Yield¹13.07%
Cap Rate Equivalent9.38%
Y16.23%
Y26.55%
Y36.79%
Y47.01%
Y57.30%
Y67.74%
Y78.24%

Projected, not guaranteed. Distribution rates are the sponsor’s projections, are not a promise of performance, and can be reduced or suspended. ¹ Estimated Tax-Adjusted Yield reflects the projected impact of depreciation and amortization deductions at an assumed combined federal and state tax rate; individual tax outcomes vary — consult your CPA regarding your specific situation. Cap Rate Equivalent is a Baker 1031 Investments calculation intended to allow comparison with direct property ownership; it is not a sponsor-reported figure and does not represent a rate of return. See the private placement memorandum for the assumptions behind these figures.

Financing

LenderBerkadia Commercial Mortgage LLC (Fannie Mae DUS)
Interest Rate5.05% (Fixed)
Loan Term7 years
I/O Period7 years
AmortizationN/A (interest-only)
Y1 DSCR2.29x

Benchmarks

Avg. Income
This deal7.12%
Market4.99%
Above Average
Growth
This deal32.26%
Market25.67%
Above Average
Peak
This deal8.24%
Market5.34%
Above Average

Benchmarks compare this offering’s projected figures against sector medians computed across current offerings tracked by Baker 1031 Investments as of the last-updated date shown. Benchmark data is internal, unaudited, and subject to change.

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