Olympus Coronado DST Overview
Olympus Coronado DST is a Delaware statutory trust offering up to $41,320,000 of Class A beneficial interests at $1,000 per interest to accredited investors seeking to complete a 1031 exchange or place cash into institutional multifamily real estate. The trust owns a single asset: Coronado on Briarwood, a 384-unit, Class A garden-style apartment community at 6000 Briarwood Avenue in Midland, Texas. Completed in 2020 and situated on approximately 17.84 acres, the property offers studio, one-, two-, and three-bedroom homes averaging 887 square feet, 340,476 net rentable square feet across 18 three-story buildings, and 769 parking spaces including 122 detached garages. The trust acquired the property in November 2025 from an unaffiliated seller for $76,000,000 and financed it with a $42,240,000 fixed-rate, interest-only, nonrecourse Fannie Mae DUS loan through Berkadia. The community was approximately 93% occupied at underwriting. The business plan is to hold the asset for roughly seven years, distribute rent net of debt service and expenses at a rate beginning near 6.23% and rising to 8.24% of invested equity, and then sell. The DST wrapper lets exchangers defer capital gains under Section 1031 while owning a fractional, passively managed interest in a professionally operated community; a master lease with an affiliate of the sponsor, Olympus Property, handles day-to-day operations. The offering suits accredited 1031 investors who want hands-off, single-property multifamily exposure in an energy-driven West Texas market and can accept illiquidity, no management control, and moderate leverage over a multi-year hold.
Highlights
The property sits in Midland, Texas, the commercial heart of the Permian Basin, the most prolific oil and gas producing region in North America, responsible for roughly 47% of U.S. oil output. Midland ranks among the wealthiest U.S. metros on a per-capita basis, with 2023 per capita personal income of $144,532, more than double the U.S. metropolitan average of $69,810, and a median household income of about $91,169 versus the national $83,730. The city has roughly 132,524 residents, and the broader Midland-Odessa-Andrews Combined Statistical Area supports 365,590 people, with unemployment near 3.0%. Major energy employers including Chevron, ExxonMobil, ConocoPhillips, Occidental Petroleum, and Pioneer Natural Resources maintain significant operations within two to seven miles of the property, and diversification into healthcare, led by the $123 million Beacon Project, and logistics adds depth to a high-income employment base that underpins local housing demand.
Coronado on Briarwood is a 2020-vintage, Class A garden-style community that competes at the top of the Midland market. Its 384 units average 887 square feet and feature stainless-steel appliances, designer wood flooring, kitchen islands, farmhouse-style sinks, walk-in closets, in-unit washers and dryers, and LED lighting, with select homes adding glass countertops, garden-style soaking tubs, and walk-in showers. Community amenities include a resort-style swimming pool with spa, a state-of-the-art fitness center, a beer garden, an arcade and billiards room, a golf and hunting simulator, a fenced dog park with pet wash station, multiple outdoor cooking areas, and a resident clubhouse with kitchen and package facilities, all secured by controlled-access entry. The property spans roughly 17.84 acres with 18 three-story buildings and 769 parking spaces, including 122 detached garages. It was approximately 93.0% occupied as of the August 2025 rent roll, and the sponsor underwrites stabilized occupancy of 94.5% to 95%.
The offering is capitalized with $41,320,000 of equity and a $42,240,000 first-mortgage loan from Berkadia Commercial Mortgage under the Fannie Mae DUS program, for total capitalization of $83,560,000. The loan carries a fixed 5.05% interest rate, is interest-only for its entire term, and is nonrecourse to the trust and holders, meaning there is no principal amortization and no personal liability. Leverage is moderate: the loan-to-cost ratio is approximately 55.58% against the $76,000,000 purchase price, and roughly 50.55% to 51.42% measured against the equity purchase price paid by holders. The loan matures on December 1, 2032, aligning with the roughly seven-year hold, and requires a balloon payment at maturity. Because refinancing is not permitted under the DST structure, the property is expected to be sold to retire the debt. The fixed rate insulates cash flow from interest-rate volatility during the hold, and the trust holds $1,418,532 of reserves, including a $1,000,000 operating reserve, to support obligations and targeted distributions.
Olympus Coronado DST is sponsored by affiliates of Olympus Capital Real Estate LLC and Olympus Property, a family-owned Class A multifamily investment and management firm founded in 1992 by principal Chandler Wonderly. Olympus reports a portfolio valued at over $8.5 billion, comprising more than 35,000 units under ownership, development, or management across 16 states, and cites 54 full-cycle events since 2006 without a single capital call in three decades of operation. The prior-performance table lists numerous realized multifamily dispositions with net IRRs to investors generally ranging from roughly 10% to over 30%. The same affiliated Olympus platform serves as master tenant and property manager, aligning operational control with the sponsor's multifamily expertise and its stated practice of maintaining equity in the assets it manages. The leadership team, including CEO Wade Madden, CFO Nehal Patel, and Chief Acquisitions Officer Chase Bennett, brings institutional real estate, tax, and capital-markets backgrounds to the offering.
The trust is structured to let investors acquire replacement property for a Section 1031 exchange, deferring capital gains and depreciation-recapture taxes while stepping into a passive, fractional interest in institutional multifamily real estate. Because the trust is intended to be treated as an investment trust under IRS Revenue Ruling 2004-86, holders are treated as owning a direct interest in real property rather than an entity interest, preserving 1031 eligibility, and the debt allocated to holders can help satisfy exchange replacement-debt requirements. Distributions are targeted to begin near 6.23% and rise to 8.24% of invested equity over the roughly seven-year hold. Beginning two years after the offering termination date, the trust manager holds an optional FMV Option to acquire holders' interests for cash or for units in an affiliated exchange entity, providing a potential tax-efficient path, analogous to a 721 UPREIT contribution, for holders who meet suitability requirements and elect units, though the option is discretionary and not guaranteed.
Analysis of Olympus Coronado DST
Insights
Read this as a leveraged wager on Permian Basin rent durability dressed as stabilized multifamily: the coupon looks like core apartments, but the risk is single-market energy beta. Olympus opens the distribution at 6.23% and steps it to 8.24% by year seven (about 7.12% average), and every screen flags Above Average — income against a ~4.85% multifamily-DST norm, peak yield against ~5.55%, and a ~32% step-up against a ~24.8% sector median. A rich coupon — risk premium, not alpha. Two tells the pitch soft-pedals: the ~14.86% all-in load is nearly double the 8.75% commission figure marketing leads with, so ~85 cents of each dollar reaches real estate; and early distributions are not covered by property NOI — the sponsor funds part of the year-one payout from the $1.42M reserve, making a slice of the headline yield a return of your own capital. The crux is occupancy in a cyclical economy: the model lifts stabilized occupancy to 94.5–95% from the ~93% in place at close, in Midland, where jobs and rents track the oil strip. A fixed 5.05%, interest-only, nonrecourse Fannie loan neutralizes rate and refinance risk, but it balloons December 2032 with no refi permitted, forcing a sale at maturity; watch rig counts, absorption versus pro forma, and the exit cap. The buried point: this is functionally an energy position, so portfolio pairing matters more than the Class A label admits. Olympus is a credible operator — 54 full-cycle exits, ~25.7% average annual return, no capital calls — but it has never operated a DST, the trust and master tenant are newly formed, and the PPM concedes prior programs missed distribution targets. Own it if you are an accredited 1031 investor who can hold seven-plus years, absorb full illiquidity and zero control, and read Midland's energy base as durable; pass if you need diversification, day-one covered income, or a proven DST manager.
Advantages
Institutional-quality asset: a 2020-built, Class A, 384-unit garden-style community with strong amenities in one of the nation's highest per-capita-income metros, acquired at $76,000,000, modestly below the Newmark appraised value of $76,800,000. Turnkey 1031 solution: the DST structure lets accredited exchangers defer capital gains with as little as $250,000 of equity and no management responsibility, with a pre-arranged, nonrecourse loan that satisfies replacement-debt needs without a personal guaranty. Attractive, growing cash flow: targeted distributions start near 6.23% and step up to 8.24% of equity over the hold, supported by a fixed 5.05% interest-only loan that eliminates amortization drag and rate risk during the term. Experienced, aligned operator: Olympus has managed multifamily since 1992, reports a portfolio over $8.5 billion and 54 full-cycle events since 2006 with no capital calls, and serves as both master tenant and property manager, keeping operations in expert hands. Reserves: the trust holds $1,418,532 in reserves, including a $1,000,000 operating reserve, to cushion obligations. Optional tax-efficient exit: the FMV Option offers a potential path to roll into an affiliated exchange entity in a 721-style transaction, or take cash, roughly two years after the offering closes. Strong local demand drivers: major energy employers operate within two to seven miles, unemployment is near 3.0%, and median household income exceeds the national average, underpinning rental demand.
Concerns
Illiquidity and no control: there is no public market for the interests, transfers are restricted, and holders have no voting rights; all decisions, including sale timing, rest solely with the trust manager. Single, undiversified asset: the trust owns only one property in one market, so performance depends entirely on Coronado on Briarwood. Concentrated market risk: Midland's economy is heavily dependent on the cyclical oil and gas industry, and a downturn in energy prices or production could sharply reduce jobs, population, and rental demand. Newly formed entities: the trust, trust manager, and master tenant are newly formed with no operating history, and although Olympus principals are experienced, the manager has never operated a DST; the PPM discloses that some prior Olympus programs did not meet projected income and distribution levels. Reliance on reserves: the sponsor's own projections show the property will not generate enough cash flow to cover operating expenses, capital expenditures, and master-lease rent without drawing on offering-funded reserves, so targeted distributions are partly reserve-supported. Optimistic occupancy: underwriting assumes 93.25% to 95% occupancy, above the roughly 93.0% in place at acquisition. Leverage and balloon: the interest-only loan cannot be refinanced, matures December 1, 2032 with a balloon, and forces a sale to repay it, so a weak sale market could impair returns. Master lease is not a true triple-net lease: the trust remains responsible for certain taxes, insurance, and capital expenses, and a master lease termination event could force conversion to a springing LLC, costing holders their 1031 eligibility. Affiliate conflicts and fees: the master tenant and property manager are sponsor affiliates, the master tenant has limited capital of $25,000 cash plus a $500,000 demand note, and total selling commissions and expenses run up to 8.75% of equity, a load that reduces invested capital. Tax-classification uncertainty and a potential lender cash sweep upon default round out the principal risks.
Olympus Coronado DST — Complete Offering Data
Offering & Structure
Investment NameOlympus Coronado DST
SponsorOlympus Property
StructureDelaware Statutory Trust (DST)
Offering Type506(c)
StatusUnder Review
Last Updated2026-06-21
Size & Availability
Total Offering$83,560,000
Equity$41,320,000
Debt$42,240,000
Available Equity$41,320,000 (100% of equity)
Minimum Investment$25,000
Total Load14.86%
Initial Reserves1.20%
Property
Property TypeMultifamily
StrategyCore-Plus
LocationTX
Market TierTier 3
Income & Projections
Average Yield7.12%
Projected Yields (Y1–Y10)Y1 6.23% · Y2 6.55% · Y3 6.79% · Y4 7.01% · Y5 7.30% · Y6 7.74% · Y7 8.24%
Tax-Adjusted Yield13.07%
Cap Rate Equivalent9.38%
Financing
In-Place LTV50.55% LTV
LenderBerkadia Commercial Mortgage LLC (Fannie Mae DUS)
Loan TypeFixed
Interest Rate5.05% (Fixed)
Loan Term7 years
I/O Period7 years
AmortizationN/A (interest-only)
Y1 DSCR2.29x
Exit
Estimated Hold Period7 years
721 Exchange ExitOptional
Benchmarks (vs sector median)
Avg. Income7.12% vs 4.85% market — Above Average
Growth32.26% vs 24.76% market — Above Average
Peak8.24% vs 5.55% market — Above 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.
