The Walk
Crew / KHCA track. Bought 29 Apr 2022 for $45.5 million. Form D $24.7 million; circular offering $29.9 million.
- Asset
- ~87 units / 251 beds · student housing · The Walk · 899 12th Street, Tuscaloosa, AL 35401 (circular loan table; KHCA used 83 units)
- Purchase
- 29 Apr 2022 · $45,500,000 (VIP Bonds circular)
- Senior mortgage
- $27,834,000 · 3.50% · 29 Apr 2022–5 May 2029 · interest-only through 31 May 2027. Circular does not name the lender.
- Master lease
- Recited in the PMA as effective 29 Apr 2022 · DST → The Walk LeaseCo
- Property management
- Book and Ladder LLC · exclusive · 3% of Monthly Gross Revenues + quarterly incentive ($0.25 per dollar of NOI above budget). 1-year term, auto-renew. PMA §6.8 makes Versity Invest a third-party beneficiary.
- Offering
- Form D 9 May 2022 · first sale yetToOccur · $24,694,414 · CIK 0001926553. Circular lists $29,897,965.
- Circular (30 Jun 2023)
- Offering substantially completed · ~1% remaining · occupancy ~99% · ~95% pre-leased for 2023/24. Sponsor disclosure.
- Selling group
- No commissioned sellers listed (
yetToOccur). Pull the subscription ticket if an interest was placed. - Stack
- Unpaid bridge with Vintage, One on 4th, Hayworth. Circular names the revolving mezz Crayhill.
Named throughout the investor thread and the KHCA case as one of the four DSTs under the ~$56M bridge. Delaware action to remove Crew as signature trustee: BCS1 v. The Walk DST. Capital Square webinar target, August 2026.
The VIP Bonds circular says the trust bought the property 29 Apr 2022 for $45,500,000. Senior loan $27,834,000 at 3.50%, 29 Apr 2022–5 May 2029, interest-only through 31 May 2027. The circular does not name that lender. Form D offering $24,694,414; circular offering $29,897,965.
The PMA is dated 29 Apr 2022 (exhibit). The Walk LeaseCo is the Owner; Book & Ladder is exclusive PM at 3% of Monthly Gross Revenues, plus a quarterly NOI incentive. One-year term, auto-renew. PMA §6.8 makes Versity Invest a third-party beneficiary. The PMA recites a master lease the same day and ~87 units / 251 beds. The KHCA complaint used 83 units at 899 12th Street; the circular loan table uses that address.
As of 30 Jun 2023 the circular says the offering was substantially completed (~1% remaining), occupancy about 99%, and about 95% pre-leased for 2023/24. Sponsor disclosure.
EDGAR name is WALK, DST (CIK 0001926553), not “THE WALK, DST.” No commissioned sellers listed. Pull the subscription ticket if an interest was placed.