Your 1031 DST Authority
BT Athens Student Housing DST
Offering Overview
BT Athens Student Housing DST is a $72.1 million Delaware Statutory Trust offering The Summit at Coates Run, an 856-bed, 239-unit Class A student housing community about one mile from Ohio University in Athens, Ohio. Built in 2009 and renovated in 2019 and 92.98% occupied at the offering date, it is sponsored by Baker Tilly, the 10th-largest accounting and advisory firm in the U.S. The DST carries fixed-rate, interest-only financing through Old National Bank and projects a 4.70% first-year distribution rising to 5.21% by year 10 (4.96% average), with a $100,000 minimum and a full 721 UPREIT exit option.
Investment Highlights
- 856-bed, 239-unit Class A student housing community about one mile from Ohio University (30,682 students, up 3.6% year over year).
- 4.70% Year-1 distribution rising to 5.21% by Year 10 (4.96% average).
- Fixed-rate, interest-only loan (5.72%, Old National Bank); 47.68% LTV; 2.04x Year-1 DSCR.
- Built 2009, renovated 2019; 92.98% occupied; fully furnished, by-the-bed leasing.
- Sponsored by Baker Tilly; $100,000 minimum; full 721 UPREIT exit option.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
Best for income-oriented 1031 investors comfortable with student-housing seasonality. The 721 option allows a future tax-deferred roll-up, but the high equity load and flat early yield reward a long hold.
Pros
Stabilized student-housing asset serving a major state university with historically high occupancy and limited new supply; fixed-rate interest-only debt removes near-term rate risk; experienced advisory-firm sponsor; 721 UPREIT optionality.
Cons
Student housing must re-lease every academic year with summer lease-up risk; competitive nearby supply; flat distribution growth in years 1-5; roughly 19.6% load on equity; long-term U.S. college enrollment is projected to decline.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | 4.96% | — | — |
| Max Yield | 4.72% | — | — |
| 10-Yr Income Growth | 0.43% | — | — |
Benchmark reflects the average of comparable Student Housing offerings. Differences are relative to the benchmark.
Offering Documents
Offering Documents Available By Request
About the Sponsor
Baker Tilly is a top-tier accounting and advisory firm, not a real estate sponsor, and appears in the 1031/DST ecosystem as a tax, cost-segregation and transaction advisor rather than as an issuer of offerings. Investors should treat its presence on a sponsor list as a service-provider relationship; it originates no property programs and carries no sponsor AUM.
This page describes a specific Delaware Statutory Trust offering (BT Athens Student Housing DST) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.