Colorado Growth 1 - Holly Ridge DST

Offering Overview

A Walton Global Holdings-sponsored land-banking offering to acquire ~70.5 acres of undeveloped agricultural land at the northwest corner of State Highway 7 and Holly Street in unincorporated Adams County, Colorado, in the path of growth toward the City of Thornton in the north Denver metro. The Trust acquires the land all-cash/free-and-clear for ~$4,500,000 within a $6,469,972 all-equity raise (inclusive of syndication costs, a sponsor acquisition fee, a prepaid asset-management fee, trust expenses, and reserves). The Property is not presently zoned or entitled; the business plan is to hold the raw land for appreciation and, after a minimum 12-month hold post-final-closing, market it for sale to a national homebuilder or developer via a single-buyer staged sale (up to two installments) over an anticipated ~4-5 year hold. The Trust generates no rental revenue and makes no distributions to investors until the land is sold - the entire return is appreciation realized on disposition. There is no debt, no master lease, no current income, and no 721/UPREIT exit; the bare legal title is held by the Administrative Trustee (Holly Ridge Keeper, LLC) and the Dealer Manager is ARKap Markets, LLC. Adams County/north Denver is a high-growth corridor, but the investment carries entitlement, zoning, wetlands, and absorption risk, with no assurance the exit is achieved.

Investment Highlights

• This is a pure land-banking appreciation play: the Trust acquires raw agricultural land for ~$4.5M with the sole objective of realizing appreciation on a future sale to a homebuilder or developer. There is no current income, so the return is binary on the eventual disposition price and timing rather than on contractual cash flow.
• The ~70.5-acre parcel sits in a path-of-growth location at SH-7 and Holly Street in unincorporated Adams County, in the growth corridor of the City of Thornton in the north Denver metro, a market with population and housing demand that underpins the land-appreciation thesis.
• The land is acquired debt-free and all-cash with no mortgage, eliminating refinancing, maturity, and foreclosure risk and removing carry-cost leverage. The offsetting feature is that, with no income, reserves and a prepaid asset-management fee are funded upfront from offering proceeds to cover a multi-year hold.
• Entitlement and zoning are unresolved: the Property is not presently zoned or entitled for development, future entitlements would follow City of Thornton zoning upon annexation (per the Otten Johnson entitlement memo), and the National Wetlands Inventory flags potential wetlands. Both are gating items to a developer sale and represent the central execution risk.
• The exit is a staged sale over an anticipated ~4-5 year hold: after a minimum 12-month hold the Trust intends a single-buyer staged sale of up to two installments. If no third-party developer is willing or able to buy on the intended terms, the land may be sold on commercially reasonable terms or to an affiliate of the Administrative Trustee, a conflict-of-interest and pricing risk.

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

Colorado Growth 1 - Holly Ridge is structurally unlike an income-producing net-lease or multifamily DST: it is a speculative, unlevered land-banking vehicle whose return is entirely appreciation realized on a future sale of ~70.5 acres of unentitled Denver-metro land, with no rental income, no distributions during the hold, no master lease, and no 721/UPREIT exit. The thesis rests on north Adams County's growth trajectory and the land's eventual entitlement and absorption by a homebuilder/developer, so the dominant sensitivities are entitlement/zoning success (annexation to Thornton, wetlands resolution), the depth of homebuilder lot demand and pricing at exit, and the timing of the staged sale within the anticipated 4-5 year hold. The debt-free structure removes financing risk but offers no income to offset a delayed exit, and the upfront load (~14.98%) plus a prepaid 5.56% asset-management fee and reserves mean a meaningful portion of equity is consumed by fees and carry rather than land basis. Underwriting feasibility cannot be assessed on contractual cash flow as with the other ledger holdings; it is a binary, appreciation-only, opportunistic bet on Denver-corridor land values and entitlement execution, with an affiliate-sale fallback that warrants scrutiny. This is the first non-income, opportunistic land position in the portfolio and is not comparable to the income-distributing DSTs on the sheet.

Financing

This offering is unleveraged — the DST holds its assets debt-free (0% loan-to-value), so no mortgage financing applies.

Benchmark Comparison

Benchmark reflects the average of comparable Land offerings. Differences are relative to the benchmark.

Offering Documents

Offering Documents Available By Request

About the Sponsor

Walton Global Holdings

Walton Global Holdings is a land asset manager with a 45-plus-year history, managing $3.35 billion and specializing in pre-development land that it supplies to U.S. homebuilders—a genuinely distinctive 1031 asset class. Controlling more than 85,000 acres across 170-plus master-planned communities and serving some 88,000 global investors across 91 countries, Walton has institutionalized land banking through its Builder Land Finance structure, recently bolstered by a 2025 GoldenTree co-investment. The land-to-homebuilder model offers diversification from income real estate but carries entitlement and absorption risk distinct from cash-flowing assets.