Florida Growth 2 - Jubilee 1 DST

Offering Overview

Approximately 268 acres of undeveloped forest land north of Berryhill Road and south of Willard Norris Road in Pace, Santa Rosa County, Florida, within the Pensacola-Ferry Pass-Brent MSA. The parcel sits inside the planned Jubilee Master Planned Community along the Florida Panhandle's northerly path of growth, roughly 20 minutes from Naval Air Station Whiting Field and within 10 miles of Interstate 10 and US Highway 90. The thesis is a pre-development land-banking play: acquire entitlable residential land at a basis approximating its February 2024 as-is appraised value ($6,800,000 against a $6,839,610 purchase price), hold it unimproved through an anticipated three-to-five-year hold, and dispose to a single national homebuilder or developer via a staged sale of up to three installments. The vehicle is unleveraged and non-operating, producing no rental income, no depreciation shelter, and no interim distributions, with all investor proceeds back-ended to disposition. Bare legal title is held by the Administrative Trustee (Jubilee Keeper 1, LLC); the Depositor is Jubilee Depositor 1, LLC and the Dealer Manager is Emerson Equity, LLC. Operating strategy is limited to value maintenance, entitlement positioning, and buyer negotiation rather than active asset management or repositioning.

Investment Highlights

• The asset's defining attribute is its position within the contiguous Jubilee Master Planned Community footprint along an established northerly growth corridor of the Pensacola MSA, which confers takeout optionality with national homebuilders seeking pre-entitled, scaled residential tracts. Large single-ownership parcels of this size inside a master plan are scarce, and the embedded master-plan framework reduces the entitlement friction a builder would otherwise underwrite, supporting a basis-to-finished-lot spread that anchors the appreciation thesis.
• Demand fundamentals are anchored by Naval Air Station Whiting Field, which sustains roughly 2,700 active-duty members and 1,200 civilian employees as a durable, non-cyclical regional employment base, layered atop documented MSA in-migration, retiree settlement, and median household income growth projected near 18.3% over five years. The convergence of military-driven baseline demand with discretionary retiree and family migration diversifies the absorption profile across multiple buyer cohorts.
• The all-cash, unleveraged capital structure eliminates the financing-side fragilities that typically dominate DST risk profiles: there is no loan maturity wall, no interest-rate-cap replacement cost, no DSCR covenant, and no lender foreclosure exposure on an asset that by design produces no debt-service coverage. For a non-cash-flowing land position, the absence of leverage removes the most acute mechanism by which a holding-period extension would otherwise destroy equity value.
• The exit is architected as a staged sale to a single homebuilder or developer in no more than three installments, a structure that mirrors builder lot-takedown economics and allows the buyer to phase capital deployment against absorption. This alignment can compress marketing risk relative to a fragmented retail land sale and supports price realization at the finished-lot-demand end of the value chain rather than at raw-acreage discounts.
• The Sponsor's specialization is narrow and long-tenured, with land-based investment strategies dating to 1979 and an institutional underwriting process evidenced by a third-party market study commissioned from John Burns Research and Consulting. This depth in pre-development land sourcing, entitlement navigation, and homebuilder relationships is the principal operational input distinguishing the vehicle, given that the strategy depends almost entirely on buyer-side execution rather than property operations.

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

On a risk-adjusted basis, the vehicle trades the financing and operational risks of a conventional leveraged DST for a concentrated, duration-sensitive bet on Florida Panhandle residential land appreciation and homebuilder takeout demand. The positioning is coherent within the current macro cycle insofar as Sun Belt migration and constrained entitled-lot supply continue to support builder land acquisition, but the underwriting's feasibility hinges on two unhedged variables: the timeline to convert raw acreage into builder-ready inventory, and the resilience of homebuilder demand against a higher-for-longer rate environment that directly compresses lot absorption and land bids. The unleveraged structure materially de-risks the hold itself, yet it cannot offset the fact that return realization is singular and exit-dependent, with carrying costs that escalate precisely when a soft homebuilder market would extend the hold. The basis at appraised value provides a measure of downside anchoring, but the appreciation spread required to clear fees and deliver investor return remains the operative assumption, supported by market-study projection rather than in-place cash flow. This is a non-income, opportunistic land position directly analogous to the ledger's Colorado Growth 1 - Holly Ridge holding 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.