Your 1031 DST Authority
Trilogy Multifamily Opportunity Zone Fund
Offering Overview
Trilogy Multifamily Opportunity Zone Fund is a $100M Qualified Opportunity Zone fund developing institutional multifamily in designated Opportunity Zones - led by the Edgewater 27 high-rise in Miami's Edgewater submarket, with additional ground-up projects. Sponsored by Trilogy Real Estate Group, a vertically integrated multifamily developer and operator with $5.5B+ in lifetime volume and 14,000+ units now allied with Greystar, the fund targets a 12-14% deal-level IRR and a 2.25-2.75x equity multiple over a 10-year hold, while delivering the Opportunity Zone tax benefits: deferral of reinvested capital gains and tax-free appreciation on the OZ investment when held at least 10 years.
Investment Highlights
- Full Opportunity Zone tax package: defer tax on reinvested capital gains and pay no federal tax on OZ appreciation after a 10-year hold.
- Targets a 12-14% deal-level IRR and a 2.25-2.75x equity multiple over the fund term.
- Ground-up multifamily development anchored by Edgewater 27 in Miami's high-growth Edgewater submarket.
- Sponsored by Trilogy Real Estate Group: $5.5B+ lifetime volume, 14,000+ units, vertically integrated and allied with Greystar.
- Conservative 50-70% target leverage; $100M best-efforts raise; $100,000 minimum investment.
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 suited to investors with recent capital gains seeking long-term, tax-advantaged growth rather than current income - a different profile from a stabilized, income-now DST. Eligible gains must generally be reinvested within 180 days to capture the OZ benefits.
Pros
Powerful OZ tax benefits (gain deferral plus tax-free exit after 10 years); experienced vertically integrated multifamily developer; new-construction product in supply-constrained Sunbelt markets; meaningful GP co-investment alignment.
Cons
Long, illiquid 10-year-plus hold; development and lease-up execution risk; appreciation-driven with limited current income during construction; best-efforts fund with GP discretion over assets and leverage.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | — | 5.03% | — |
| Max Yield | 0.00% | 5.29% | −100.00% |
| 10-Yr Income Growth | 0.00% | 24.74% | −100.00% |
Benchmark reflects the average of comparable Multifamily offerings. Differences are relative to the benchmark.
Offering Documents
Offering Documents Available By Request
About the Sponsor
Trilogy Real Estate Group is a Chicago vertically integrated multifamily owner, developer and manager, founded in 2002, managing $2.6 billion as of early 2025 with more than $5.5 billion in lifetime volume and 14,000-plus units across the Midwest, East and Southwest. Its 2025 strategic partnership with Greystar—the world's largest apartment operator—materially enhances its operating and sourcing capabilities, and it sponsors both DST and QOZ offerings. The combination of vertical integration and the Greystar alliance positions Trilogy as a strengthening multifamily-focused sponsor.
This page describes a specific Delaware Statutory Trust offering (Trilogy Multifamily Opportunity Zone Fund) 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.