1031 Crowdfunding Buys Memory Care Portfolio for DST Offering

1031 Crowdfunding reported that its affiliate, 1031 CF Properties, has purchased the Iris Memory Care Portfolio, comprised of two memory care facilities located in the Dallas-Fort Worth and Oklahoma City metropolitan statistical areas.

1031 Crowdfunding reported that its affiliate, 1031 CF Properties, has purchased the Iris Memory Care Portfolio, comprised of two memory care facilities located in the Dallas-Fort Worth and Oklahoma City metropolitan statistical areas.

The portfolio was purchased on behalf of 1031CF Portfolio 1 DST, a Delaware statutory trust private placement offering that seeks to raise approximately $16.9 million in equity from accredited investors and has a minimum investment of $25,000.

Iris Memory Care Portfolio includes 76 units and 88 beds. Completed in 2016 and 2018, the two properties include four buildings situated on more than six acres of land. There are a combined 16 hospitals within a 10-mile radius of the facilities.

The portfolio is operated by Dallas-based Iris Senior Living. According to 1031 Crowdfunding, the Iris principals have more than 30 years of combined real estate experience, including 15 years in the development and operations of 20 memory care projects throughout Texas and the Southwestern United States.

“We are excited to partner with Iris Senior Living with their established track record, knowledge, and expertise in the region,” said Edward Fernandez, chief executive officer and founder of 1031 Crowdfunding. “Their unique home-like model lends itself to maintaining the health, happiness, and freedom of movement for each resident.”

1031 Crowdfunding is a real estate investment platform for 1031 exchanges and alternative investment vehicles focused on tax deferral.

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