Cunat, Inc., a privately held real estate investment, development and property management firm, today announced the launch of Cunat Exchange X DST, the firm’s 10th Delaware statutory trust offering, which is seeking to raise $56.17 million in equity from accredited investors. The DST owns The Residence of Fox Meadows, a newly developed 540-unit multifamily community in McHenry, Illinois, approximately 50 miles northwest of Chicago. Consistent with its prior DSTs, in which it has held interests of 5% to 20%, Cunat will retain a 5% interest in the trust, bringing total equity to $59.125 million.
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The Residence of Fox Meadows
Cunat developed The Residence of Fox Meadows and sold the property to the DST for $135 million. The 18-building community sits on approximately 37 acres and was 97.5% occupied as of Nov. 1. It is one of 15 Cunat properties in McHenry County, where the firm is headquartered.
The property is financed with an $84.375 million, 10-year, interest-only, nonrecourse loan at a fixed rate of 5.43%. The minimum investment is $100,000.
“We developed The Residence of Fox Meadows and have been involved with it from the beginning,” said Brian Cunat, co-founder and CEO of Cunat, Inc. “We are not buying somebody else’s newly completed project and hoping its projections are accurate. McHenry County is our home market, and our underwriting is informed by decades of operating results from our own communities there.”
Located at 1840 Aastri Drive, The Residence of Fox Meadows offers one-bedroom, one-bedroom-with-den and two-bedroom floor plans with fully equipped kitchens and stainless steel appliances, full-size washers and dryers, individually controlled heating and air conditioning, and private balconies or patios. Residents also have access to remote-control garages.
Community amenities include a fitness center, indoor heated and outdoor swimming pools, basketball courts and playgrounds. The community center features a meeting room and two mail centers with controlled-access package delivery.
The population of McHenry grew approximately 6.8% from 2020 to 2025, according to U.S. Census Bureau estimates, while about 74% of the city’s occupied housing units were owner-occupied, limiting the local supply of rental housing. Across the Chicago area, multifamily occupancy reached 94.9% in the second quarter of 2026, above the 10-year average of 93.8%, according to Cushman & Wakefield’s Q2 2026 Chicago Multifamily MarketBeat report. McHenry County was among the submarkets posting the largest year-over-year occupancy gains, while recent suburban apartment construction has been concentrated in Will, Northwest Cook and DuPage counties.
ABOUT CUNAT, INC.
Founded in 1976, Cunat, Inc. is a privately held real estate investment, development and property management firm specializing in multifamily and single-family housing. Headquartered in McHenry, Illinois, Cunat has completed 61 transactions totaling $3.3 billion and has developed or acquired 12,000 apartment units since its founding. The firm currently owns 19 properties, including 4,200 apartment units, with real estate assets exceeding $800 million. Fifteen of those properties are in McHenry County, and all but one are in the Chicago area. Cunat’s nine prior DST offerings raised more than $220 million. The firm is led by Brian and John Cunat and has 230 employees. For more information, visit www.cunatinc.com.
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