Spotlight: Madison Capital Group and Its DST and Bonus Depreciation Platform
The Charlotte developer owns the convenience store and car wash brands whose properties end up inside its Delaware statutory trusts.
August 25, 2026
Madison Capital Group Holdings is a Charlotte, North Carolina real estate development and investment firm founded in 2009 by Ryan Hanks, who remains chief executive. The firm reports approximately $4 billion in assets under management and more than $6 billion in completed real estate transactions. It handles acquisitions, entitlement, construction, leasing, operations and capital formation in house, with construction running through Benco Construction and distribution through Madison Capital Markets, its own FINRA-member dealer manager.
Bonus depreciation is the organizing logic behind much of the firm’s recent product. Madison launched the Car Wash and Convenience Opportunity Fund in March 2026, targeting $200 million from accredited investors under Regulation D Rule 506(c) for convenience store and express car wash assets, concentrated in states without income tax. The strategy turns on accelerated first-year depreciation under Section 168(k) of the Internal Revenue Code, applied to assets including fuel pumps and canopies, car wash tunnels, conveyors, blowers and vacuum systems, and land improvements such as driveways, signage and drainage. Madison notes that the 100 percent deduction was made permanent by the One Big Beautiful Bill Act. The fund carries an early investor preference of up to 10 percent of subscription amount for investors subscribing before June 1, 2026, and up to 6 percent for subscriptions between June 1 and September 1, 2026. The firm closed its eighth and ninth bonus-depreciation funds earlier in 2026, raising more than $100 million between them.
The sponsor owns the tenant
Fresh Stop LLC and Links LLC are named Madison affiliates, which means the firm develops and operates the convenience store and car wash businesses whose real estate it then places into its own trusts and funds. Fresh Stop Texas DST was fully subscribed in April 2026 at approximately $13.2 million, funding the acquisition of four Texas convenience stores being re-imaged as Fresh Stop locations. MCG Links Car Wash I DST holds a single express car wash on a 1.28-acre site in Burleson, Texas.
Four operating platforms
Madison Communities develops and manages garden-style suburban apartment communities across the Sunbelt, and the firm’s site lists 30 operating with four under development. Go Store It, the self-storage platform, lists 206 operating and three under development. Madison Marinas lists six operating and one under development. Madison Commercial, formerly Cameron Property Company, handles commercial acquisition and development in the Southeast and Mid-Atlantic.
In February 2026 Madison merged its BlueGate Boat and RV Storage brand into Go Store It and established Madison Marinas as a standalone division. BlueGate’s 11 boat and RV storage locations were already being operated on the Go Store It platform, so the change consolidated branding rather than operations. At the time of that announcement the firm put Go Store It at 189 owned and third-party-managed properties across 27 states and the marina portfolio at five assets in Florida, Tennessee and North Carolina. Hanks described the marina sector as fragmented and said the new division gives the firm a structure to expand into it.
The offering shelf
Twenty offerings are currently listed on the firm’s platform, sorted across five vehicle types: DST and TIC, development, funds, qualified opportunity zone funds, and tax-mitigation strategies. Madison offers both levered and unlevered 1031 structures. Go Store It Texas DST is all-cash and debt-free, holding three stabilized self-storage properties in Whitney, Texas. MCG Arden NC Multifamily DST, launched in February 2026, holds an 86-unit community completed in 2024 in the Asheville submarket of Arden, with an equity raise of roughly $14 million, approximately 48 percent loan-to-value, and separate minimums of $100,000 for 1031 exchange investors and $25,000 for cash investors. The shelf also reaches outside real estate: Madison Equipment Fund acquires and leases intermodal shipping containers, and Cameron High Grove Farms III invests in citrus groves in Highlands County, Florida.
How advisors reach it
Madison Capital Markets, whose president is Jeff Kremin, serves as dealer manager and placement agent for programs sponsored by Madison and its affiliates. In June 2026 the Car Wash and Convenience Opportunity Fund became available on iCapital Marketplace, giving advisors a route to review offering materials and complete subscriptions through a platform they already use.
