Top1031

Spring Gardens St. George and Spring Gardens Lindon

Senior housing property · sponsored by 1031 CF Properties

HistoricalLast Form D filed Mar 11, 2024 (opens in a new tab)

Spring Gardens St. George and Spring Gardens Lindon was a DST sponsored by 1031 CF Properties that owned a senior housing property. Its last Form D was filed Mar 11, 2024.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Mar 11, 2024.

1031 CF Properties has 2 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$30,500,000
Equity offered, per the Form D
Sold
86.8%
Form D, Mar 11, 2024; the % is our arithmetic
Investors reported
71
Form D, Mar 11, 2024
Selling commissions
$2,745,000 · 9.0% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: Spring Gardens St. George and Spring Gardens Lindon. Top1031 is not a broker-dealer.
Spring Gardens St. George and Spring Gardens Lindon image 1 of 2

Spring Gardens St. George and Spring Gardens Lindon · Photo: utahbusiness.com

What did the Trust own?

Spring Gardens St. George was built in 2011 and Spring Gardens Lindon in 2016; both are assisted living and memory care communities in Utah. The sponsor bought the pair for $43.5 million in a transaction announced January 19, 2023. 1 The sponsor's offering page reported combined occupancy of 95.5% but did not state an as-of date. 3

Property size
178-unit assisted living and memory care portfolio (156,473 sq ft across 5.85 acres)

How was it financed, and what did it cost to sell?

Neither Form D discloses debt. The sponsor's offering page cited a loan-to-value ratio without naming a lender or stating the loan amount, so the size and terms of any mortgage on the two communities are absent from the public record. 6

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$2,745,000 · 9.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$4,310,000 · 14.1% of offering
Form D Item 16
· The filing’s note: “The Sponsor receives organization & offering expenses + real estate acq. expenses + demand note + acq. fee + financing costs. Mr. Fernandez, an executive officer identified above, may receive selling commissions”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jan 26, 2023
Minimum investment
$25,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

The Trust filed its first Form D — the brief SEC notice that an exempt private placement has begun — weeks after the offering opened, then amended it once to update the amount sold and the number of investors. 8 The exemption it used permits public advertising provided each investor's accredited status is verified.

Legal Trust name
1031CF Portfolio 4 DST
SEC CIK
1963271
First Form D
Feb 2, 2023
Latest Form D
Mar 11, 2024
Filings on record
2
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$30,500,000
$26,484,448+$25,763,702
71+70
EDGAR
Form D$30,500,000
$720,746
1
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Common questions

What happened to Spring Gardens St. George and Spring Gardens Lindon?
Spring Gardens St. George and Spring Gardens Lindon is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Mar 11, 2024.
What exactly would an investor have owned here?
A beneficial interest in a Delaware Statutory Trust that holds two Utah senior housing communities — Spring Gardens St. George and Spring Gardens Lindon. In a DST, investors hold passive interests, hold no management authority over the properties, and the interest is treated as replacement property for a 1031 exchange.
Who runs the buildings day to day?
Avista Senior Living operates both communities under the Spring Gardens name. Senior housing is an operating business as well as real estate, so results depend heavily on the operator's occupancy, staffing, and care revenue rather than on rent from a single corporate credit tenant.
Is the Trust leveraged, and by how much?
The SEC Form D filings do not disclose debt. The sponsor's offering page cited a loan-to-value ratio but did not state a dollar loan amount or name a lender. The actual mortgage amount, lender, maturity, and interest terms would appear in the offering documents.

In the news

1031CF Portfolio 4 DSTSponsor market listing describing 1031CF Portfolio 4 DST as a 178-unit assisted living and memory care portfolio consisting of two facilities in St. George and Lindon, Utah.
1031 Crowdfunding ↗

Sources

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These links support the record as a whole; individual details may come from different sources.

DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.