Top1031

FarmHaus Apartments

Multifamily property in Madison, AL · sponsored by Capital Square

HistoricalLast Form D filed Oct 26, 2022 (opens in a new tab)

FarmHaus Apartments was a DST sponsored by Capital Square that owned a multifamily property in Madison, AL (324 units). Its last Form D was filed Oct 26, 2022.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Oct 26, 2022.

Capital Square has 5 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$55,900,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Oct 26, 2022)
Form D, Oct 26, 2022
Selling commissions
$4,751,500 · 8.5% 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 →

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Ask a 1031 specialist about this recordFree. About: FarmHaus Apartments. Top1031 is not a broker-dealer.
FarmHaus Apartments image

FarmHaus Apartments · Madison, AL · Photo: capitalsq.com

What did FarmHaus Apartments own?

Capital Square announced on November 1, 2022 that it had completed the acquisition of FarmHaus, a Class A garden-style community on a 22-acre site at 1260 Balch Road in Madison, Alabama, a suburb of Huntsville. 1 The one-, two- and three-bedroom apartments average roughly 973 square feet, and the community includes a resort-style pool, fitness and business centers, a dog park and a pet spa. 1

Reported location
Madison, AL
Property size
324 units

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

The Trust is leveraged. It carries a fixed-rate Fannie Mae loan taken on at acquisition — agency mortgage debt whose rate is locked for the loan term rather than floating with the market — and investor equity sits behind that mortgage.

Debt

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

Costs and terms from the Form D

Selling commissions
$4,751,500 · 8.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,426,630 · 4.3% of offering
Form D Item 16
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
Not in the Form D
Minimum investment
$50,000

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 SEC file for this Trust is a single Form D with no amendments, so EDGAR's sales fields still reflect the offering at its start rather than its completed raise; the sponsor's own August 2023 announcement records the close. 2 Rule 506(c) permits public marketing so long as every buyer is a verified accredited investor.

Legal Trust name
CS1031 FarmHaus Apartments, DST
SEC CIK
1951882
First Form D
Oct 26, 2022
Latest Form D
Oct 26, 2022
Filings on record
1
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 sold
Form D$55,900,000
$0
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 FarmHaus Apartments?
FarmHaus Apartments is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Oct 26, 2022.
Where exactly is the property?
FarmHaus Apartments sits at 1260 Balch Road in Madison, Alabama, a suburb of Huntsville. Capital Square's November 1, 2022 acquisition announcement describes a 22-acre site with one-, two- and three-bedroom apartments averaging about 973 square feet.
Why does the SEC record not show a completed raise?
The Trust filed one Form D, on October 26, 2022, and never amended it. A Form D captures the offering as of its filing date, and sponsors are not required to file a final amendment showing the closing tally. Capital Square's own August 28, 2023 press release, not EDGAR, is what reports the offering as fully subscribed.
Who runs the property day to day?
Capital Square Living, the sponsor's wholly owned multifamily property-management subsidiary, announced on March 14, 2024 that it had assumed management of FarmHaus Apartments. Before that date, management was handled by another party not identified in the materials reviewed.
Is there a 721/UPREIT exit path?
The record does not indicate one. A 721 or UPREIT exit is a structure in which trust investors contribute their property interest to a REIT's operating partnership in exchange for OP units instead of receiving cash. This Trust is not flagged as convertible to a REIT.

In the news

Sources

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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.