Top1031

Lyric at Norton Commons Apartments

Multifamily property in Prospect, KY · sponsored by Capital Square

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

Lyric at Norton Commons Apartments was a DST sponsored by Capital Square that owned a multifamily property in Prospect, KY. Its last Form D was filed Sep 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 Sep 26, 2022.

Capital Square has 5 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$67,525,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Sep 26, 2022)
Form D, Sep 26, 2022
Selling commissions
$5,739,625 · 8.5% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
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: Lyric at Norton Commons Apartments. Top1031 is not a broker-dealer.
Lyric at Norton Commons Apartments image

Lyric at Norton Commons Apartments · Prospect, KY · Photo: capitalsq.com

What did the Trust own?

Capital Square announced on October 10, 2022 that it had acquired Lyric at Norton Commons for this Trust, identifying the property at 11210 Peppermint Street in Prospect, a suburb of Louisville. 2 Louisville Business First reported the same day that the deed recorded a $96.2 million sale to the Glen Allen, Virginia-based sponsor. Ground-floor retail sits alongside the apartments in a single mixed-use community.

Reported location
Prospect, KY
Property size
273 residential units + 12,191 sq ft of retail space (Class A+ mixed-use; avg unit 956 sf)

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

Neither the Form D nor Capital Square's public materials in this record disclose whether the Trust carries mortgage debt. No lender, loan amount, or leverage figure appears in the public record.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$5,739,625 · 8.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,381,800 · 3.5% 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?

A single Form D with no amendments is the entire SEC record here, so the dollar figures on EDGAR remain frozen at the moment of filing, before sales were reported. The exemption used permits the sponsor to advertise the offering publicly, provided it verifies that every buyer is an accredited investor — someone meeting SEC income or net-worth tests.

Legal Trust name
CS1031 Lyric at Norton Commons Apartments, DST
SEC CIK
1947839
First Form D
Sep 26, 2022
Latest Form D
Sep 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$67,525,000
$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 Lyric at Norton Commons Apartments?
Lyric at Norton Commons Apartments is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Sep 26, 2022.
What does the Trust actually own?
Lyric at Norton Commons Apartments, a Class A+ mixed-use community combining apartments and ground-floor retail in Prospect, Kentucky, outside Louisville. Capital Square announced the acquisition on October 10, 2022; Louisville Business First reported a $96.2 million recorded sale price the same day.
Who pays the rent to the Trust?
The Trust master-leases the property to a master tenant, which collects resident and retail rent and handles operations, management, leasing and maintenance. Capital Square's materials state the master tenant is capitalized solely by cash flow from the lease, so investor income depends on the community's performance.
Is the Trust leveraged?
The public record reviewed here does not say. The Form D does not disclose debt, and no lender, loan amount, or loan-to-value figure appears in Capital Square's public materials for this Trust. Loan terms, if any, would be described in the offering documents issued to investors.

In the news

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.