Top1031

Summit Place (Summit Townhomes)

Build-for-rent housing property in Oak Ridge, TN · sponsored by Capital Square

HistoricalLast Form D filed Dec 13, 2023 (opens in a new tab)

Summit Place (Summit Townhomes) was a DST sponsored by Capital Square that owned a build-for-rent housing property in Oak Ridge, TN. Its last Form D was filed Dec 13, 2023.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Dec 13, 2023.

Capital Square has 5 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$18,420,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Dec 13, 2023)
Form D, Dec 13, 2023
Selling commissions
$1,565,700 · 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: Summit Place (Summit Townhomes). Top1031 is not a broker-dealer.

What did the Trust own?

The community, marketed as The Summit Townhomes, sits at 100 Lisa's Way in Oak Ridge, Tennessee. 2 It is within the Knoxville MSA, near Oak Ridge National Laboratory and the Y-12 National Security Complex. Capital Square announced on January 3, 2024 that the property had been acquired on behalf of this Trust, and reported at that time that the community had reached full lease-up in nine months and stood at 98% physical occupancy. 2

Reported location
Oak Ridge, TN
Property size
120-unit build-for-rent townhome community (3- and 4-bedroom townhomes averaging 1,400+ SF); built by D.R. Horton in 2022; equity raise $18M

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

The public record is thin on capital structure. A Form D does not require debt disclosure, and Capital Square has not published the mortgage amount, the lender, or the leverage level for this Trust in materials available outside the offering documents.

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
$1,565,700 · 8.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$898,000 · 4.8% 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 is the Trust's entire SEC record, and it was never amended, so the figures on file are the ones reported at launch. 1 The offering was made under Rule 506(c), which lets a sponsor advertise publicly but requires every buyer to be a verified accredited investor.

Legal Trust name
CS1031 Summit Place BFR Housing, DST
SEC CIK
2004335
First Form D
Dec 13, 2023
Latest Form D
Dec 13, 2023
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$18,420,000
$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 Summit Place (Summit Townhomes)?
Summit Place (Summit Townhomes) is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Dec 13, 2023.
What does the Trust actually own?
A build-for-rent townhome community known as The Summit Townhomes, at 100 Lisa's Way in Oak Ridge, Tennessee, inside the Knoxville metropolitan area. The homes are three- and four-bedroom rental townhomes, and the site sits near Oak Ridge National Laboratory and the Y-12 National Security Complex, two large regional employers.
Is there a corporate tenant on a long-term lease?
No. This is residential rental property leased to individual households, not a single-tenant net lease building. Capital Square's offering materials describe a Master Tenant that collects rent and handles operations, management, leasing and maintenance of the community; the Master Tenant entity is not named in the published sponsor material.
How much debt is on the property?
The public record does not say. The Trust's only SEC filing is a Form D, which does not require disclosure of mortgage amount, lender, interest rate, or loan-to-value. Those terms would appear in the offering documents.
Does this Trust convert into a REIT at exit?
The record shows no 721/UPREIT feature — that is, no structure allowing investors to exchange their Trust interests for operating-partnership units in a REIT at the end of the hold. Any eventual disposition path would be governed by the trust agreement and offering documents.
What was the offering's regulatory structure?
It was sold under Rule 506(c) of Regulation D, an exemption that permits general solicitation and public advertising but requires the sponsor to take reasonable steps to verify that every purchaser is an accredited investor. The Trust filed one Form D, on December 13, 2023, and never amended it.

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.