Top1031

The Trails at Short Pump

Multifamily property in Richmond, VA · sponsored by Capital Square

HistoricalLast Form D filed Aug 3, 2022 (opens in a new tab)

The Trails at Short Pump was a DST sponsored by Capital Square that owned a multifamily property in Richmond, VA (350 units). Its last Form D was filed Aug 3, 2022.

How it ended

No outcome recorded · under 7 years

Last Form D filed Aug 3, 2022.

Capital Square has 5 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$54,500,000
Equity offered, per the Form D
Sold
0.7%
Form D, Aug 3, 2022; the % is our arithmetic
Selling commissions
$4,632,500 · 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: The Trails at Short Pump. Top1031 is not a broker-dealer.
The Trails at Short Pump image

The Trails at Short Pump · Richmond, VA · Photo: resource.rentcafe.com

What did The Trails at Short Pump own?

Capital Square announced on August 1, 2022 that it had acquired the community on behalf of this trust. 2 It sits at 3900 Acadia Lane in western Henrico County, outside Richmond, and its one-, two- and three-bedroom apartments average 878 square feet. 3 Capital Square says the community was built in 1989 and that the seller spent about $1 million on exterior work, with roughly a quarter of units already renovated inside. 4

Reported location
Richmond, VA
Property size
350 units; nearly 32 acres

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

Debt

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

Costs and terms from the Form D

Selling commissions
$4,632,500 · 8.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,302,800 · 4.2% 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
Jul 26, 2022
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 trust filed once and never amended, so the SEC record here is a single 2022 snapshot rather than a running story. 1 Interests were offered under the exemption that permits public advertising while limiting buyers to verified accredited investors, and the filing reports a first sale on July 26, 2022. 1

Legal Trust name
CS1031 The Trails at Short Pump Apartments, DST
SEC CIK
1941047
First Form D
Aug 3, 2022
Latest Form D
Aug 3, 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$54,500,000
$421,460
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 The Trails at Short Pump?
The Trails at Short Pump is a Historical offering. Last Form D filed Aug 3, 2022.
What does the Trust actually own?
A single multifamily property: The Trails at Short Pump, a 350-unit apartment community on nearly 32 acres at 3900 Acadia Lane in western Henrico County, in the Richmond, Virginia suburbs. Capital Square states the community was constructed in 1989.
Who is the tenant?
There is no single tenant. Apartment communities generate rent from many residents on individual leases, so cash flow depends on occupancy and rent levels across 350 units rather than one corporate credit. No reviewed source describes a master lease arrangement for this trust.
How much debt is on the property, and what were the terms?
Neither the Form D nor the sponsor and press materials reviewed here disclose a loan amount, lender, interest rate, or loan-to-value for this trust. A Form D does not report property debt. Those terms would appear in the offering documents.
What did Capital Square pay for the property?
Virginia Business reported the acquisition on July 22, 2022 but did not state a purchase price; it noted county property records assessed the property at $58.1 million and that the DST sought $54.5 million in equity from accredited investors.
Can this Trust convert into REIT shares through a 721 exchange?
The record for this Trust shows no 721/UPREIT conversion feature — the arrangement in which a DST's property is contributed to a REIT's operating partnership in exchange for OP units. Any exit path would be governed by the offering documents and trust agreement.

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.