Courts of Avalon
Multifamily property in Pikesville, MD — sponsored by Carter Exchange
Files with the SEC as CX Courts of Avalon, DST
Minimum investment
$25k
Offering size
$48.8M
How much has sold
88.0%
Asset type
Multifamily property
Location
Pikesville, MD
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
CX Courts of Avalon, DST is a Delaware Statutory Trust — a structure that lets 1031 exchange investors hold fractional real estate — holding a garden-style apartment complex in Pikesville, Maryland, outside Baltimore. Carter Exchange sponsored the offering to accredited investors and announced on August 1, 2024 that the $48.8 million offering was fully subscribed and closed.2
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Courts of Avalon was built in 1999 on 27.5 acres in Pikesville, a Baltimore suburb, as townhouse-style apartment homes with a garage in each unit.1 Carter Exchange has said it acquired the property before launching the DST offering.2 The complex sits within walking distance of the Owings Mills Metro Station.
- Reported location
- Pikesville, MD
- Property size
- 258 units
Who is the tenant, and what's the lease?
An apartment property has no single tenant: income comes from many residents on short-term leases that turn over continually, so results track local occupancy and rents rather than one company's credit. Neither the Form D filings nor located sponsor materials describe a master lease or state the property's occupancy.
How did it end?
No sale or other ending on record
No public full-cycle or disposition announcement naming CX Courts of Avalon, DST has been located; the property (a 258-unit multifamily complex in Pikesville, MD) remains listed on Carter Funds' active portfolio following its fully-subscribed August 2024 launch [1][2].
258-unit garden-style apartment complex built in 1999 on 27.5 acres in Pikesville, Maryland (Baltimore suburb). $48.8 million offering. Fully subscribed August 1, 2024. Property is within walking distance of Owings Mills Metro Station. Quote from Dallas Whitaker, CEO of Carter Exchange.
258 unitsSupporting evidence
How is it financed, and what does it pay?
The Form D filings report no debt, and no located sponsor material says whether the Trust used mortgage financing or bought all-cash — leverage here is simply undisclosed in the public record. The PPM, the private placement memorandum given to prospective investors, is where that would be spelled out.
Who's behind it?
Carter Exchange Fund Management Company, LLC is named as sponsor, with CX Courts of Avalon Manager, LLC as manager and signatory trustee and CX Courts of Avalon Depositor, LLC as depositor.3 Dallas Whitaker, CEO of Carter Exchange, was quoted in the sponsor's material on this offering. On August 1, 2024, Carter Exchange announced the offering had been fully subscribed and closed.2
- Sponsor
- Carter Exchange
- Legal Trust name
- CX Courts of Avalon, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 10 total offerings from Carter Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust filed an initial Form D — the short SEC notice for a private offering — and then amended it repeatedly as subscriptions came in, with the first sale reported as October 24, 2022.3 It was offered under Rule 506(c), which permits public advertising so long as every buyer's accredited status is verified.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 14
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Courts of Avalon?
Top1031 lists Courts of Avalon as historical. It is no longer raising money.
Where does Top1031 get the data for Courts of Avalon?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in CX Courts of Avalon, DST?
No. Carter Exchange announced on August 1, 2024 that the $48.8 million CX Courts of Avalon DST offering was fully subscribed and closed, and the sponsor's property page states the offering is closed to new subscriptions. Interests are no longer available from the sponsor.
What does the Trust actually own?
A garden-style apartment complex called Courts of Avalon in Pikesville, Maryland, in the Baltimore metro area. The sponsor describes it as built in 1999 on 27.5 acres, with townhouse-style apartment homes that include a garage in each unit, within walking distance of the Owings Mills Metro Station.
Is the Trust leveraged?
The public record does not say. The Form D filings do not report mortgage debt, and no located sponsor material discloses a loan amount, lender, or loan-to-value figure for this Trust. An investor would need the PPM and the trust agreement to confirm the financing structure.
What does Rule 506(c) mean for this offering?
Rule 506(c) is the private-placement exemption that allows a sponsor to advertise an offering publicly, but requires that every purchaser be an accredited investor whose status the sponsor takes reasonable steps to verify — typically through tax returns, brokerage statements, or a letter from a CPA or attorney.
Could this Trust convert into a REIT?
The record for this Trust does not include a 721/UPREIT exit — the option some sponsors build in to contribute the property to a REIT in exchange for operating-partnership units. Here the recorded answer is no, so investors should look to the PPM for how a sale or other disposition would be handled.
Has anything been reported about the property since the raise closed?
No later Trust filing or material property event was found in the sources searched as of August 26, 2026. The SEC filing history for this Trust ends with the Form D amendment filed August 31, 2023, and the most recent sponsor announcement located is the August 1, 2024 full-subscription notice.
Chapter 9Carter Exchange Fully Subscribes $48.8M Maryland DST OfferingCarter Exchange announced the full subscription and closing of its $48.8 million CX Courts of Avalon DST, a Regulation D private placement for accredited investors qualifying for 1031 like-kind exchange, featuring the 258-unit Courts of Avalon apartment property in Pikesville, Maryland.