Courts of Avalon
Multifamily property in Pikesville, MD · sponsored by Carter Exchange
Courts of Avalon was a DST sponsored by Carter Exchange that owned a multifamily property in Pikesville, MD (258 units). Its last Form D was filed Aug 31, 2023.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Aug 31, 2023.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $48,815,934Equity offered, per the Form D
- Sold
- 87.7%Form D, Aug 31, 2023; the % is our arithmetic
- Investors reported
- Form D, Aug 31, 2023123
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,515,474 · 9.2% of offering
- 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: Courts of Avalon. Top1031 is not a broker-dealer.What did Courts of Avalon own?
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
How was it financed, and what did it cost to sell?
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 offering documents are where that would be spelled out.
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
- $4,515,474 · 9.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $2,433,136 · 4.9% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of acquisition fees, reimbursements for certain acquisition and financing costs, and offering and organizational expenses that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 14 named in the Form D
Show the firms
- American Trust Investment Services, Inc. · CRD 3001
- Aurora Securities · CRD 46147
- Cabin Securities, Inc. · CRD 137608
- Cape Securities Inc. · CRD 7072
- Concorde Investment Services, LLC · CRD 151604
- Crown Capital Securities, L.P. · CRD 6312
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Huntwicke Securities, LLC · CRD 146993
- Lightpath Capital, Inc. · CRD 34617
- Stax Capital · CRD 300607
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Oct 24, 2022
- Minimum investment
- $25,000
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.
Who's behind Courts of Avalon?
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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- CX Courts of Avalon, DST
- SEC CIK
- 1947123
- First Form D
- Nov 8, 2022
- Latest Form D
- Aug 31, 2023
- Filings on record
- 14
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $48,815,934 | $42,832,225+$7,864,668 | 123+23 | EDGAR | |
| Form D/A | $48,815,934 | $34,967,557+$7,440,955 | 100+14 | EDGAR | |
| Form D/A | $48,815,934 | $27,526,602+$2,335,295 | 86+9 | EDGAR | |
| Form D/A | $48,815,934 | $25,191,307+$6,296,316 | 77+18 | EDGAR | |
| Form D/A | $48,815,934 | $18,894,991+$2,629,030 | 59+11 | EDGAR | |
| Form D/A | $48,815,934 | $16,265,961+$156,000 | 48+1 | EDGAR | |
| Form D/A | $48,815,934 | $16,109,961+$4,079,146 | 47+13 | EDGAR | |
| Form D/A | $48,815,934 | $12,030,815+$2,494,228 | 34+4 | EDGAR | |
| Form D/A | $48,815,934 | $9,536,587+$2,152,522 | 30+4 | EDGAR | |
| Form D/A | $48,815,934 | $7,384,065+$2,892,237 | 26+9 | EDGAR | |
| Form D/A | $48,815,934 | $4,491,828+$1,619,867 | 17+6 | EDGAR | |
| Form D/A | $48,815,934 | $2,871,961+$618,844 | 11+4 | EDGAR | |
| Form D/A | $48,815,934 | $2,253,117+$1,048,710 | 7+3 | EDGAR | |
| Form D | $48,815,934 | $1,204,407 | 4 | EDGAR |
Show all 14 SEC Form D filings
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 Courts of Avalon?
- Courts of Avalon is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Aug 31, 2023.
- 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 offering documents and the trust agreement to confirm the financing structure.
- 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 offering documents 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.
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.