Top1031
CX Station at Poplar Tent, DST
in Concord, NC · sponsored by Carter Exchange
Historical · soldSold Apr 2023, as reported by Carter Exchange · last Form D Apr 1, 2021Sponsor source (opens in a new tab)
CX Station at Poplar Tent, DST, sponsored by Carter Exchange, filed its first Form D with the SEC on Nov 6, 2020 for a $27.6 million offering. Carter Exchange sold the property in Apr 2023 for $74,700,000, as reported by the sponsor.
How it ended
Sold, result reported by the sponsor
Sold Apr 2023 for $74,700,000 as reported by the sponsor
- Equity multiple
- 1.45× as reported by the sponsor
- Date
- Apr 20, 2023
- Held
- 2.7 years
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $27,631,804Equity offered, per the Form D
- Sold
- 100%Form D, Apr 1, 2021; the % is our arithmetic
- Investors reported
- Form D, Apr 1, 2021114
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,555,942 · 9.2% of offering
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: CX Station at Poplar Tent, DST. Top1031 is not a broker-dealer.What did CX Station at Poplar Tent, DST own?
Station at Poplar Tent is a garden-style apartment community at 50 Poplar Station Circle NW in Concord, North Carolina. 1 Carter Exchange's program schedule lists 312 apartment homes and reports a purchase price of $57.5 million on August 31, 2020. 2 During the hold, the sponsor reports adding smart-home packages, upgraded flooring and parcel lockers. 1
- Reported location
- Concord, NC
How was it financed, and what did it cost to sell?
Costs and terms from the Form D
- Selling commissions
- $2,555,942 · 9.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,570,068 · 5.6% 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
- 16 named in the Form D
Show the firms
- American Trust Investment Services, Inc. · CRD 3001
- Capulent LLC · CRD 155155
- Colorado Financial Service Corporation · CRD 104343
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- Great Point Capital LLC · CRD 114203
- Growth Capital Services, Inc. · CRD 124658
- Kalos Capital, Inc. · CRD 44337
- Lightpath Capital, Inc. · CRD 34617
- McDermott Investment Services, LLC · CRD 154926
- Realized Financial, Inc. · CRD 22333
- Stax Capital · CRD 300607
- Titan Securities · CRD 131392
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Oct 22, 2020
- 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 CX Station at Poplar Tent, DST?
The Form D names Carter Exchange Fund Management Company, LLC as the sponsor. 3 Carter Exchange reports selling the property for $74.7 million on April 20, 2023. 1 Multi-Housing News identifies NorthRock Cos. as the buyer. 5
- Sponsor
- Offerings on record
What does the SEC record show?
The issuer reported October 22, 2020 as the date of first sale, about two weeks before its first notice filing with the SEC. 4 Interests were offered privately, without general advertising, and later amendments updated the issuer's figures.
- Legal Trust name
- CX Station at Poplar Tent, DST
- SEC CIK
- 1827240
- First Form D
- Nov 6, 2020
- Latest Form D
- Apr 1, 2021
- Filings on record
- 15
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $27,631,804 | $27,631,804+$164,948 | 114+1 | EDGAR | |
| Form D/A | $27,631,804 | $27,466,856+$903,956 | 113+3 | EDGAR | |
| Form D/A | $27,631,804 | $26,562,900+$1,276,883 | 110+6 | EDGAR | |
| Form D/A | $27,631,804 | $25,286,017+$768,392 | 104+4 | EDGAR | |
| Form D/A | $27,631,804 | $24,517,625+$721,784 | 100+4 | EDGAR | |
| Form D/A | $27,631,804 | $23,795,841+$1,585,500 | 96+6 | EDGAR | |
| Form D/A | $27,631,804 | $22,210,341+$645,403 | 90+2 | EDGAR | |
| Form D/A | $27,631,804 | $21,564,938+$1,449,688 | 88+7 | EDGAR | |
| Form D/A | $27,631,804 | $20,115,250+$5,530,820 | 81+21 | EDGAR | |
| Form D/A | $27,631,804 | $14,584,430+$3,025,714 | 60+11 | EDGAR | |
| Form D/A | $27,631,804 | $11,558,716+$2,277,743 | 49+12 | EDGAR | |
| Form D/A | $27,631,804 | $9,280,973+$3,799,594 | 37+11 | EDGAR | |
| Form D/A | $27,631,804 | $5,481,379+$2,603,005 | 26+11 | EDGAR | |
| Form D/A | $27,631,804 | $2,878,374+$1,891,609 | 15+11 | EDGAR | |
| Form D | $27,631,804 | $986,765 | 4 | EDGAR |
Show all 15 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 CX Station at Poplar Tent, DST?
- CX Station at Poplar Tent, DST is a Historical offering. Sold Apr 2023, as reported by Carter Exchange.
- What property did CX Station at Poplar Tent, DST own?
- It held Station at Poplar Tent, a garden-style apartment community at 50 Poplar Station Circle NW in Concord, North Carolina, as described in Carter Exchange's sale announcement. Carter Exchange's 2024 program overview lists the property as 312 apartment homes.
- When was the property bought and sold?
- Carter Exchange's full-cycle schedule reports a purchase price of $57.5 million on August 31, 2020, and the sponsor's announcement reports a sale for $74.7 million on April 20, 2023. Carter Exchange describes the hold as approximately 2.7 years.
- Who bought the property?
- Multi-Housing News, in a June 8, 2023 article, identifies NorthRock Cos. as the buyer in Carter Exchange's $74.7 million sale of Station at Poplar Tent.
- How did the apartments perform while the Trust held them?
- Carter Exchange reports average occupancy of 94.9% during the hold period and average monthly rents on occupied units rising 25.2%. The sponsor also reports property improvements including smart-home packages, upgraded flooring and parcel lockers.
- Who sponsored this Trust?
- Carter Exchange sponsored it. The Form D filed with the SEC on January 29, 2021 identifies Carter Exchange Fund Management Company, LLC as the sponsor of CX Station at Poplar Tent, DST.
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.