Cypress McKinney Falls
Multifamily property in Austin, TX · sponsored by Carter Exchange
Cypress McKinney Falls was a DST sponsored by Carter Exchange that owned a multifamily property in Austin, TX (264 units). Its last Form D, filed Sep 6, 2022, reports the offering fully sold.
How it ended
The last Form D, filed Sep 6, 2022, reports the offering fully sold.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $46,321,308Equity offered, per the Form D
- Sold
- 100%Form D, Sep 6, 2022; the % is our arithmetic
- Investors reported
- Form D, Sep 6, 2022115
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,284,720 · 9.2% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
- 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 →
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Ask a 1031 specialist about this recordFree. About: Cypress McKinney Falls. Top1031 is not a broker-dealer.Cypress McKinney Falls · Austin, TX · Photo: g5-assets-cld-res.cloudinary.com
What did Cypress McKinney Falls own?
The community sits at 7000 Janes Ranch Rd in southeast Austin. 1 Carter's offering page describes a garden-style property on 24.86 acres with 151 one-bedroom, 92 two-bedroom, and 21 three-bedroom units, built in 2021. 2 Developer Daniel Corporation says the project delivered in Summer 2020 and sold in Fall 2021. 3 A 2024 Carter overview instead lists the year built as 2018–2019 and 306 apartment homes; the sources are not reconciled. 4
- Reported location
- Austin, TX
- Property size
- 264 units; 8 buildings
How was it financed, and what did it cost to sell?
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
- $4,284,720 · 9.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $2,618,463 · 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
- 18 named in the Form D
Show the firms
- Aurora Securities · CRD 46147
- Berthel, Fisher & Company Financial Services, Inc. · CRD 13609
- Capulent LLC · CRD 155155
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Independent Financial Group, LLC · CRD 7717
- Lightpath Capital, Inc. · CRD 34617
- McDermott Investment Services, LLC · CRD 154926
- Metropolitan Capital Investment Banc, Inc. · CRD 148820
- Patrick Capital Markets, LLC · CRD 16518
- Realized Financial, Inc. · CRD 22333
- Select Capital Corporation · CRD 145997
- Stax Capital · CRD 300607
- TCFG Wealth Management, LLC · CRD 164153
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Apr 28, 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 Cypress McKinney Falls?
Carter Exchange Fund Management Company, LLC is the sponsor named in the Trust's Form D. 5 Its affiliated manager, Allegiant-Carter Management, runs the property day to day. 1 On April 1, 2026, The White Law Group, a securities law firm, published an investigation naming this Trust among Carter Exchange 1031 DST offerings it is reviewing in connection with investor complaints and recovery options.
- Sponsor
- Offerings on record
What does the SEC record show?
The final amendment reports that the first sale occurred on April 28, 2022. 5 Interests were sold privately to accredited investors — people meeting SEC income or net-worth tests — rather than by public advertising, and each later amendment updated the running tally of dollars raised and investors admitted.
- Legal Trust name
- CX Cypress McKinney Falls, DST
- SEC CIK
- 1924518
- First Form D
- May 10, 2022
- Latest Form D
- Sep 6, 2022
- Filings on record
- 8
- 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 | $46,321,308 | $46,321,308+$1,923,928 | 115+10 | EDGAR | |
| Form D/A | $46,321,308 | $44,397,380+$1,723,994 | 105+7 | EDGAR | |
| Form D/A | $46,321,308 | $42,673,386+$1,804,359 | 98+11 | EDGAR | |
| Form D/A | $46,321,308 | $40,869,027+$4,757,858 | 87+7 | EDGAR | |
| Form D/A | $46,321,308 | $36,111,169+$5,742,003 | 80+18 | EDGAR | |
| Form D/A | $46,321,308 | $30,369,166+$3,577,884 | 62+10 | EDGAR | |
| Form D/A | $46,321,308 | $26,791,282+$12,990,766 | 52+25 | EDGAR | |
| Form D | $46,321,308 | $13,800,516 | 27 | 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 Cypress McKinney Falls?
- Cypress McKinney Falls is a Historical offering. The last Form D, filed Sep 6, 2022, reports the offering fully sold.
- What does the Trust actually own?
- A garden-style apartment community called Cypress McKinney Falls at 7000 Janes Ranch Rd in southeast Austin, Texas. Carter's page describes eight buildings on 24.86 acres with a mix of one-, two-, and three-bedroom units, managed by Allegiant-Carter Management.
- Why do sources disagree on the unit count and year built?
- Carter Exchange's offering page reports 264 units and a 2021 completion, while a 2024 Carter overview reports 306 apartment homes and a 2018–2019 year built. Developer Daniel Corporation says the project delivered in Summer 2020 and sold in Fall 2021. Top1031 lists each claim to its source rather than merging them; the offering documents and sponsor reporting govern.
- Is there any information on the debt or the exit plan?
- No. The Form D filings do not disclose loan terms, and no public source located as of August 19, 2026 identifies a lender, loan balance, leverage level, or a stated 721/UPREIT exit — the option some sponsors include to roll investors into a REIT operating partnership. Those terms would appear in the offering documents.
- What is the White Law Group investigation about?
- The White Law Group, a securities law firm, published a piece on April 1, 2026 naming CX Cypress McKinney Falls, DST among Carter Exchange 1031 DST offerings and discussing investor complaints and recovery options. It is a law firm's own investigation notice, not a regulatory action or a court finding.
- How was the offering sold?
- Privately, under Rule 506(b) — an exemption that lets an issuer raise money from accredited investors without general advertising or public solicitation. Investors typically came through broker-dealers and registered representatives, and the first sale is reported as April 28, 2022.
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.