Mode at Hyattsville
Multifamily (midrise) property in Hyattsville, MD — sponsored by Carter Exchange
Files with the SEC as CX Mode at Hyattsville, DST
Minimum investment
$25k
Offering size
$73.4M
How much has sold
25.0%
Asset type
Multifamily (midrise) property
Location
Hyattsville, MD
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Mode at Hyattsville is a Delaware Statutory Trust — fractional, passive property ownership that can serve as replacement property in a 1031 exchange — holding a 2009-built apartment midrise about half a mile from a Metro station in Hyattsville, Maryland, in the Washington, DC market. Carter Exchange sponsors it, and the Offering is marketed under Rule 506(c) to verified accredited investors.
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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?
The community was built in 2009 and operated as Post Park until it was renamed Mode at Hyattsville at closing.2 The Trust bought it from Park Land Development, LLC, a Georgia company the sponsor described as an unaffiliated third party, at a disclosed purchase price of $103.5 million.2 Sponsor materials describe roughly 6.8 acres, ten buildings, one commercial unit, and 502 parking spaces.2
- Reported location
- Hyattsville, MD
- Property size
- 396 units
Who is the tenant, and what's the lease?
Income here comes from apartment renters — studios, one- and two-bedroom units — rather than a single corporate tenant.3 The Trust leases the whole property to a master tenant affiliated with Carter Exchange, which operates it and pays rent to the Trust; that master-lease structure is what keeps DST investors passive.2
How did it end?
No sale or other ending on record
No full-cycle announcement, sale press release, or 721/UPREIT conversion found; the property (Mode at Hyattsville, 3300 East-West Hwy, Hyattsville MD, 396 units) remains listed in Carter Funds' DST portfolio and is actively managed by Allegiant-Carter Management as a rental community.
396-unit midrise asset with modern amenities in Hyattsville, MD in the Washington, DC MSA, located ~0.5 mile from a Metro station providing access to major DC-area employers; total acquisition cost approximately $130.6M; built 2009; sponsor: Carter Exchange Fund Management Company, LLC (Carter Funds).
396 unitsSupporting evidence
How is it financed, and what does it pay?
This Trust is leveraged rather than all-cash: sponsor materials report about $57.2 million of debt inside roughly $130.6 million of total capitalization, on a ten-year loan that is interest-only for its full term, so no principal amortizes before maturity.2 The lender is not named in the public record.
Who's behind it?
Carter Exchange is the 1031 exchange platform of Carter Funds. The Form D names Carter Exchange Fund Management Company, LLC as sponsor, CX Mode at Hyattsville Manager, LLC as manager and signatory trustee, CX Mode at Hyattsville Depositor, LLC as depositor, and John E. Carter as the manager's president.1 A Carter Exchange platform overview published March 1, 2024 listed this Trust among its portfolio offerings.4 The property's own website credits Allegiant-Carter Management on the operating side.3
- Sponsor
- Carter Exchange
- Legal Trust name
- CX Mode at Hyattsville, 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 amendments on file read as progress updates rather than changes to terms: each restated cumulative sales while the offering size held constant. The issuer reported its first sale on January 19, 2023, before the initial notice reached EDGAR.1 No later amendment appears in the record reviewed here.
- 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 Mode at Hyattsville?
Top1031 lists Mode at Hyattsville as historical. It is no longer raising money.
Where does Top1031 get the data for Mode at Hyattsville?
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.
What am I actually buying?
A beneficial interest in CX Mode at Hyattsville, DST, a Delaware Statutory Trust that holds a 396-unit apartment midrise in Hyattsville, Maryland. A DST interest is treated as real property for 1031 exchange purposes, so it can serve as replacement property, but holders have no management role — the trustee and master tenant make the operating decisions.
Who runs the property day to day?
The Trust leases the property to a master tenant affiliated with Carter Exchange, which handles operations and pays rent to the Trust.[2] The property's own leasing site identifies Allegiant-Carter Management in connection with Mode at Hyattsville.[3] The exact legal name of the master tenant entity is not established in the public record reviewed here.
Is there debt on the property?
Yes. Sponsor materials report about $57.2 million of debt against roughly $130.6 million of total capitalization, structured as a ten-year loan that is interest-only for its full term.[2] The lender is not named in the sources reviewed. Loan terms, guaranties and refinancing risk are set out in the PPM — the private placement memorandum that governs the offering.
Can this Trust convert into a REIT through a 721/UPREIT exit?
The record shows no 721/UPREIT feature for this Trust — that is, no disclosed mechanism to contribute the property to a REIT's operating partnership in exchange for REIT units at the end of the hold. Exit is expected to come from a sale of the property, on terms described in the PPM.
What is the minimum investment, and who can invest?
The Form D filings report a $25,000 minimum for outside investors. The Trust is offered under Rule 506(c), an exemption that allows general solicitation but requires the sponsor to take reasonable steps to verify that every investor is accredited — typically through tax documents, brokerage statements or a third-party letter.
How current is this record?
The most recent Form D amendment on file was made November 30, 2023, and no later filing was established in the sources reviewed. Because Form D updates are periodic rather than continuous, anyone mid-exchange should confirm directly with the sponsor or their representative whether the Offering is still open and whether any post-2023 refinancing or sale has occurred.
Chapter 9Carter Exchange Overview 2024 – Striving to Deliver Results in Any Market CycleCarter Exchange marketing overview listing CX Mode at Hyattsville, DST (396 units, $130,617,727 cost, built 2009) among the offerings in its portfolio.