Residences at Congressional Village
Multifamily property in Rockville, MD — sponsored by Carter Exchange
Files with the SEC as CX Residences at Congressional Village, DST
Minimum investment
$25k
Offering size
$81.2M
How much has sold
16.0%
Asset type
Multifamily property
Location
Rockville, 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 Residences at Congressional Village, DST is a Delaware Statutory Trust — a co-ownership vehicle whose interests can serve as replacement property in a 1031 exchange — sponsored by Carter Exchange around a 2005-built garden-style apartment community in Rockville, Maryland.1 The Trust registered an $81,157,487 offering to accredited investors, meaning buyers meeting SEC income or net-worth tests; Carter's site states it is closed to new subscriptions.2
Show sources (9)Hide sources (9)
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?
Carter reports the property was built in 2005 as a garden-style community on 7.28 acres, with 194 one-bedroom, 190 two-bedroom and 20 three-bedroom homes plus three ground-floor retail units.1 It is addressed at 198 Halpine Rd in Rockville, Maryland, and leases today under the Residences at Congressional Village name through Allegiant-Carter Management.6 The record reviewed does not show when or at what price the Trust acquired it.
- Reported location
- Rockville, MD
- Property size
- 404 apartment homes / 399,919 SF
Who is the tenant, and what's the lease?
Multifamily means there is no single tenant: income comes from hundreds of individual apartment leases plus three ground-floor retail spaces.1 Allegiant-Carter Management handles leasing and day-to-day operations at the community.6 Nothing in the reviewed record describes a master lease between the Trust and an operating tenant.
How did it end?
No sale or other ending on record
No full-cycle sale, foreclosure, or 721/UPREIT exchange was located for CX Residences at Congressional Village, DST; the underlying property (The Residences at Congressional Village, 198 Halpine Rd, Rockville, MD) remains actively listed and managed by Allegiant-Carter Management, the Carter Funds property-management arm.
404-unit garden-style multifamily built in 2005 in Rockville, MD (399,919 rentable SF on 7.28 acres); unit mix of 194 one-bedroom, 190 two-bedroom, 20 three-bedroom units; DST offering closed to new subscriptions per sponsor page.
404 apartment homes / 399,919 SFSupporting evidence
How is it financed, and what does it pay?
Neither the Form D filings nor the sponsor material reviewed here states whether the Trust carries mortgage debt or holds the property all-cash, so its leverage is not established in the public record.
Who's behind it?
Carter Exchange is the 1031-exchange arm of Carter Funds. SEC filings name Carter Exchange Fund Management Company, LLC as sponsor, CX Residences at Congressional Village Manager, LLC as manager and signatory trustee, and John E. Carter as president of that manager.3 The issuer is a Delaware entity with a Tampa, Florida mailing address.4 A Carter Exchange platform overview dated March 1, 2024 and posted by AltsWire listed this Rockville DST among the sponsor's offerings.
- Sponsor
- Carter Exchange
- Legal Trust name
- CX Residences at Congressional Village, 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?
Carter Exchange announced the raise on a Form D — the short notice an issuer files when selling securities without registering them — reporting a first sale on September 22, 2022, then amended it as subscriptions came in.5 Rule 506(c) permits public advertising, but each investor's accredited status must be verified rather than self-certified.5
- 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
- 12
- 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 Residences at Congressional Village?
Top1031 lists Residences at Congressional Village as historical. It is no longer raising money.
Where does Top1031 get the data for Residences at Congressional Village?
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 place a 1031 exchange into this Trust?
Carter Exchange's page for the DST states the offering is closed to new subscriptions.[2] The most recent Form D amendment on the SEC record for this issuer was filed December 26, 2023. Anyone mid-exchange should confirm current availability directly with the sponsor or a broker-dealer before naming it as replacement property.
What is the minimum investment?
The Form D filings report a $25,000 minimum investment for outside investors.[5] Actual subscription terms, including any higher minimum for a particular exchange, are set by the private placement memorandum (PPM), the offering document that governs the deal.
What does Rule 506(c) mean here?
Rule 506(c) is the private-placement exemption that lets a sponsor market an offering publicly — website, email, advertising — provided every purchaser is an accredited investor whose status is verified with documents such as tax returns or a CPA letter, rather than simply checked off on a form.[5]
Does the Trust have a 721/UPREIT exit?
The tracked record shows no 721/UPREIT feature for this Trust — that is, no disclosed path to contribute the property into a REIT's operating partnership in exchange for REIT units at the end of the hold. Exit mechanics are defined in the PPM and trust agreement, not in the Form D.
Is the property leveraged?
Not established. The Form D filings do not report debt, and no lender, loan amount, or loan-to-value figure for this property was found in the sponsor material or public records reviewed. A separate Carter portfolio loan identified in research does not name this property, so it is not treated as related.
Who operates the apartments?
Allegiant-Carter Management runs leasing and operations at Residences at Congressional Village, 198 Halpine Rd, Rockville, Maryland, and maintains an active leasing page for one-, two-, and three-bedroom apartments.[6]
Chapter 9Carter Exchange Overview 2024 (PDF)Carter Exchange overview lists CX Residences at Congressional Village, DST as a Rockville, MD multifamily DST.