Residences at Congressional Village
Multifamily property in Rockville, MD · sponsored by Carter Exchange
Residences at Congressional Village was a DST sponsored by Carter Exchange that owned a multifamily property in Rockville, MD. Its last Form D was filed Dec 26, 2023.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Dec 26, 2023.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $81,157,487Equity offered, per the Form D
- Sold
- 15.7%Form D, Dec 26, 2023; the % is our arithmetic
- Investors reported
- Form D, Dec 26, 202347
- Selling commissions
- Form D Item 15; the % is our arithmetic$7,507,068 · 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: Residences at Congressional Village. Top1031 is not a broker-dealer.What did the Trust own?
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
How was it financed, and what did it cost to sell?
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.
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
- $7,507,068 · 9.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $3,296,932 · 4.0% 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
- 6 named in the Form D
Show the firms
- American Trust Investment Services, Inc. · CRD 3001
- Aurora Securities · CRD 46147
- Concorde Investment Services, LLC · CRD 151604
- Crescent Securities Group, Inc. · CRD 114993
- DFPG Investments, LLC · CRD 155576
- Lightpath Capital, Inc. · CRD 34617
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Sep 22, 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 the Trust?
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
- Offerings on record
What does the SEC record show?
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
- Legal Trust name
- CX Residences at Congressional Village, DST
- SEC CIK
- 1943964
- First Form D
- Oct 3, 2022
- Latest Form D
- Dec 26, 2023
- Filings on record
- 12
- 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 | $81,157,487 | $12,763,533+$884,374 | 47+2 | EDGAR | |
| Form D/A | $81,157,487 | $11,879,159+$1,998,763 | 45+7 | EDGAR | |
| Form D/A | $81,157,487 | $9,880,396+$1,453,034 | 38+5 | EDGAR | |
| Form D/A | $81,157,487 | $8,427,362+$1,478,427 | 33+6 | EDGAR | |
| Form D/A | $81,157,487 | $6,948,935+$319,087 | 27+2 | EDGAR | |
| Form D/A | $81,157,487 | $6,629,848+$1,317,144 | 25+4 | EDGAR | |
| Form D/A | $81,157,487 | $5,312,704 | 21 | EDGAR | |
| Form D/A | $81,157,487 | $5,312,704+$477,358 | 21+2 | EDGAR | |
| Form D/A | $81,157,487 | $4,835,346+$2,212,505 | 19+9 | EDGAR | |
| Form D/A | $81,157,487 | $2,622,841+$1,756,342 | 10+5 | EDGAR | |
| Form D/A | $81,157,487 | $866,499+$485,244 | 5+2 | EDGAR | |
| Form D | $81,157,487 | $381,255 | 3 | EDGAR |
Show all 12 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 Residences at Congressional Village?
- Residences at Congressional Village is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Dec 26, 2023.
- 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. 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. Actual subscription terms, including any higher minimum for a particular exchange, are set by the offering documents.
- 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 offering documents 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.
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.