Riverstone at Owings Mills
Multifamily property in Owings Mills, MD — sponsored by Carter Exchange
Files with the SEC as CX Owings Mills Multifamily, DST
Minimum investment
$25k
Offering size
$73.6M
How much has sold
5.0%
Asset type
Multifamily property
Location
Owings Mills, MD
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Riverstone at Owings Mills is a Delaware Statutory Trust (DST) — a passive co-ownership structure whose interests qualify for 1031 exchange treatment — holding a garden-style apartment complex in Owings Mills, Maryland. Carter Exchange sponsored the Trust after Carter Funds bought the property for $92.9 million in July 2022. The sponsor announced full subscription on August 1, 2024, so it is closed to new investors.
Show sources (12)Hide sources (12)
These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission — issuer submissions record ↗
- U.S. Securities and Exchange Commission — Form D/A ↗
- Carter Funds / Carter Exchange offering page ↗
- Continental Realty Corporation ↗
- Carter Funds / Carter Exchange offering page ↗
- U.S. Securities and Exchange Commission — Form D ↗
- carterfunds.com ↗
- carterfunds.com ↗
- prnewswire.com ↗
- crcrealty.com ↗
- allegiant-carter.com ↗
- altswire.com ↗
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 complex was built in 2003: ten residential buildings on 17.18 acres at 4700 Riverstone Drive, with a mix of 164 one-bedroom, 132 two-bedroom, and 28 three-bedroom apartments.3 Continental Realty Corporation had assembled it in 2016 for $61.6 million on behalf of its Fund IV, then sold it to Carter Funds for $92.9 million in July 2022.4 Carter Exchange placed that asset into this Trust and sold fractional interests in it.
- Reported location
- Owings Mills, MD
- Property size
- 324 units
Who is the tenant, and what's the lease?
An apartment community has no single credit tenant — rent comes from hundreds of individual residential leases that turn over continually, so no long-term corporate lease sits behind the income. Carter's offering material does not state occupancy, tenant concentration, or lease terms.5
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 (Courts of Avalon, Pikesville/Owings Mills MD, 324 units) remains listed in Carter Funds' DST portfolio and is actively managed by Allegiant-Carter Management as a rental community.
324-unit garden-style multifamily apartment complex built in 2003 with 10 residential buildings on 17.18 acres at 4700 Riverstone Drive, Owings Mills, MD 21117. Acquired by Carter Funds for $92.9 million from Continental Realty Corporation in July 2022. Property is now branded as 'Mode at Owings Mills' by Allegiant-Carter Management. Part of Carter Exchange's Maryland DST program that fully subscribed in August 2024.
324 unitsSupporting evidence
How is it financed, and what does it pay?
The public record does not settle how this Trust is capitalized: neither the Form D filings nor Carter's offering page names a lender, states a loan balance, or says whether the Trust carries mortgage debt at all.5
Who's behind it?
The sponsor is Carter Exchange Fund Management Company, LLC, a Tampa, Florida firm operating from 4890 West Kennedy Boulevard.1 Its filings name CX Owings Mills Multifamily Manager, LLC as manager and signatory trustee, CX Owings Mills Multifamily Depositor, LLC as depositor, and John E. Carter as the sponsor's executive chairman.2 On August 1, 2024, Carter announced that its $48.8 million Maryland DST offering — this Trust together with CX Courts of Avalon — had been fully subscribed.
- Sponsor
- Carter Exchange
- Legal Trust name
- CX Owings Mills Multifamily, 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 filing record opens with an initial Form D reporting a first sale on October 18, 2022, followed by amendments that updated the amount raised and the investor count.6 The Trust was offered under Rule 506(b), the private-placement exemption that bars general advertising and effectively limits purchasers to accredited investors already known to the sponsor.
- 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
- 6
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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 Riverstone at Owings Mills?
Top1031 lists Riverstone at Owings Mills as historical. It is no longer raising money.
Where does Top1031 get the data for Riverstone at Owings Mills?
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 invest in Riverstone at Owings Mills?
No. Carter Exchange announced on August 1, 2024 that its $48.8 million Maryland DST offering — this Trust and CX Courts of Avalon — was fully subscribed, and the sponsor's page for the offering states it is closed to new subscriptions. It is a historical Trust for exchange-shopping purposes.[5]
What did the sponsor pay for the property, and who sold it?
Carter Funds bought the 324-unit Riverstone at Owings Mills at 4700 Riverstone Drive for $92.9 million in July 2022. The seller was Continental Realty Corporation, which had acquired the community in 2016 for $61.6 million for its Fund IV.[4]
Why does the SEC record look different from the sponsor's full-subscription announcement?
The most recent Form D amendment on file is dated June 26, 2023, and research on August 26, 2026 located no later SEC filing. The sponsor's full-subscription announcement came on August 1, 2024, after that last amendment, so the SEC record was never updated to reflect the completed raise. Form D amendments are notice filings, not a continuous ledger.
Does this Trust carry mortgage debt?
The public record does not say. The Form D filings do not report leverage, and Carter's offering page names no lender or loan balance. An investor would need the private placement memorandum (PPM) — the offering's full disclosure document — and the Trust's loan documents to establish the debt structure.[5]
Is there a 721/UPREIT exit for this Trust?
Nothing in the record indicates one. A 721 or UPREIT exit is a structure in which the Trust's real estate is contributed to a REIT's operating partnership in exchange for partnership units instead of being sold for cash; this Trust's data shows no such conversion path.
What did the offering cost investors in commissions?
The Form D amendment filed June 26, 2023 estimated $6,812,205 in sales commissions and $3,228,917 in proceeds to related persons covering acquisition fees, financing-cost reimbursements, and offering and organizational expenses.[2]
Chapter 9Carter Exchange Fully Subscribes $48.8M Maryland DST OfferingSponsor-site press release announcing full subscription of the CX Owings Mills Multifamily DST alongside CX Courts of Avalon. CRC sells 324-unit Riverstone at Owings Mills apartment complex for $92.9MContinental Realty Corporation sold the 324-unit Riverstone at Owings Mills multifamily community in Owings Mills, Maryland to Carter Funds for $92.9 million; the acquisition precedes Carter's DST offering of the property.