Top1031

Riverstone at Owings Mills

Multifamily property in Owings Mills, MD · sponsored by Carter Exchange

HistoricalLast Form D filed Jun 26, 2023 (opens in a new tab)

Riverstone at Owings Mills was a DST sponsored by Carter Exchange that owned a multifamily property in Owings Mills, MD (324 units). Its last Form D was filed Jun 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 Jun 26, 2023.

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$73,645,468
Equity offered, per the Form D
Sold
4.5%
Form D, Jun 26, 2023; the % is our arithmetic
Investors reported
9
Form D, Jun 26, 2023
Selling commissions
$6,812,205 · 9.2% of offering
Form D Item 15; the % is our arithmetic
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(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: Riverstone at Owings Mills. Top1031 is not a broker-dealer.

What did Riverstone at Owings Mills own?

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

How was it financed, and what did it cost to sell?

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

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
$6,812,205 · 9.2% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$3,228,917 · 4.3% of offering
Form 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
5 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Oct 18, 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.

What does the SEC record show?

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.

Legal Trust name
CX Owings Mills Multifamily, DST
SEC CIK
1944732
First Form D
Nov 2, 2022
Latest Form D
Jun 26, 2023
Filings on record
6
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$73,645,468
$3,385,042+$256,768
9+1
EDGAR
Form D/A$73,645,468
$3,128,274+$467,383
8+3
EDGAR
Form D/A$73,645,468
$2,660,891+$1,057,053
5+2
EDGAR
Form D/A$73,645,468
$1,603,838+$205,927
3+1
EDGAR
Form D/A$73,645,468
$1,397,911+$325,000
2+1
EDGAR
Form D$73,645,468
$1,072,911
1
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 Riverstone at Owings Mills?
Riverstone at Owings Mills is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jun 26, 2023.
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.
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 offering documents and the Trust's loan documents to establish the debt structure.
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.

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.