The Station at Clift Farm
Multifamily property in Madison, AL · sponsored by Carter Exchange
The Station at Clift Farm was a DST sponsored by Carter Exchange that owned a multifamily property in Madison, AL (315 units). Its last Form D was filed Nov 1, 2023.
How it ended
No outcome recorded · under 7 years
Last Form D filed Nov 1, 2023.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $69,424,166Equity offered, per the Form D
- Sold
- 36.0%Form D, Nov 1, 2023; the % is our arithmetic
- Investors reported
- Form D, Nov 1, 202357
- Selling commissions
- Form D Item 15; the % is our arithmetic$6,421,735 · 9.2% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
- 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: The Station at Clift Farm. Top1031 is not a broker-dealer.What did The Station at Clift Farm own?
Cushman & Wakefield brokered Carter Funds' purchase of the newly completed community from developer Tynes Development, and reported the asset was still pre-stabilized at over 40% leased when it traded. 2 The brokerage's listing record puts the close at December 30, 2021, at 165 John Thomas Drive in Madison, Alabama. 3 The unit mix is 144 one-bedroom, 139 two-bedroom, and 32 three-bedroom apartments. 4
- Reported location
- Madison, AL
- Property size
- 315 units; 4 four-story residential buildings; 11.75 acres
How was it financed, and what did it cost to sell?
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
- $6,421,735 · 9.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $2,773,553 · 3.9% 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
- 17 named in the Form D
Show the firms
- American Trust Investment Services, Inc. · CRD 3001
- Aurora Securities · CRD 46147
- Calton & Associates, Inc. · CRD 20999
- Capulent LLC · CRD 155155
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Huntwicke Securities, LLC · CRD 146993
- Independent Financial Group, LLC · CRD 7717
- Lightpath Capital, Inc. · CRD 34617
- McDermott Investment Services, LLC · CRD 154926
- Purshe Kaplan Sterling Investments · CRD 35747
- Stonecrest Capital Markets, Inc. · CRD 39616
- The Strategic Financial Alliance, Inc. · CRD 126514
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Aug 19, 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 Station at Clift Farm?
The Form D names Carter Exchange Fund Management Company, LLC as sponsor, with CX Station at Clift Farm Manager, LLC as manager and signatory trustee and CX Station at Clift Farm Depositor, LLC as depositor. 1 Carter Funds announced a new sales leadership team on February 8, 2022, an announcement that lists this Trust among the firm's DST offerings. 6
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed an initial Form D in 2022 and amended it repeatedly as sales were reported, against a maximum offering of $69,424,166. 1 The exemption used permits general advertising but limits buyers to verified accredited investors — those meeting SEC income or net-worth tests. No later SEC filing was located.
- Legal Trust name
- CX Station at Clift Farm, DST
- SEC CIK
- 1942116
- First Form D
- Sep 2, 2022
- Latest Form D
- Nov 1, 2023
- Filings on record
- 15
- 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 | $69,424,166 | $25,015,658+$3,406,350 | 57+5 | EDGAR | |
| Form D/A | $69,424,166 | $21,609,308+$785,168 | 52+2 | EDGAR | |
| Form D/A | $69,424,166 | $20,824,140+$1,061,714 | 50+5 | EDGAR | |
| Form D/A | $69,424,166 | $19,762,426+$499,657 | 45+3 | EDGAR | |
| Form D/A | $69,424,166 | $19,262,769+$3,100,752 | 42+6 | EDGAR | |
| Form D/A | $69,424,166 | $16,162,017+$1,109,455 | 36+3 | EDGAR | |
| Form D/A | $69,424,166 | $15,052,562+$949,207 | 33+3 | EDGAR | |
| Form D/A | $69,424,166 | $14,103,355+$4,893,444 | 30+5 | EDGAR | |
| Form D/A | $69,424,166 | $9,209,911+$631,291 | 25+3 | EDGAR | |
| Form D/A | $69,424,166 | $8,578,620+$2,788,075 | 22+7 | EDGAR | |
| Form D/A | $69,424,166 | $5,790,545+$361,483 | 15+2 | EDGAR | |
| Form D/A | $69,424,166 | $5,429,062+$2,512,793 | 13+5 | EDGAR | |
| Form D/A | $69,424,166 | $2,916,269+$1,429,569 | 8+5 | EDGAR | |
| Form D/A | $69,424,166 | $1,486,700+$100,000 | 3+1 | EDGAR | |
| Form D | $69,424,166 | $1,386,700 | 2 | EDGAR |
Show all 15 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 The Station at Clift Farm?
- The Station at Clift Farm is a Historical offering. Last Form D filed Nov 1, 2023.
- What exactly does an investor own here?
- A beneficial interest in CX Station at Clift Farm, DST, a Delaware statutory trust holding The Station at Clift Farm in Madison, Alabama. A DST interest is treated as direct ownership of real property for Section 1031 purposes, so it can serve as replacement property in an exchange. Investors are passive: the trust's manager and signatory trustee, CX Station at Clift Farm Manager, LLC, controls operations, and beneficiaries cannot direct the asset.
- Does this Trust convert into a REIT through a 721 exchange?
- The record shows no REIT conversion feature. A 721 or UPREIT exit is a structure where DST interests are later contributed to a REIT operating partnership in exchange for OP units; this Trust is not flagged for that path in the data on file. The exit route would come from the offering documents and trust agreement.
- What is not disclosed in the public record?
- The Form D filings do not state the purchase price, the loan amount or lender, loan-to-value, distribution rate, or projected hold period. Those items live in the offering documents, not in SEC Form D.
- Was the property stabilized when the sponsor bought it?
- No. Cushman & Wakefield, which arranged the sale, reported on January 27, 2022 that the 315-unit property closed pre-stabilized at over 40% leased, having been completed in 2021. Lease-up risk at acquisition differs from buying a fully occupied asset; how the property performed afterward is not established in the public record reviewed.
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.