The Station at Clift Farm
Multifamily property in Madison, AL — sponsored by Carter Exchange
Files with the SEC as CX Station at Clift Farm, DST
Minimum investment
$25k
Offering size
$69.4M
How much has sold
36.0%
Asset type
Multifamily property
Location
Madison, AL
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
The Station at Clift Farm is a Delaware statutory trust (DST) — fractional, passive co-ownership that qualifies as replacement property for a 1031 exchange — holding an apartment community in Madison, Alabama that was completed in 2021.4 Carter Exchange sponsors it. The Form D record on file ends with a November 2023 amendment, and Carter's own offering page states the offering is closed to new subscriptions.4
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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?
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
Who is the tenant, and what's the lease?
This is apartments, not a single-tenant net lease: income comes from residents on short-term leases that turn over continually, with no corporate tenant guaranteeing rent. The property website identifies Allegiant-Carter Management as the management company.5
How did it end?
No sale or other ending on record
No full-cycle sale, foreclosure, or 721/UPREIT exchange was located for CX Station at Clift Farm, DST; the underlying property (The Station at Clift Farm, Madison, AL) remains actively listed and managed by Allegiant-Carter Management, the Carter Funds property-management arm. The January 2022 Cushman & Wakefield announcement relates to the original acquisition that funded the DST, not an exit sale.
The Station at Clift Farm was built in 2021 and consists of four four-story residential buildings on 11.75 acres; unit mix is 144 one-bedroom, 139 two-bedroom, and 32 three-bedroom units. The Carter offering page states the offering is closed to new subscriptions, but no separate dated news article stating fully subscribed or sold out was verified, so status_signal is left as none under the news-evidence rule.
315 units; 4 four-story residential buildings; 11.75 acresSupporting evidence
Who's behind it?
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
- Carter Exchange
- Legal Trust name
- CX Station at Clift Farm, 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 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.
- 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
- 15
- 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 The Station at Clift Farm?
Top1031 lists The Station at Clift Farm as historical. It is no longer raising money.
Where does Top1031 get the data for The Station at Clift Farm?
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.
Is this Trust still open to new investors?
Carter's own offering page for CX Station at Clift Farm, DST states the offering is closed to new subscriptions, and the most recent Form D amendment on the SEC record is dated November 1, 2023. No dated news article confirming a fully subscribed or sold-out close was located. Anyone with a live 45-day exchange clock should confirm current availability directly with the sponsor or their own representative before relying on either signal.
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 PPM 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. Research through August 24, 2026 also did not establish current occupancy or property-level financial performance. Those items live in the private placement memorandum (PPM), the offering document delivered to accredited investors, 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.
Chapter 8Cushman & Wakefield Arranges Sale of The Station at Clift FarmCushman & Wakefield announced the sale of the newly built Station at Clift Farm in Madison, Alabama to Carter Funds.