Irish Row Apartments
Student housing property in South Bend, Indiana · sponsored by Inland Private Capital
Irish Row Apartments was a DST sponsored by Inland Private Capital that owned a student housing property in South Bend, Indiana. Its last Form D, filed Apr 11, 2024, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Apr 11, 2024, reports the offering fully sold.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $28,252,537Equity offered, per the Form D
- Sold
- 100%Form D, Apr 11, 2024; the % is our arithmetic
- Investors reported
- Form D, Apr 11, 202470
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,412,627 · 5.0% 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(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: Irish Row Apartments. Top1031 is not a broker-dealer.Irish Row Apartments · South Bend, Indiana · Photo: images.squarespace-cdn.com
What did Irish Row Apartments own?
Irish Row Apartments is off-campus housing at 1855 Vaness St, marketed to University of Notre Dame students. 2 The property website lists two-, three- and four-bedroom apartments rented under individual housing contracts. 2 Inland reported the building was 98% occupied in December 2023, days before the first sale of interests. 1 Acquisition date, purchase price and seller were not found in public records.
- Reported location
- South Bend, Indiana
- Property size
- 326-bed, 127-unit
How was it financed, and what did it cost to sell?
Neither the Form D filings nor Inland's public materials state whether the Trust carries mortgage debt, and no lender or loan terms were located. Leverage on this Trust is simply not on 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
- $1,412,627 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $2,513,981 · 8.8% of offeringForm D Item 16· The filing’s note: “Estimate of certain fees, including Dealer Fee, Placement Agent Fee, O&O Expenses, Acquisition Fee and reimbursement of costs related to acquisition of property that may accrue to one or more related persons.”
- Broker-dealers named in the Form D
- 11 named in the Form D
Show the firms
- Ameritas Investment Company, LLC · CRD 14869
- Arkadios Capital · CRD 282710
- Avantax Investment Services, Inc. · CRD 13686
- Cambridge Investment Research, Inc. · CRD 39543
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- Inland Securities Corporation · CRD 15807
- RCX Capital Group, LLC · CRD 114290
- The Strategic Financial Alliance, Inc. · CRD 126514
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Dec 15, 2023
- 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 Irish Row Apartments?
Inland Private Capital Corporation is a prolific sponsor of 1031 exchange programs; its filings for this Trust name Irish Row Student Housing Exchange, L.L.C. as trustee and Irish Row Student Housing, L.L.C. as depositor. 4 On April 22, 2024 Inland announced the offering was fully subscribed and closed, reporting a completed capital raise of more than $26 million. 1
- Sponsor
- Offerings on record
What does the SEC record show?
The initial Form D reported no securities sold and no investors, with the first sale not yet made. 5 A later amendment gave December 15, 2023 as the first sale date, and a second amendment recorded the raise as fully taken up. 4
- Legal Trust name
- Irish Row Student Housing DST
- SEC CIK
- 2004505
- First Form D
- Dec 19, 2023
- Latest Form D
- Apr 11, 2024
- Filings on record
- 3
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $28,252,537 | $28,252,537+$5,019,705 | 70+18 | EDGAR | |
| Form D/A | $28,252,537 | $23,232,832+$23,232,832 | 52 | EDGAR | |
| Form D | $28,252,537 | $0 | 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 Irish Row Apartments?
- Irish Row Apartments is a Historical offering. The last Form D, filed Apr 11, 2024, reports the offering fully sold.
- What does it mean that this was offered under Rule 506(b)?
- Rule 506(b) is a private-placement exemption: the sponsor may not advertise or generally solicit the offering, and sells to accredited investors — broadly, individuals meeting SEC income or net-worth thresholds — usually through existing broker-dealer relationships. Terms are set out in the offering documents, rather than in a public prospectus.
- Who actually pays the rent at Irish Row Apartments?
- Students, individually. The property website describes two-, three- and four-bedroom off-campus apartments near the University of Notre Dame leased under individual housing contracts, so cash flow depends on bed-by-bed leasing each academic year rather than on one corporate tenant's credit. The site currently shows leasing for fall 2027.
- Does this Trust have a 721/UPREIT exit?
- The record shows no REIT conversion path. A 721 or UPREIT exit is a structure where a DST's property is later contributed to a real estate investment trust's operating partnership in exchange for units; Top1031's data for this Trust indicates that route is not indicated here. The offering documents control what exits are permitted.
- How much debt is on the property?
- Unknown from public sources. The Form D filings do not disclose mortgage financing, and no lender, loan amount, or loan terms for Irish Row Apartments were located in sponsor materials or trade press. An investor would need the offering documents and the loan documents to establish whether the Trust is leveraged.
- Has anything happened to the property since the offering closed?
- No reliable report of a sale, refinancing, foreclosure, or other material property event after April 2024 was established in public sources. The most recent sponsor-reported operating detail is the December 2023 occupancy snapshot published with the closing announcement; no outcome for the Trust itself has been reported yet.
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.