Summit Court Apartments
Multifamily property in Union Township, NJ · sponsored by Inland Private Capital
Summit Court Apartments was a DST sponsored by Inland Private Capital that owned a multifamily property in Union Township, NJ (393 units). Its last Form D, filed Mar 20, 2026, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Mar 20, 2026, reports the offering fully sold.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $83,672,415Equity offered, per the Form D
- Sold
- 100%Form D, Mar 20, 2026; the % is our arithmetic
- Investors reported
- Form D, Mar 20, 2026180
- Selling commissions
- Form D Item 15; the % is our arithmetic$6,610,121 · 7.9% 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: Summit Court Apartments. Top1031 is not a broker-dealer.Summit Court Apartments · Union Township, NJ · Photo: originnjbiz.wpenginepowered.com
What did Summit Court Apartments own?
Summit Court was built in two phases, completed in 2018 and 2023, as a newly constructed luxury rental community in Union Township. 1 An Inland affiliate bought it in February 2025 for $131.5 million from a joint venture of Fidelco Realty Group and Diversified Properties, in a sale arranged by JLL Capital Markets. 1 JLL reported the community was 93% occupied when the deal was announced. 1 Inland describes three residential buildings and a clubhouse. 2
- Property address
- 1720 Patriot Way, Union Township, NJ
- Property size
- 393 units (351 market-rate, 42 affordable)
How was it financed, and what did it cost to sell?
The Form D identifies equity and pooled investment fund interests as the securities offered, not debt. 3 That says nothing about mortgage debt at the property: the sponsor and issuer materials reviewed do not state loan principal, rate, maturity, or loan-to-value, so treat leverage here as undisclosed rather than absent.
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
- $6,610,121 · 7.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $4,811,422 · 5.7% 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
- 24 named in the Form D
Show the firms
- APW Capital, Inc. · CRD 43814
- Avantax Investment Services, Inc. · CRD 13686
- Cadaret, Grant & Co., Inc. · CRD 10641
- Cambridge Investment Research, Inc. · CRD 39543
- Cetera Wealth Services, LLC · CRD 13572
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Herald & Lantern Investments, Inc. · CRD 30996
- Investment Planners, Inc. · CRD 18557
- Kestra Investment Services, LLC · CRD 42046
- LPL Financial LLC · CRD 6413
- M.S. Howells & Co. · CRD 104100
- McDermott Investment Services, LLC · CRD 154926
- Osaic Institutions, Inc. · CRD 35371
- Osaic Wealth, Inc. · CRD 23131
- Park Avenue Securities LLC · CRD 46173
- RCX Capital Group, LLC · CRD 114290
- Realized Financial, Inc. · CRD 22333
- Stifel Independent Advisors, LLC · CRD 28218
- Stifel Nicolaus & Company, Incorporated · CRD 793
- Stonecrest Capital Markets, Inc. · CRD 39616
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Mar 7, 2025
- 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 Summit Court Apartments?
Inland Private Capital sponsors this Trust and sits within The Inland Real Estate Group of Companies, whose acquisitions affiliate negotiated and closed the Summit Court purchase for an Inland entity in February 2025. 4 Day-to-day operations stay in the family: the property is managed by Inland Residential Real Estate Services. 5 Inland announced the completed equity raise on April 16, 2026. 2
- Sponsor
- Offerings on record
What does the SEC record show?
The issuer's Form D — the SEC notice used for a private placement — was amended repeatedly as subscriptions accumulated, with the final amendment reporting the offering complete. Interests were sold privately to accredited investors, without public advertising. The filings report the first sale of interests on March 7, 2025. 3
- Legal Trust name
- Union Multifamily DST
- SEC CIK
- 2057288
- First Form D
- Mar 21, 2025
- Latest Form D
- Mar 20, 2026
- Filings on record
- 17
- 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 | $83,672,415 | $83,672,415+$100,000 | 180+1 | EDGAR | |
| Form D/A | $83,672,415 | $83,572,415+$6,685,347 | 179+18 | EDGAR | |
| Form D/A | $83,672,415 | $76,887,068+$3,286,983 | 161+18 | EDGAR | |
| Form D/A | $83,672,415 | $73,600,085+$13,469,470 | 143+22 | EDGAR | |
| Form D/A | $83,672,415 | $60,130,615+$3,680,937 | 121+12 | EDGAR | |
| Form D/A | $83,672,415 | $56,449,678+$5,990,220 | 109+18 | EDGAR | |
| Form D/A | $83,672,415 | $50,459,458+$8,825,964 | 91+11 | EDGAR | |
| Form D/A | $83,672,415 | $41,633,494+$12,781,693 | 80+18 | EDGAR | |
| Form D/A | $83,672,415 | $28,851,801+$6,010,450 | 62+14 | EDGAR | |
| Form D/A | $83,672,415 | $22,841,351+$3,742,167 | 48+12 | EDGAR | |
| Form D/A | $83,672,415 | $19,099,184+$3,057,482 | 36+9 | EDGAR | |
| Form D/A | $83,672,415 | $16,041,702+$3,335,382 | 27+6 | EDGAR | |
| Form D/A | $83,672,415 | $12,706,320+$5,893,381 | 21+7 | EDGAR | |
| Form D/A | $83,672,415 | $6,812,939+$4,403,924 | 14+6 | EDGAR | |
| Form D/A | $83,672,415 | $2,409,015+$1,282,069 | 8+4 | EDGAR | |
| Form D/A | $83,672,415 | $1,126,946+$1,093,532 | 4+3 | EDGAR | |
| Form D | $83,672,415 | $33,414 | 1 | EDGAR |
Show all 17 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 Summit Court Apartments?
- Summit Court Apartments is a Historical offering. The last Form D, filed Mar 20, 2026, reports the offering fully sold.
- What does the Trust actually own?
- A single asset: Summit Court Apartments, a Class A apartment community in Union Township, New Jersey, made up of market-rate and affordable units across three residential buildings plus a clubhouse. An Inland affiliate acquired it in February 2025 for $131.5 million from a Fidelco Realty Group and Diversified Properties joint venture.
- Does the property carry a mortgage?
- The public record reviewed does not say. Form D filings disclose securities offered, not property-level debt, and neither the sponsor's announcements nor the transaction coverage reviewed states loan principal, interest rate, maturity, or loan-to-value.
- Could this Trust convert into a REIT interest later?
- The record here carries no 721/UPREIT exit designation — that is the structure where a DST's property is contributed to a REIT's operating partnership in exchange for units, converting a real estate position into a securities position. Absent that designation, the ordinary path for a DST is a sale of the property, though no disposition has been reported.
- What was the minimum investment?
- Form D amendments through January 14, 2026 report a $25,000 minimum for outside investors, subject to the issuer's stated discretion to accept less. That threshold applied only to accredited investors — those meeting the SEC's income or net-worth tests — since the offering was sold privately rather than advertised.
- Is there any reported outcome for this Trust?
- No outcome has been reported yet beyond the completed raise. The reviewed public materials show no sale of the property, no refinancing announcement, and no distress event. The most recent public milestone is Inland's April 16, 2026 statement that the offering was fully subscribed and closed.
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.