Madison Farms
Multifamily property in Charlotte, NC · sponsored by Madison Capital Group
Madison Farms was a DST sponsored by Madison Capital Group that owned a multifamily property in Charlotte, NC (240 units). Its last Form D was filed Jul 5, 2023.
How it ended
No outcome recorded · under 7 years
Last Form D filed Jul 5, 2023.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $80,279,330Equity offered, per the Form D
- Sold
- 74.9%Form D, Jul 5, 2023; the % is our arithmetic
- Investors reported
- Form D, Jul 5, 202336
- Selling commissions
- Form D Item 15; the % is our arithmetic$8,479,330 · 10.5% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- 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: Madison Farms. Top1031 is not a broker-dealer.What did Madison Farms own?
Madison Farms sits off Highway 29 just north of I-485 in north Charlotte, at 12525 Oldehurst Place. 3 Madison Capital Group said in January 2021 that construction had begun on the apartment and townhome community, units averaging about 900 square feet, with residents expected to move in by 2022. 2 Charlotte Business Journal reported in October 2020 that Ryan Hanks pegged the project cost near $41 million — an estimate, not a filed figure. 5
- Reported location
- Charlotte, NC
- Property size
- 240 units
How was it financed, and what did it cost to sell?
Neither the Form D filings nor the public sponsor materials disclose whether the Trust carries mortgage debt or, if it does, the lender and loan terms; that information would sit in the offering documents.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $8,479,330 · 10.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,364,000 · 1.6% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Realta Equities, Inc. · CRD 23769
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Nov 1, 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 Madison Farms?
Madison Capital Group developed Madison Farms itself and announced the groundbreaking in January 2021. 2 Charlotte Business Journal identified the firm as a Charlotte company in its October 2020 report on the project. 5 The July 5, 2023 Form D amendment names Ryan L. Hanks and Joe F. Teague as executive officers and promoters. 1 On May 20, 2024, The White Law Group published a page saying it was investigating potential securities claims involving Madison Farms DST; no primary record establishing wrongdoing was located. 6
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed an original Form D — the SEC's brief notice of an exempt offering — and then amended it twice, with the latest amendment the first to report investor subscriptions; that amendment gives the first sale date as November 1, 2022. 1 Rule 506(c) permits general solicitation so long as each investor's accredited status is verified.
- Legal Trust name
- Madison Farms DST
- SEC CIK
- 1948652
- First Form D
- Sep 30, 2022
- Latest Form D
- Jul 5, 2023
- Filings on record
- 3
- 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 | $80,279,330 | $60,171,111+$60,171,111 | 36 | EDGAR | |
| Form D/A | $80,279,330 | $0 | EDGAR | ||
| Form D | $80,279,330 | $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 Madison Farms?
- Madison Farms is a Historical offering. Last Form D filed Jul 5, 2023.
- What does Madison Farms DST actually own?
- The Trust was formed around Madison Farms, a 240-unit apartment and townhome community in north Charlotte, North Carolina, at 12525 Oldehurst Place. Madison Capital Group developed the property and said in January 2021 that construction had begun, with units averaging about 900 square feet. The SEC offering filings themselves do not name the property or its address.
- Who are the tenants?
- This is a multifamily property, so there is no single corporate tenant. Income comes from individual residents; the property's FAQ page states that lease terms run from 3 to 15 months depending on availability and daily pricing. That means the rent roll turns over regularly rather than being locked in by one long-term lease.
- Does the Trust have debt?
- The public record does not say. The Form D filings do not report loan terms, loan-to-value, or a lender, and no sponsor material located discloses property-level debt. Leverage, if any, and the identity of the lender would be described in the offering documents.
- Can this Trust convert into a REIT?
- The data on record shows no 721/UPREIT exit path — that is, no stated plan to contribute the property into a REIT's operating partnership in exchange for partnership units. Investors should treat the offering documents as the controlling description of any exit mechanics.
- What is the White Law Group investigation about?
- On May 20, 2024, The White Law Group, a law firm that solicits investor claims, published a page stating it was investigating potential securities claims involving Madison Farms DST. That page is a solicitation and a lead, not a regulatory action or a finding of wrongdoing; no underlying primary record establishing misconduct was located.
In the news
Sources
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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.