Madison Ridge
Multifamily property in Indian Land, SC · sponsored by Madison Capital Group
Madison Ridge was a DST sponsored by Madison Capital Group that owned a multifamily property in Indian Land, SC (240 units). Its last Form D was filed Oct 25, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Oct 25, 2024.
Key facts
- Minimum investment
- $50,000From the Form D
- Offering size
- $77,670,567Equity offered, per the Form D
- Sold
- 30.8%Form D, Oct 25, 2024; the % is our arithmetic
- Investors reported
- Form D, Oct 25, 202481
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,660,234 · 5.9% 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 Ridge. Top1031 is not a broker-dealer.What did Madison Ridge own?
Madison Communities, a sister company of the sponsor's capital-markets arm, developed Madison Ridge at 3506 Buster Lane in Indian Land, South Carolina, completing construction in 2023. 1 The three-story, Class A garden-style community sits in Lancaster County, inside the Charlotte metro area near Ballantyne and Fort Mill. Amenities include a saltwater pool, fitness center, outdoor grilling pavilion, community lounge and walking paths.
- Reported location
- Indian Land, SC
- Property size
- 240 units (92 one-bedroom, 120 two-bedroom, 28 three-bedroom)
How was it financed, and what did it cost to sell?
No mortgage encumbers the property, so there is no lender, no loan maturity to refinance and no foreclosure risk — but an investor who must replace debt from a relinquished property cannot satisfy that requirement through this Trust.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $4,660,234 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% 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
- Apr 12, 2024
- Minimum investment
- $50,000
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.
Who's behind Madison Ridge?
Madison Capital Group is a real estate firm whose affiliates develop, own and syndicate multifamily communities; its Madison 1031 Exchange and Madison Capital Markets arms run the DST program, and affiliate Madison Communities developed this property. 1 SEC filings give the Trust an issuer address on Carnegie Boulevard in Charlotte, North Carolina. 6 Madison Capital Markets announced the completed raise on August 18, 2025. 3
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed an initial Form D — the brief notice an issuer gives the SEC when selling securities without registering them — and later amended it once to report interim sales. Nothing further appears in the SEC record, so the filed figures predate the sponsor's fully subscribed announcement. 4
- Legal Trust name
- Madison Ridge DST
- SEC CIK
- 2014170
- First Form D
- Mar 8, 2024
- Latest Form D
- Oct 25, 2024
- Filings on record
- 2
- 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 | $77,670,567 | $23,938,230+$23,938,230 | 81 | EDGAR | |
| Form D | $77,670,567 | $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 Ridge?
- Madison Ridge is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Oct 25, 2024.
- Why does the SEC record still show the offering as partly sold?
- The Trust filed its first Form D on March 8, 2024 and one amendment on October 25, 2024. SEC company data for CIK 2014170 shows no filing after that amendment, so the last figures on file are from October 2024 — roughly ten months before the sponsor announced the raise was complete. Form D amendments are not required to be filed at the moment a raise finishes.
- What exactly does the Trust own?
- A single Class A garden-style apartment community called Madison Ridge, at 3506 Buster Lane in Indian Land, South Carolina, in Lancaster County within the Greater Charlotte metro. Yield PRO reported the property was built in 2023 and developed by Madison Communities, a sister company of Madison Capital Markets. The buildings are three stories, and the unit mix spans one-, two- and three-bedroom apartments.
- What was the minimum investment?
- The Form D filings report a $50,000 minimum outside investment. AltsWire's March 22, 2024 coverage of the launch described a $25,000 minimum. Minimums and any sponsor discretion to accept less are set in the offering documents.
- Is there a 721/UPREIT exit?
- The record shows no REIT conversion feature. A 721/UPREIT exit is a structure in which a DST's property is later contributed to a REIT's operating partnership in exchange for units, converting the investor's real estate position into REIT units. Nothing in this Trust's filings or the sponsor's materials indicates that path here.
- How occupied is the property today?
- No occupancy figure and no named property operator were established by the available records. Redfin listed 20 units as available at Madison Ridge on August 29, 2026, which is an availability count rather than a measure of physical occupancy. No primary record of a sale, refinancing, default or litigation involving the Trust or the property was found.
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.