Top1031

Dawson Park Apartments

Multifamily property in Baton Rouge, LA · sponsored by Rance King Properties

HistoricalLast Form D filed Aug 19, 2022 (opens in a new tab)

Dawson Park Apartments was a DST sponsored by Rance King Properties that owned a multifamily property in Baton Rouge, LA (155 units). Its last Form D was filed Aug 19, 2022.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Aug 19, 2022.

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$33,600,000
Equity offered, per the Form D
Sold
Not reported in its Form D filings (latest Aug 19, 2022)
Form D, Aug 19, 2022
Selling commissions
$2,016,000 · 6.0% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
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: Dawson Park Apartments. Top1031 is not a broker-dealer.

What did Dawson Park Apartments own?

The community stands at 8451 Picardy Ave. in Baton Rouge, next to Baton Rouge General Hospital in the city's health district. 2 It was newly constructed when Rance King Properties bought it off-market directly from the developer in July 2022. ELIFIN Realty reported the price at $45,725,000, or about $295,000 per unit. 1 The apartments are one- and two-bedroom units. 3

Reported location
Baton Rouge, LA
Property size
155 units

How was it financed, and what did it cost to sell?

Rance King Properties reported that First Foundation Bank provided the loan on interest-only terms for the entire term — meaning the balance does not amortize and the full principal falls due at maturity. 3 The principal amount was not disclosed.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$2,016,000 · 6.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,600,375 · 4.7% of offering
Form D Item 16
Broker-dealers named in the Form D
34 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
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.

What does the SEC record show?

The Trust filed an original Form D — the SEC's brief notice of a private, exempt offering — and one amendment about five weeks later, each carrying a $25,000 minimum investment. Both were made under Rule 506(b), which bars general advertising and limits sales to accredited investors the sponsor already knows. No later amendment reported the offering's progress.

Legal Trust name
RK Dawson Park DST
SEC CIK
1937672
First Form D
Jul 12, 2022
Latest Form D
Aug 19, 2022
Filings on record
2
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D/A$33,600,000
$0
EDGAR
Form D$33,600,000
$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 Dawson Park Apartments?
Dawson Park Apartments is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Aug 19, 2022.
What did the Trust pay for the property?
ELIFIN Realty reported that RK Dawson Park DST bought Dawson Park Apartments in July 2022 for $45,725,000, about $295,000 per unit. The Baton Rouge Business Report separately reported the sale at $45.7 million for the four-story, 155-unit complex.
What debt is on the property?
AltsWire reported financing from First Foundation Bank with a 10-year term, a fixed annual interest rate of 4.4%, and interest-only payments for the entire term. The loan principal was not stated in that report, and no loan document is part of the SEC record.
Does this Trust offer a 721/UPREIT exit?
No REIT conversion feature is indicated in the data on record. A 721 or UPREIT exit is an arrangement in which investors can eventually swap their real estate interest for operating-partnership units in a REIT; nothing here shows that path. Any exit terms would be governed by the offering documents.
What is still not publicly known about this Trust?
The seller and developer's identity, the loan principal, the full capitalization stack, current occupancy, and any material property event after February 2023 were not established in public sources. The sponsor and current listings give the address as 8451 Picardy Ave., while one brokerage account cites 8453 Picardy Ave.; that discrepancy is unresolved.

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.