Top1031

Arbour Commons

Multifamily property in Westminster, CO

HistoricalLast Form D filed Apr 9, 2024 (opens in a new tab)

Arbour Commons was a DST that owned a multifamily property in Westminster, CO (394 units). Its last Form D was filed Apr 9, 2024.

How it ended

No outcome recorded · under 7 years

Last Form D filed Apr 9, 2024.

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$96,150,000
Equity offered, per the Form D
Sold
49.3%
Form D, Apr 9, 2024; the % is our arithmetic
Investors reported
137
Form D, Apr 9, 2024
Selling commissions
$5,769,000 · 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(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: Arbour Commons. Top1031 is not a broker-dealer.

What did Arbour Commons own?

The community sits at 663 W. 148th Avenue beside the Orchard Town Center in Westminster, built in 2014 on roughly 28 acres. 2 Seller McWhinney sold it to CORE Pacific Advisors for $150 million in a deal brokered by Walker & Dunlop and announced in early October 2022. 3 The offering page reports the Trust took title on September 19, 2022. 1 The property website describes the community as recently renovated, with a renovated clubhouse open. 12

Reported location
Westminster, CO
Property size
394 units (Class A garden-style upscale)

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

This is a leveraged Trust: a $74,589,000 Freddie Mac loan arranged through Arbor Agency Lending, LLC sits beneath the equity. 5 The offering page reports the loan is nonrecourse to investors, meaning the lender looks to the property rather than to investors personally. 5

Debt

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

Costs and terms from the Form D

Selling commissions
$5,769,000 · 6.0% of offering
Finders’ fees
$961,500
Paid to officers, directors and promoters
$3,075,000 · 3.1% of offering
Form D Item 16
· The filing’s note: “Affiliates of the Issuer will receive $3,075,000 of the offering proceeds as transaction and similar fees, as well as reimbursement of certain expenses the amount of which cannot be estimated at this time.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Oct 21, 2022
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. The issuer marked these amounts as an estimate.

What does the SEC record show?

The SEC record here is thin: an original notice at launch, then a single amendment that reported the first sale as October 21, 2022 and updated the offering's progress and related parties. 8 It may be offered under a private-placement exemption that permits public advertising, with sales limited to investors whose accredited status is verified.

Legal Trust name
CPA Arbour Commons DST
SEC CIK
1948691
First Form D
Oct 4, 2022
Latest Form D
Apr 9, 2024
Filings on record
2
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$96,150,000
$47,484,356+$47,484,356
137
EDGAR
Form D$96,150,000
$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 Arbour Commons?
Arbour Commons is a Historical offering. Last Form D filed Apr 9, 2024.
What does this Trust actually own?
A single asset: Arbour Commons, a 394-unit Class A garden-style apartment community at 663 W. 148th Avenue in Westminster, Colorado, in the north Denver corridor. CORE Pacific Advisors acquired it for $150 million in 2022 from seller McWhinney, in a transaction brokered by Walker & Dunlop. CORE Pacific's asset page says the community was built in 2014 on approximately 28 acres.
Who is the tenant if this is an apartment building?
Two layers. Individual residents sign ordinary apartment leases, and the Trust in turn leases the whole property to CP Arbour Commons MT, LLC — a sponsor affiliate acting as Master Tenant. The Baker 1031 offering page reports the initial master-lease term runs about ten years with one five-year renewal option, and that CORE Realty Holdings Management, Inc. provides on-site management. In this structure investors do not manage or re-lease units.
Is there a mortgage on the property, and could I be personally liable?
Yes, there is debt. The Baker 1031 offering page reports a $74,589,000 Freddie Mac loan placed through Arbor Agency Lending, LLC, and describes it as nonrecourse to investors — meaning the lender's remedy is the property itself, not investors' personal assets. Loan terms, covenants, and any refinancing rights are set out in the Trust's offering documents.
Can I roll out of this into a REIT later?
The record for this Trust does not provide for a 721/UPREIT exit — the mechanism by which some DSTs contribute the property to a REIT in exchange for operating-partnership units. Top1031's data shows no REIT conversion feature here, so an investor's exit path depends on a sale or refinancing of the property as described in the offering documents.
What isn't in the public record?
Several things a buyer would want. There is no current occupancy figure, no confirmation that the roughly $2.1 million of planned upgrades has been completed or that the rebrand is finished, no updated loan balance or refinance disclosure, and no sale or full-cycle outcome reported. The property website advertises a move-in concession, but it carries no publication date, so it cannot be tied to a specific leasing period.

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.