As reported by the sponsor · AltsWire ↗
Royal Palms Apartments
Multifamily property in Baton Rouge, LA
Royal Palms Apartments was a DST that owned a multifamily property in Baton Rouge, LA (126 units). Its last Form D was filed May 8, 2023.
How it ended
No outcome recorded · under 7 yearsLast Form D filed May 8, 2023.
Key facts
A free account shows how much of each active offering has sold and the Sponsor Grade letters.- Minimum investment
- $100,000From the Form D
- Offering size
- $22,885,865Equity offered, per the Form D
- Sold
- Not reported in its Form D filings (latest May 8, 2023)Form D, May 8, 2023
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,517,445 · 10.9% 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(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: Royal Palms Apartments. Top1031 is not a broker-dealer.What did Royal Palms Apartments own?
Royal Palms Apartments sits at 10245 Airline Highway in Baton Rouge, a garden-style community completed in 2021 with one- and two-bedroom units across roughly 130,000 square feet. 2 The Baton Rouge Business Report, citing East Baton Rouge Parish Clerk of Court records, reported the property sold for $30 million in September 2022 to LTL Royal Palms-Baton Rouge, DST. 3 Occupancy averaged about 93% at acquisition.
- Reported location
- Baton Rouge, LA
- Property size
- 126 units
How was it financed, and what did it cost to sell?
Neither the Form D filings nor the public announcements state whether the Trust carries mortgage debt, so leverage here is simply unknown. LTL did report that partner Dee Patel contributed approximately $3.7 million toward the closing. 4
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
- $2,517,445 · 10.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $300,000 · 1.3% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Ni Advisors Inc. · CRD 134502
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Not in the Form D
- Minimum investment
- $100,000
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 Royal Palms Apartments?
No sponsor firm is named in the Trust's SEC filings; the Form D identifies Lyle Landsell as an executive officer. 1 AltsWire reported on May 25, 2023 that LTL Multifamily LLC announced placing Royal Palms Apartment Homes into the Trust — the only public attribution of a sponsor platform. 4 The property's leasing website is operated under LTL Royal Palms Baton Rouge MT LLC, evidence that the asset remains actively leased under an LTL-affiliated entity. 5
What does the SEC record show?
The Trust filed an initial Form D, amended it the following day with a revised sales-commission figure, then filed one further amendment that still reported the first sale had yet to occur. 1 Rule 506(c) permits an offering to be advertised publicly, but only to investors whose accredited status is verified.
- Legal Trust name
- LTL Royal Palms-Baton Rouge, DST
- SEC CIK
- 1965184
- First Form D
- Feb 8, 2023
- Latest Form D
- May 8, 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D/A | $22,885,865 | $0 | EDGAR | |
| Form D/A | $22,885,865 | $0 | EDGAR | |
| Form D | $22,885,865 | $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 Royal Palms Apartments?
- Royal Palms Apartments is a Historical offering. Last Form D filed May 8, 2023.
- Who sponsors this DST?
- The SEC filings do not name a sponsor firm; they identify Lyle Landsell as an executive officer of the Trust. AltsWire reported on May 25, 2023 that LTL Multifamily LLC announced placing Royal Palms Apartment Homes into LTL Royal Palms-Baton Rouge, DST, which is the only public sponsor attribution found. Top1031 therefore lists the sponsor as not disclosed.
- Is the property leveraged?
- Unknown from public sources. No Form D field, press release, or news report reviewed states a loan amount, lender, interest rate, or loan-to-value for this Trust. Any debt terms, along with the master-lease and management arrangements, would be described in the offering documents.
- What is the minimum investment?
- The Form D filings state a minimum outside-investor investment of $100,000. Minimums in a DST are set by the sponsor and can differ for 1031 exchange money versus cash investors, so the offering documents govern.
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.