Royal Palms Apartments
Multifamily property in Baton Rouge, LA — sponsor not disclosed
Files with the SEC as LTL Royal Palms-Baton Rouge, DST
Sponsor not disclosed
Minimum investment
$100k
Offering size
$22.9M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Baton Rouge, LA
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Royal Palms Apartments is a Delaware Statutory Trust — a structure that lets accredited investors hold fractional real estate that qualifies for 1031 exchange treatment — holding a 126-unit apartment community built in 2021 in Baton Rouge, Louisiana. It was offered under Rule 506(c), and the last Form D amendment on record reported that the first sale had yet to occur.1
Show sources (13)Hide sources (13)
These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
Apartments produce income from many short-term household leases rather than one corporate tenant, and no master lease or lease guarantee appears in the public record. LTL reported in May 2023 that new leases were signing more than 20% above in-place rents, at $1,244 per unit.4
How did it end?
Closed to new investment · still operating
No full-cycle or disposition announcement located for LTL Royal Palms-Baton Rouge, DST (CIK 1965184); the Royal Palms Apartments (10245 Airline Hwy, Baton Rouge, LA) acquired in Sept 2022 for $30M still appears as an actively managed LTL property, indicating the trust continues to hold the asset.
Garden-style multifamily acquired Sept 2022 by LTL Investments for an undisclosed amount; sponsor committed ~$3.7M equity via partner Dee Patel at DST closing (May 2023). Built 2021; 130,000 SF; one- and two-bedroom units; ~93% avg occupancy at acquisition; marketed as a 10-year, $22.8M DST program.
126 unitsSupporting evidence
Counted on the sponsor’s Record Card as: Still operating Document
How is it financed, and what does it pay?
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
Who's behind it?
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
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- Legal Trust name
- LTL Royal Palms-Baton Rouge, DST
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 3
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Royal Palms Apartments?
Top1031 lists Royal Palms Apartments as historical. It is no longer raising money.
Where does Top1031 get the data for Royal Palms Apartments?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in this Trust?
The public record does not show an open raise. The last Form D amendment on file, dated May 8, 2023, reported that the first sale had yet to occur, and no filing has been made since.[1] Because Form D reporting stops when an issuer stops filing, the record does not say whether the offering was completed, withdrawn, or simply left dormant — a broker-dealer or the sponsor would have to confirm current status.
Who sponsors this DST?
The SEC filings do not name a sponsor firm; they identify Lyle Landsell as an executive officer of the Trust.[1] 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.[4] Top1031 therefore lists the sponsor as not disclosed.
What does Rule 506(c) mean for this offering?
Rule 506(c) is the private-placement exemption that allows an issuer to advertise a deal publicly — websites, press coverage, email — provided every buyer is an accredited investor whose income or net worth is actually verified, not merely self-certified. The alternative, Rule 506(b), bars general solicitation. This Trust was filed as a 506(c) offering.
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 private placement memorandum (PPM), the offering document a sponsor provides to prospective investors.
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 PPM governs.
Has the property been sold or refinanced?
No disposition, refinancing, or full-cycle event appears in the sources reviewed. The property's own leasing site, operated by LTL Royal Palms Baton Rouge MT LLC, shows active leasing at 10245 Airline Highway, but it does not establish current occupancy or a change in ownership.[5]
Chapter 9LTL Multifamily Launches Louisiana Multifamily DST OfferingAltsWire coverage of LTL Multifamily's launch of the Royal Palms DST offering, seeking $22.8M with projected 4.6% average cash-on-cash over 10 years; partner Dee Patel contributed ~$3.7M. LTL Investments Acquires Royal Palms Apartments, a 126-Unit Multifamily Property in Baton Rouge, LouisianaPress release announcing LTL Investments' acquisition of the 126-unit Royal Palms Apartments at 10245 Airline Highway in Baton Rouge.