South Bank
Multifamily property in Richmond, VA
South Bank was a DST that owned a multifamily property in Richmond, VA. A sale in Jun 2025, reported by redfin.com.
How it ended
No outcome recorded · under 7 yearsA sale in Jun 2025, reported by redfin.com.
- Date
- Jun 25, 2025
Key facts
A free account shows how much of each active offering has sold and the Sponsor Grade letters.- Minimum investment
- $10,000From the Form D
- Offering size
- $18,949,297Equity offered, per the Form D
- Sold
- Not reported in its Form D filings (latest May 26, 2023)Form D, May 26, 2023
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,705,437 · 9.0% of offering
- 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: South Bank. Top1031 is not a broker-dealer.What did South Bank own?
The Trust holds South Bank, an apartment community at 307 Stockton Street in Richmond's Manchester district. Mercer Street Partners bought the 150-unit complex for $23 million in a deal that closed in July 2019. 2 Before that it was known as Parachute Factory and had changed hands at a foreclosure auction for roughly $6.5 million about three years earlier. 2
- Reported location
- Richmond, VA
- Property size
- not publicly stated
How was it financed, and what did it cost to sell?
Neither Form D notice describes a mortgage, a lender, or an all-cash purchase, so whether this Trust carries debt is not established by the public record. Form D is a short notice filing and does not require capital-structure detail.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $1,705,437 · 9.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,157,000 · 6.1% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Emerson Equity LLC · CRD 130032
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Not in the Form D
- Minimum investment
- $10,000
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 South Bank?
The Form D notices give the Trust's principal place of business as 7 World Trade Center in New York and name Alex Libin and Joe LeVine as executive officers, each an authorized signatory of the signatory trustee. 1 The property's 2019 buyer, Mercer Street Partners, lists South Bank among its investments. 3
What does the SEC record show?
The record consists of an original Form D notice and a single later amendment, which restated the same offering terms and reported that the first sale had yet to occur. 5 Because the offering relies on the exemption permitting public solicitation, the issuer must verify each investor's accredited status rather than accept the investor's own representation.
- Legal Trust name
- 307 Stockton Fee, DST
- SEC CIK
- 1961419
- First Form D
- Jan 10, 2023
- Latest Form D
- May 26, 2023
- 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D/A | $18,949,297 | $0 | EDGAR | |
| Form D | $18,949,297 | $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 South Bank?
- South Bank is a Historical offering. A sale in Jun 2025, reported by redfin.com.
- What property is behind this Trust?
- South Bank, an apartment community at 307 Stockton Street in Richmond, Virginia, in the Manchester neighborhood south of the James River. Richmond BizSense reported it as a 150-unit complex when Mercer Street Partners bought it for $23 million in July 2019, and that it was previously named Parachute Factory.
- Who sponsors this DST?
- No sponsor is named. The Form D lists the issuer as 307 Stockton Fee, DST, a Delaware entity formed in 2022 with a principal place of business at 7 World Trade Center in New York, and names Alex Libin and Joe LeVine as executive officers and authorized signatories of the signatory trustee. That address corresponds to Cantor Fitzgerald, but the sponsor identity was not independently confirmed in the public sources reviewed.
- What is the minimum investment?
- The Form D reported a minimum outside-investor investment of $10,000. That is the notice-filing figure only; actual subscription minimums and any adjustments would appear in the offering documents, which are not public filings.
- Could this Trust roll into a REIT later?
- Nothing in the record indicates a planned 721/UPREIT exit — the structure in which a DST's property is contributed to a real estate investment trust's operating partnership in exchange for OP units instead of being sold. For this Trust the public data shows no such conversion path.
- What is not knowable from the public record here?
- A great deal: the Trust's acquisition price and closing date, any loan or lender, loan-to-value, reserves, occupancy, projected hold period, and distribution terms. None of that appears in a Form D, and no sponsor offering material for this specific Trust was located. Those terms would live in the offering documents.
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.