SPP TXAL Investment Trust
Other property — sponsor not disclosed
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
SPP TXAL Investment Trust is a Delaware statutory trust — a DST, the co-ownership vehicle 1031 exchangers use to hold replacement property — that filed a single Form D exempt-offering notice with the SEC on July 6, 2023. It was offered under Rule 506(b), which bars general advertising, to accredited investors at a $100,000 minimum. No property is identified anywhere in the public record.
Sponsor-reported, from SEC filings and cited 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?
No public filing identifies the property. The Form D classifies the issuer's industry group as Agriculture and the investment type as commercial real estate, without naming an asset, address, acreage, or operator.2 Research through September 1, 2026 located no deed record, sponsor page, or press coverage tying this Trust to a specific property, so what the "TXAL" in the name refers to remains unconfirmed rather than assumed.
How did it end?
No ending on record
Who's behind it?
The Form D names SPP Management LLC as a promoter and lists Richard C. Ronald as an executive officer, director, and manager or signatory trustee, with D. Scott Ruegg as an executive officer and director.2 SEC records show a Delaware entity with a business and mailing address at 221 Pine Street, 4th Floor, San Francisco, California.1 No other 1031 offerings under this sponsor name surfaced in research, and the sponsor is not matched to a tracked platform here.
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
One notice, filed July 6, 2023, and nothing since — no amendment, no closing or termination filing. That original notice stated the first sale had not yet occurred and that the offering was not intended to last more than one year.2
- Form D filedFirst and latest filing on record.
- Legal Trust name
- SPP TXAL Investment Trust
- Filings on record
- 1
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- 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 SPP TXAL Investment Trust?
SPP TXAL Investment Trust is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for SPP TXAL Investment Trust?
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.
Is this Trust still raising money?
No. The public record holds a single Form D notice from July 6, 2023 and no filing after it, and that notice said the offering was not intended to last more than one year. On that basis the Trust is treated as closed to new investors. No sponsor announcement of a closing, a full subscription, or a property sale has been located.
What property does the Trust own?
Unknown from public sources. The Form D names no property, address, tenant, or operator; it only classifies the issuer under the Agriculture industry group with commercial real estate as the investment type. Research as of September 1, 2026 found no record identifying a specific asset. Anyone evaluating a DST like this would need the private placement memorandum (PPM), the sponsor's offering document, to learn what was actually being bought.
What does Rule 506(b) mean for how this was sold?
506(b) is the private-placement exemption that lets a sponsor raise money without registering the offering, but bars general solicitation — no public advertising, no open web marketing. Interests reach accredited investors (broadly, those meeting SEC income or net-worth tests) through existing relationships, typically via a broker-dealer or registered representative who delivers the PPM.
What was the minimum investment?
The Form D reported a $100,000 minimum outside investment as of July 6, 2023. That is a common DST entry point, though exchangers should note a minimum interacts with a 1031 exchange's requirement to reinvest the full relinquished-property equity and match debt.
Why is an agriculture classification odd for a DST?
Most 1031 DSTs hold multifamily, net-lease retail, industrial, or self-storage. This Form D selected Agriculture as its industry group while describing the investment type as commercial real estate.[2] That combination points toward farmland or agricultural operating property, but the filing itself names nothing, so the classification is a label rather than a confirmed asset description.
Was a 721/UPREIT exit contemplated?
Nothing in the filing indicates one. A 721 or UPREIT exit is where a DST's property is later contributed to a real estate investment trust's operating partnership in exchange for partnership units, converting a direct property interest into REIT-linked units. There is no public evidence of that path here.