Benson Lights Apartments

Availability unconfirmed. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.

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.

It is in its raising stage. One Form D is on record, indexed by EDGAR as filed March 9, 2026, and it is an original notice rather than an amendment, reporting a first sale on February 11, 2026. Web research through September 7, 2026 identified no later amendment, closing notice, or termination filing. A Form D on record is not proof that interests remain available today — SR Realty Trust is the only current source on availability.

That is unresolved in the sponsor's own materials. SR Realty Trust's private placement memorandum states the Trust acquired Benson Lights Apartments on October 10, 2025 through wholly owned subsidiary SRRT Benson, LLC from 60th NW Radial LLC, an unrelated third-party seller, but gives the price as $17,163,000 in one section and $17,100,000 (or approximately that) in others, without reconciling them. Separately, an appraisal by Apprise by Walker & Dunlop reported an as-is market value of $17,700,000 as of June 12, 2025, using income capitalization as its primary method. The recorded deed is the independent check; the price itself is a question for the issuer.

There are two layers. The whole property is master-leased to SRRT Benson MT, LLC, a Minnesota LLC wholly owned by the initial beneficiary — the standard DST arrangement in which one entity operates the property and pays the Trust rent. SR Realty Trust's memorandum states initial annual master-lease rent of $940,000 with 1.50% annual increases, and says the lease terminates upon the earlier of a sale of the property or ten years from commencement. Underneath, residents hold apartment leases and roughly 3,233 square feet of ground-floor commercial space is leased to First Interstate Bank on a triple-net basis, at annual rent the memorandum states as $55,284.30, with 5% escalations every five years and an anticipated expiration of March 12, 2027.

SR Realty Trust's memorandum states a maximum capitalization of $20,339,000 and lists three components: $10,800,000 of equity, $9,539,000 of debt, and a $4,500,000 tax increment financing note. It describes the $9,539,000 as third-party indebtedness secured by the property, carrying a fixed annual interest rate of 5.025%, a term of approximately ten years from acquisition, and interest-only monthly payments during those initial ten years. How the TIF note is treated inside the stated total is not spelled out in the reviewed material — ask the sponsor for a clean sources-and-uses table. The Form D states a $500,000 minimum investment.

The most recent dated reading found is from the appraisal by Apprise by Walker & Dunlop, which reported occupancy of 98.0% as of its June 12, 2025 valuation and inspection date. SR Realty Trust's November 2025 investor newsletter, introducing the offering, listed 95% occupancy. Neither is a current figure; a dated rent roll is an item to request from the sponsor before a 45-day identification deadline runs.

SR Realty Trust's memorandum states the property was acquired on an as-is basis with limited representations and warranties from the seller, and that the Trust did not obtain audited income statements from the seller. That means historical operating figures presented for the property do not come with an auditor's opinion behind them. The memorandum also carries the unreconciled acquisition-price disclosure described above. Both are questions for the issuer, and the PPM is the governing document on all of it.