Square at 48

Top1031 lists Square at 48 as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

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.

Land, and only the land. Sponsor materials state the Trust owns approximately 2.23 acres of unimproved land in Lincoln, Nebraska, taken through the conversion of predecessor Square 2, LLC in August 2025.[2] The PPM describes the property as 1712 North 48th Street while the Trust Agreement recites 1720 North 48th Street, and the reviewed documents do not reconcile the difference.[3] Because the planned apartment building sits on the tenant's side of a ground lease, the Trust's income is ground rent rather than apartment operations.[5]

The ground lease dated August 6, 2025 names SRRT Square 2 DST as landlord and SRRT Square 2 GL, LLC as tenant, for a 50-year term with five ten-year extension options, on an absolute-net structure that places operating, management, construction, maintenance, repair, use and occupancy expenses on the ground lessee.[5] The lessee is wholly owned by the initial beneficiary, and the sponsor is SRRT Properties, LP, an affiliate of SR Realty Trust, Inc., so the lease is a related-party arrangement — the PPM's conflicts-of-interest section is where that relationship is disclosed.[6]

No source reviewed as of September 1, 2026 establishes substantial completion, a certificate of occupancy or lease-up for this project. A November 2025 sponsor newsletter described the Trust as owning land next to the first phase of Square at 48th, identified the planned 115-unit building as the second phase and projected delivery in summer 2026 — sponsor guidance, not completion evidence.[10] The PPM states construction and development had not been completed when it was written.[4] The neighboring Square at 48 website posted on August 2, 2026 that a new residential phase arrives in August 2026, an announcement about that property rather than proof about this Trust's parcel.

Not at the Trust level; the filing record shows an all-cash offering. Separately, the PPM describes assumed construction financing secured by the ground lessee's leasehold interest, not the Trust's fee title, and a $3,185,000 City of Lincoln tax-increment-financing commitment structured as a 15-year pay-go note.[9] The reviewed materials do not establish that a construction loan actually closed.

The Trust was still raising as of the Form D amendment filed May 1, 2026. It is offered under Rule 506(b), a private-placement exemption that bars general advertising and in practice limits sales to accredited investors — people who meet SEC income or net-worth tests — with whom the sponsor already has a relationship. Sponsor materials state a maximum offering of $5,400,000 and a $500,000 minimum investment subject to waiver, offered to accredited investors including as an option for Section 1031 exchange proceeds.[7]

They are separate assets. The Lincoln Journal Star has described the existing Square at Forty-Eight, at 48th and Holdrege streets, as a 110-unit apartment complex whose units were fully leased — reporting about the neighboring building, not this Trust's parcel.[11] This Trust holds unimproved land planned for a 115-unit Class A apartment building to be developed by the ground lessee.[4] An operating history next door is not an operating history for the property behind these interests.