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 — an unimproved parcel at 1712 North 48th Street in Lincoln, Nebraska, which the sponsor's private placement memorandum (the offering document a private deal gives prospective buyers) describes as roughly 2.23 acres.[1] Predecessor Square 2, LLC paid $1,000,000 for it; sponsor materials give the purchase date as early 2023 in one passage and May 2025 in another, so that date is unresolved.[1] The company converted into SRRT Square 2 DST on August 1, 2025 and the Trust took ownership.[2] Because the planned apartment building sits on the tenant's side of a ground lease, the Trust's revenue is ground rent rather than apartment operations.

The executed ground lease dated August 6, 2025 names SRRT Square 2 DST as landlord and SRRT Square 2 GL, LLC, a Minnesota limited liability company, as tenant.[4] The sponsor's PPM states the lease commenced August 6, 2025 and is scheduled to end on the last day of the month containing its fiftieth anniversary, with five ten-year extension options held by the ground lessee.[5] Rent amounts and the tenant's specific construction obligations are set out in the lease and PPM themselves. Note that Top1031's own record line describes the ground lessee as SRRT Properties LP; the executed lease document names SRRT Square 2 GL, LLC, and sources reviewed as of September 5, 2026 do not reconcile the two names.

No primary completion record — no certificate of occupancy, substantial-completion notice, or occupancy figure — appears in the sources reviewed as of September 5, 2026. SR Realty Trust's November 2025 newsletter described the second phase as planned for delivery in summer 2026, and the sponsor itself framed that as a projection rather than a confirmed date.[11] The Square at 48 property website posted on August 2, 2026 that a new residential phase would arrive in August 2026. Two third-party rental listings dated September 4, 2026 describe a 115-unit, five-story building at 1712 N 48th Street built in 2026 — one showing available studio-to-two-bedroom units, the other showing none — but neither listing explicitly ties the property to this Trust.[12][13]

Not at the Trust level. The Trust's land is unmortgaged, so beneficial owners carry no loan liability and face no maturity date at the Trust. The PPM contemplates construction financing obtained by the ground lessee and secured by the ground lessee's leasehold interest rather than the Trust's ownership of the land, with investors bearing no personal liability for it.[6] Nothing in the sources reviewed as of September 5, 2026 establishes that a construction loan has closed.

The PPM states the Trust offered up to $5,400,000 of beneficial interests with a $500,000 minimum investment, solely to accredited investors — people meeting SEC income or net-worth tests — and cites Rule 506(c), the exemption that permits general solicitation but requires the sponsor to verify accredited status.[10] The Form D record on file with the SEC instead reports reliance on Rule 506(b), which bars general advertising and in practice limits sales to investors the sponsor already knows. The most recent Form D amendment reached EDGAR on May 1, 2026, and the offering remains open.

Top1031's record lists 1712 N 48th St together with an adjacent parcel at 1720 N 48th St. The PPM and the executed ground lease both identify the offered property at 1712 North 48th Street in Lincoln.[1][4] Sources reviewed as of September 5, 2026 do not explain the relationship between the two street numbers, so the legal description in the offering documents is where that boundary question is settled.