Square at 48
Land parcel in Lincoln, NE · sponsored by SR Realty Trust
Square at 48 is a DST sponsored by SR Realty Trust that owns a land parcel in Lincoln, NE. Its latest Form D, filed May 1, 2026, lists a $5.4 million offering with a $500,000 minimum.
Key facts
- Minimum investment
- $500,000From the Form D
- Offering size
- $5,400,000Equity offered, per the Form D
- Sold so far
- Form D, May 1, 2026; the % is our arithmetic99.4%
- Investors reported
- Form D, May 1, 20266
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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 →
Sales so far
- Latest Form D
- May 1, 2026 · 4 filings
- First sale
- Oct 24, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $5,372,288
- Not yet sold
- $27,712
- Investors
- 6
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
99.4% of $5,400,000 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $865,180 a month
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What does Square at 48 own?
The Trust's asset is land, not the building planned for it. The memorandum states predecessor Square 2, LLC bought the parcel from an unrelated seller for $1,000,000. 1 That company converted into SRRT Square 2 DST on August 1, 2025, which the memorandum says made the Trust the owner. 1 The site is marketed as Square at 48 II, beside the original Square at 48. 1
- Property address
- 1712 N 48th St (adj. parcel 1720 N 48th St), Lincoln, NE
- Property size
- 97,053 SF land; 115-unit / ~95-99k SF apt bldg planned
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
No mortgage sits between investors and this land: no lender, no loan maturity, no refinancing decision inside the Trust. The memorandum describes construction borrowing as something the ground tenant contemplated against its leasehold interest, not as debt of the Trust. 1
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- Oct 24, 2025
- Minimum investment
- $500,000
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.
Who's behind Square at 48?
SR Realty Trust is the brand behind this offering; the memorandum names affiliate SRRT Properties, LP as its sponsor. 1 Its newsletter dated November 1, 2025 described this Trust as the Phase 2 ground lease at Square at 48 in Lincoln, with delivery then expected in summer 2026.
- Sponsor
- Offerings on record
What does the SEC record show?
The issuer reported October 24, 2025 as its date of first sale, ahead of the initial Form D, the SEC's notice of a private placement. 4 Three later amendments left the $5,400,000 offering amount unchanged. 4 Sales are private: no general advertising, and buyers must be accredited investors.
- Legal Trust name
- SRRT SQUARE 2 DST
- SEC CIK
- 2103607
- First Form D
- Jan 15, 2026
- Latest Form D
- May 1, 2026
- Filings on record
- 4
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $5,400,000 | $5,372,288+$230,131 | 6+1 | EDGAR | |
| Form D/A | $5,400,000 | $5,142,157+$1,275,000 | 5+1 | EDGAR | |
| Form D/A | $5,400,000 | $3,867,157+$1,070,000 | 4+1 | EDGAR | |
| Form D | $5,400,000 | $2,797,157 | 3 | 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
- Is Square at 48 an active offering?
- Square at 48 is an Active offering: its latest Form D was filed May 1, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- What does this Trust actually own?
- Land. SR Realty Trust's offering documents state the Trust owns approximately 2.23 acres at 1712 North 48th Street in Lincoln, Nebraska, the site marketed as Square at 48 II rather than the neighboring original Square at 48 building. The memorandum says predecessor Square 2, LLC bought the parcel from an unrelated seller for $1,000,000, and that Square 2, LLC converted into SRRT Square 2 DST on August 1, 2025, making the Trust the owner. The filed record also notes an adjacent parcel at 1720 North 48th Street.
- Who is the tenant, and what kind of lease is it?
- The tenant is SRRT Square 2 GL, LLC. The ground lease dated August 6, 2025, posted by SR Realty Trust, names SRRT Square 2 DST as landlord and SRRT Square 2 GL, LLC as tenant, and specifies base rent of $320,000 annually, payable in $80,000 quarterly installments. The lease defines its initial expiration by reference to the fiftieth anniversary of commencement, subject to its termination provisions. The sponsor's brochure refers to SRRT Properties, LP as the ground lessee, while the signed lease is the document that names the contractual tenant.
- Is there debt on the property?
- Not at the Trust level: the land is held all cash, so there is no mortgage maturity, lender covenant or refinancing decision inside the Trust. The memorandum contemplated a $12 million construction loan for the development, collateralized by the ground tenant's leasehold interest rather than the Trust's underlying land, and did not establish that the tenant had obtained it. In a ground-lease structure a leasehold lender's remedies run against the tenant's estate, which is separate from the landlord's ownership of the land.
- What is being built on the site?
- A 115-unit, Class A market-rate apartment building called Square 2 Apartments. SR Realty Trust's flyer dated August 18, 2025 described the project and said delivery was then expected in summer 2026. A ForRent.com listing for Square at 48 II at 1712 North 48th Street advertised 115 units, described the property as built in 2026, and marked some units available now, which is advertised leasing activity rather than an independently verified completion date or occupancy rate.
- Can this Trust convert into REIT shares at the end?
- No. The record shows the Trust is not structured for a 721 or UPREIT exit, in which a sponsor swaps the property for operating-partnership units that later become REIT shares. The Trust's position is that of landlord under a ground lease whose initial term is measured to the fiftieth anniversary of commencement, with the building owned by the ground tenant.
In the news
Sources
Show sources (5)Hide sources (5)
These links support the record as a whole; individual details may come from different sources.
- Sponsor offering documents
- Sponsor offering documents, Aug 2025
- Sponsor offering documents, Aug 2025
- U.S. Securities and Exchange Commission, Form D/A, SRRT SQUARE 2 DST ↗
- ForRent.com, Square at 48 II, Lincoln, NE ↗
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.