Top1031

Millennium Towne Center

Multifamily property in Baton Rouge, LA · sponsored by Thompson National Properties

Historical · soldSold Apr 2019 · last Form D Jul 29, 2010businessreport.com (opens in a new tab)

Millennium Towne Center was a DST sponsored by Thompson National Properties that owned a multifamily property in Baton Rouge, LA (276 units). Sold Apr 2019.

How it ended

Sold, no result reported

Sold Apr 2019.

Date
Apr 25, 2019

Source: cited report (opens in a new tab)

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$21,200,000
Equity offered, per the Form D
Sold
98.9%
Form D, Jul 29, 2010; the % is our arithmetic
Investors reported
142
Form D, Jul 29, 2010
Selling commissions
$2,756,000 · 13.0% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries 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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: Millennium Towne Center. Top1031 is not a broker-dealer.

What did Millennium Towne Center own?

Millennium Towne Center stands at 6810 Jefferson Highway in Baton Rouge, Louisiana. 1 The apartment community was built around 2007, with one- to three-bedroom floor plans ranging from 734 to 1,386 square feet. The Advocate later reported that Morgan Companies bought the property in June 2009 for $39.8 million. 6

Reported location
Baton Rouge, LA
Property size
276 units

How was it financed, and what did it cost to sell?

Neither the Form D filings nor available public reporting identifies a lender, loan balance, or maturity for this Trust, so whether it was leveraged or all-cash is not settled by the public record. The offering documents and closing documents are where that question gets answered.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$2,756,000 · 13.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,849,800 · 8.7% of offering
Form D Item 16
Broker-dealers named in the Form D
32 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jun 11, 2009
Minimum investment
$100,000

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. The issuer marked these amounts as an estimate.

What does the SEC record show?

The Trust filed its original Form D as the raise began and amended it nine times over the following thirteen months, each amendment restating the amount sold and the investor count.

Legal Trust name
Thompson/Morgan Baton Rouge I, DST
SEC CIK
1466589
First Form D
Jun 22, 2009
Latest Form D
Jul 29, 2010
Filings on record
10
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$21,200,000
$20,985,800+$6,843,971
142+39
EDGAR
Form D/A$21,200,000
$14,141,829+$4,541,868
103+29
EDGAR
Form D/A$21,200,000
$9,599,961+$990,000
74+9
EDGAR
Form D/A$21,200,000
$8,609,961+$293,500
65+4
EDGAR
Form D/A$21,200,000
$8,316,461+$1,080,000
61+7
EDGAR
Form D/A$21,200,000was $22,000,000
$7,236,461+$487,000
54+4
EDGAR
Form D/A$22,000,000was $21,200,000
$6,749,461+$1,789,561
50+9
EDGAR
Form D/A$21,200,000
$4,959,900+$676,900
41+6
EDGAR
Form D/A$21,200,000
$4,283,000+$505,600
35+5
EDGAR
Form D$21,200,000
$3,777,400
30
EDGAR
Show all 10 SEC Form D filings

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

What happened to Millennium Towne Center?
Millennium Towne Center is a Historical offering. Sold Apr 2019.
How was it offered, and to whom?
Under Rule 506(b), the private placement exemption that bars general advertising and limits sales essentially to accredited investors reached through existing relationships. The minimum investment reported in the Form D filings was $100,000.
What was occupancy when the property changed hands?
The Advocate reported the 276-unit community was 95% occupied at the time of the April 2019 sale, attributing the figure to Craig Davenport of the appraisal firm Cook, Moore.
Did investors have a 721/UPREIT exit?
No. The record shows no provision for contributing the property to a REIT operating partnership in exchange for OP units — the 721/UPREIT path. The asset was disposed of in a straight sale to another buyer in April 2019.

In the news

Sources

Show sources (13)Hide sources (13)

These links support the record as a whole; individual details may come from different sources.

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.