Millennium Towne Center
Multifamily property in Baton Rouge, LA — sponsored by Thompson National Properties
Files with the SEC as Thompson/Morgan Baton Rouge I, DST
Minimum investment
$100k
Offering size
$21.2M
How much has sold
99.0%
Asset type
Multifamily property
Location
Baton Rouge, LA
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Millennium Towne Center was a 1031 exchange DST — a Delaware statutory trust holding real estate in which accredited investors buy fractional interests — sponsored by Thompson National Properties. It held a 276-unit apartment community on Jefferson Highway in Baton Rouge, Louisiana.1 The Trust stopped filing offering updates in 2010 and is closed to new investors; the property sold in April 2019 for $49.7 million.2
Show sources (13)Hide sources (13)
These links support the historical public record; individual details may come from different sources.
- The Advocate (Baton Rouge) ↗
- The Advocate (Baton Rouge) ↗
- The Advocate (Baton Rouge) ↗
- U.S. Securities and Exchange Commission, Form D/A accession 0001466589-10-000003 ↗
- Millennium Towne Center property website ↗
- The Advocate (Baton Rouge) ↗
- theadvocate.com ↗
- inlandgroup.com ↗
- multifamily.cushwake.… ↗
- zillow.com ↗
- liveatthemillennium.c… ↗
- nasaaefd.org ↗
- businessreport.com ↗
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
An apartment community has no single tenant: income came from hundreds of resident leases, typically one year each, which reprice far faster than a commercial net lease. At the April 2019 sale, The Advocate reported the property was 95% occupied, citing appraiser Craig Davenport of Cook, Moore.3
How did it end?
Sold
Listed as a completed/full-cycle program on Thompson National Properties's published track record.
Sponsor-affiliated DST held a 276-unit, upscale apartment community (Millennium Towne Center) built ~2007; originally acquired for $39.8M in June 2009 (Thompson National Properties/Morgan Companies, Pittsford NY) and sold for $49.7M in April 2019 to Baton Rouge Multifamily Trust DST, an Inland-sponsored buyer. Reported occupancy ~95% at sale; unit mix 1–3 bed (734–1,386 sq ft); appraised by Cook, Moore, Davenport & Associates.
276 units$49,700,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
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 private placement memorandum and closing documents are where that question gets answered.
Who's behind it?
The Trust's final Form D amendment names Thompson National Properties, LLC as sponsor and lists Anthony W. Thompson, Jack R. Maurer, Greg Genovese, Johanna Howard, and Darryll Goodman as sponsor officers.4 The sponsor's 1031 program was raising capital for this Trust in 2009 and 2010. Research through August 15, 2026 located no later sponsor development bearing on this Trust.
- Sponsor
- Thompson National Properties
- Legal Trust name
- Thompson/Morgan Baton Rouge I, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 11 total offerings from Thompson National Properties
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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. One amendment in August 2009 briefly reported a higher total offering before later filings returned to the original figure.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 10
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Millennium Towne Center?
Top1031 lists Millennium Towne Center as historical. It is no longer raising money.
Where does Top1031 get the data for Millennium Towne Center?
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.
Can I still invest in this Trust?
No. This is a historical offering, closed to new investors. Its last Form D amendment was filed July 29, 2010, and the underlying Baton Rouge apartment property was sold in April 2019, so there are no interests available through a 1031 exchange today.
What happened to the property?
The Advocate reported on April 25, 2019 that Baton Rouge Multifamily Trust DST bought Millennium Towne Center and that Thompson/Morgan Baton Rouge I, DST sold it for $49.7 million, with the transaction filed with the East Baton Rouge Clerk of Court.[2] The property website states the community is managed by Inland Residential Real Estate Services, LLC.[5]
Was the offering fully subscribed?
The record does not say so. The final Form D amendment, filed July 29, 2010, still reported an unsold remainder against the stated total offering, and no later filing shows the balance being taken down. The rows above show the last reported figures.
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.[3]
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.[2]
Chapter 9Millennium Towne Center apartments in Baton Rouge sells for nearly $50 millionReports Thompson/Morgan Baton Rouge I DST, of Pittsford, New York, sold Millennium Towne Center (276 units) for $49.7M to the Inland-affiliated Baton Rouge Multifamily Trust DST; previous purchase was $39.8M in June 2009. Millennium Towne CenterTrade listing of the 276-unit Millennium Towne Center apartment community for sale in Baton Rouge, adjacent to leading retail; does not name any DST. Towne Center apartments get new ownersReports Millennium Towne Center, an upscale Jefferson Highway apartment complex, was sold by Thompson National Properties to a California-based real estate investment trust.