Top1031

The Reserve Apartments & Townhomes

Multifamily property in Evansville, IN — sponsored by Thompson National Properties

Files with the SEC as Thompson/Post Reserve Apartments, DST

Minimum investment
$25k
Offering size
$7.2M
How much has sold
30.0%
Asset type
Multifamily property
Location
Evansville, IN
Financing
Leveraged. This offering reports mortgage debt on the property.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Thompson/Post Reserve Apartments, DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — formed to own The Reserve Apartments & Townhomes, a 158-unit townhome-style community at 700 Reserve Blvd. in Evansville, Indiana.1 Thompson National Properties announced the acquisition on September 5, 2012, and one Form D notice covers the raise.2

Show sources (10)Hide sources (10)

These links support the historical public record; individual details may come from different sources.

On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.

Chapter 2

What exactly is the property?

The Reserve sits at 700 Reserve Blvd. in Evansville, Indiana, and was built in phases between 2008 and 2010 with one-, two-, and three-bedroom layouts ranging from 763 to 2,114 square feet.2 SC Bodner Company sold the community to Thompson National Properties in September 2012 in a transaction brokered by Marcus & Millichap. The community is still marketed for rent under the same name, with availability listed as of February 13, 2026.7

Reported location
Evansville, IN
Property size
158 units
Chapter 3

Who is the tenant, and what's the lease?

Sponsor offering material describes the trust's cash flow as covered by a master lease — a single lease to an operating entity that keeps the trust itself out of day-to-day apartment management — based on in-place leases as of May 1, 2012.1 The public material names no master tenant, operator, or property manager.

Chapter 4

How did it end?

What happened

Sold after 6.7 years

Listed as a completed/full-cycle program on Thompson National Properties's published track record.

The offering summary states a $17,520,000 offering price, $7,150,000 total offering size, 93% acquisition occupancy, and a 6.61-acre site; the property is marketed today as The Reserve Apartments and Townhomes.

158 units
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

This is a leveraged trust: Thompson National Properties reported that the acquisition was financed with a fixed-rate Fannie Mae loan.2 Leverage means investor equity sits behind mortgage debt, and the lender's terms govern refinancing and the timing of any sale.

Chapter 7

What does the paperwork say?

The paperwork trail is short: the Form D notice — the brief SEC filing that reports an exempt private placement — records a first sale on August 31, 2012, and no amendment has followed.3 Interests were offered privately, without public advertising, to accredited investors meeting SEC income or net-worth tests.

  1. Form D filedFirst and latest filing on record.
Filings on record
1
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.

Chapter 8

Common questions

What happened to The Reserve Apartments & Townhomes?

Top1031 lists The Reserve Apartments & Townhomes as historical. It is no longer raising money.

Where does Top1031 get the data for The Reserve Apartments & Townhomes?

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.

Is this offering still open?

The public record does not settle that. The trust filed one Form D notice on October 5, 2012 reporting a partly sold offering, and no amendment, closing notice, or later filing appears on SEC EDGAR. Given the 2012 vintage, current availability would have to be confirmed with the sponsor directly.

Did this trust go full cycle?

Not established. Gray Capital's property page dates its acquisition of the matching 158-unit Evansville community to July 1, 2019 but does not name a seller, and no trust sale document was located. Top1031 records a disposition on that date while flagging the same gap. No outcome has been reported by the sponsor.

What does the master lease mean for a multifamily DST?

Apartment residents sign short-term leases, which a DST cannot actively manage without jeopardizing its tax treatment. A master lease places a single operating entity between the trust and the residents, so the trust receives rent under one lease while the master tenant handles leasing and operations. The offering excerpts do not name that master tenant.

Who is behind the trust?

Thompson National Properties, LLC of Irvine, California sponsored the offering, and its Form D lists both Thompson National Properties, LLC and Post Investment Group, LLC as directors and promoters. Thompson/Post Reserve Apartments Investments, LLC is listed as a further promoter.

Who can invest in a Rule 506(b) offering like this one?

Rule 506(b) is the private-placement exemption that bars general advertising and limits sales to accredited investors — individuals or entities meeting SEC income or net-worth thresholds — typically approached through an existing relationship with the sponsor or a placement broker. The Private Placement Memorandum, not the Form D, carries the full terms.

Is the property still operating?

Yes, as a rental. The Reserve Apartments and Townhomes at 700 Reserve Blvd. was still marketed as a 158-unit community offering 3-to-15-month leases, with availability shown as of February 13, 2026. That listing names no owner or manager, so it says nothing about whether the trust still holds title.

Chapter 9

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