Top1031

TNP Regal Crossings DST / Regal Crossing Apartments

Multifamily property in Dallas, TX — sponsored by Thompson National Properties

Files with the SEC as Thompson/Post Regal Crossing, DST

Minimum investment
$25k
Offering size
$4.7M
How much has sold
100.0%
Asset type
Multifamily property
Location
Dallas, TX
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 Regal Crossing, DST is a Delaware statutory trust — fractional passive real estate ownership that qualifies for a 1031 exchange — formed by Thompson National Properties in 2011 to hold Regal Crossing Apartments at 7575 Chaucer Place in Dallas.2 It is closed to new investors: the final SEC amendment, dated February 1, 2013, reported the offering fully sold.8

Show sources (17)Hide sources (17)

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 trust's only asset is Regal Crossing Apartments at 7575 Chaucer Place in southern Dallas, which Thompson National Properties' May 2011 offering summary called a Class B apartment community; that summary dates construction to 1985, while other public listings give different years, so the record does not settle it.2 The same summary reported a $10 million contract purchase price against a February 2011 appraisal of $11.9 million.3

Reported location
Dallas, TX
Property size
384 units
Chapter 3

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

Regal Crossing's tenants are apartment residents on short leases, so the trust's rent came through a master lease — a single affiliated tenant leases the whole property from the trust and pays it a set rent. The sponsor's May 2011 summary noted the master tenant had recently been formed and had limited capital.6

Chapter 4

How did it end?

What happened

Sold

Exponential Property Group's portfolio page indicates the firm acquired Regal Crossing Apartments (7575 Chaucer Pl, Dallas, TX 75237, a 384-unit community) from the DST, demonstrating the DST no longer owns it and the property was sold out of the trust, but no sponsor/trade-press announcement quantifying full-cycle returns was located (sources: 1031gateway.com executive summary, exponentialpropertygroup.com property page, formds.com issuer page).

Class B multifamily community built 1985 (per May 2011 TNP offering brochure; an unrelated 2018 buyer page lists 1966 year-built, which the sponsor document supersedes). Offering price $11,950,000 loaded; total DST offering size $4,700,000; loan $7,250,000 at 5.73% fixed, 10-year maturity, 30-year amortization (LTV ~60.7%); 93.02% occupancy at offering; 8.0% projected first-year cash flow via master lease. Sponsor completed $1,035,000 in property improvements early 2011; February 2011 appraisal was $11.9 million, 19% over the $10 million contract purchase price. CIK 0001522599 (Delaware DST, formed 2011). SEC Form D filed 2011-06-10 with amendment 2013-02-01.

384 units
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

This is a leveraged trust: mortgage debt sits on the property alongside investor equity, so loan terms and the maturity date shape outcomes as much as operations do. The sponsor's May 2011 summary described fixed-rate debt amortizing over a schedule longer than its term, which leaves a balloon balance at maturity.5

Financing
Leveraged. This offering reports mortgage debt on the property.
Chapter 7

What does the paperwork say?

The trust filed a Form D — the brief notice an issuer sends the SEC for a private offering — then re-filed the same terms weeks later, and a final amendment years afterward raised the stated offering total and reported it fully sold.8 It was offered under Rule 506(b), which bars general advertising and limits sales to accredited investors.

  1. First Form D filedThe public offering record begins.
  2. Offering amount recordedA Form D amendment recorded offering and sales totals.
  3. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
3
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 TNP Regal Crossings DST / Regal Crossing Apartments?

Top1031 lists TNP Regal Crossings DST / Regal Crossing Apartments as historical. It is no longer raising money.

Where does Top1031 get the data for TNP Regal Crossings DST / Regal Crossing Apartments?

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. Thompson/Post Regal Crossing, DST is Historical — closed to new investors. Its last Form D amendment, filed February 1, 2013, reported the offering fully sold, and no later filing appears on the trust's SEC record.[8]

Does the property still exist and operate?

Yes. Regal Crossing Apartment Homes still operates at 7575 Chaucer Place, Dallas, Texas 75237, and its contact page states the community is managed by Iridium Asset Management.[10] That confirms the real estate, not who owns it today.

Did the Trust sell the property?

No reviewed filing or sponsor document records a sale by the trust. Exponential Property Group's page for the same address states a 2018 purchase of a 384-unit Regal Crossing but does not identify the Thompson/Post trust, so the chain of ownership is not established by public record.[11]

What did the master lease mean for investors?

Under a master lease, the trust leases the whole apartment community to one master tenant, which handles day-to-day leasing and pays the trust rent. Investor cash flow therefore depends on that tenant's ability to pay. The sponsor's May 2011 summary disclosed that the master tenant was newly formed with limited capital.[6]

What happened to the sponsor?

Thompson National Properties, LLC, based in Irvine, California, sponsored 1031 DST programs and non-traded REITs in the early 2010s.[1] Trade press reported on September 4, 2015 that Strategic Realty Trust settled litigation carried over from the Thompson National era. Our directory shows no current offerings from this sponsor.

Why is there no reported outcome for this Trust?

Delaware statutory trusts sold under Rule 506(b) file a Form D notice but no ongoing public financial reports. After the February 1, 2013 amendment, no filing, sponsor release, or third-party record reviewed here reports a sale, refinancing, or distribution history for this trust.[8]

Chapter 9

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