Top1031

TNP Regal Crossings DST / Regal Crossing Apartments

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

Historical · soldSold Jan 2018 · last Form D Feb 1, 2013exponentialpropertygroup.com (opens in a new tab)

TNP Regal Crossings DST / Regal Crossing Apartments was a DST sponsored by Thompson National Properties that owned a multifamily property in Dallas, TX (384 units). Sold Jan 2018.

How it ended

Sold, no result reported

Sold Jan 2018.

Date
Jan 1, 2018

Source: cited report (opens in a new tab)

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$4,700,000
Equity offered, per the Form D
Sold
100%
Form D, Feb 1, 2013; the % is our arithmetic
Investors reported
30
Form D, Feb 1, 2013
Selling commissions
$514,060 · 10.9% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
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 →

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Ask a 1031 specialist about this recordFree. About: TNP Regal Crossings DST / Regal Crossing Apartments. Top1031 is not a broker-dealer.
TNP Regal Crossings DST / Regal Crossing Apartments image

TNP Regal Crossings DST / Regal Crossing Apartments · Dallas, TX · Photo: lh3.googleusercontent.com

What did the Trust own?

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

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

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

Debt

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

Costs and terms from the Form D

Selling commissions
$514,060 · 10.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
12 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jun 3, 2011
Minimum investment
$25,000

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.

What does the SEC record show?

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.

Legal Trust name
Thompson/Post Regal Crossing, DST
SEC CIK
1522599
First Form D
Jun 10, 2011
Latest Form D
Feb 1, 2013
Filings on record
3
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$4,700,000was $4,375,000
$4,700,000+$3,128,571
30+20
EDGAR
Form D/A$4,375,000
$1,571,429
10
EDGAR
Form D$4,375,000
$1,571,429
10
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

What happened to TNP Regal Crossings DST / Regal Crossing Apartments?
TNP Regal Crossings DST / Regal Crossing Apartments is a Historical offering. Sold Jan 2018.
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. 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.
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.
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.

In the news

Sources

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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.