The property held by CSRA Bridgeview Apartments, DST sold on July 11, 2018, taking the offering full cycle. Capital Square raised the residential Trust under Rule 506(b), beginning with a Form D filed September 3, 2013. One Capital Square offering had reached full cycle before this one.
The hold appears on the record two ways. Measured from the first Form D to the sale, it is 4.9 years; the figure Top1031 carries for the offering is 4.8 years. Nothing in the record reconciles the two, and the Form D date marks the filing of the offering rather than any acquisition date the record establishes. Top1031 reports the recorded hold rather than the derived one.
What the sale produced for investors is documented in the sponsor's own account of it. Capital Square lists the Trust among its completed programs:
Item | Figure |
|---|---|
Sale price | $43 million, as reported by the sponsor in its published full-cycle track record |
Annualized total return | 13.49%, as reported by the sponsor in that same track record |
Equity multiple | 1.72x, as reported by the sponsor in that same track record |
Top1031 carries no total return figure for the Trust.
What the offering first told investors about distributions cannot be established from the public record. The Form D fixed an offering ceiling of $12.18 million and a minimum investment of $25,000, and said nothing about distributions: those terms sat in the private placement memorandum, and a PPM is not filed with the SEC. The result the sponsor reports therefore stands on its own, with no filed original terms beside it.