Four Springs (FSX) lists FSC MRC Odessa TX, DST as a completed program on its published full-cycle track record. That account, and not a filing, is where the Delaware Statutory Trust (DST) is recorded as sold. No filing on the Trust's record reports the sale.
The offering side is documented. The Form D filed October 22, 2015 offered up to $5.7 million under 506(b), set a $100,000 minimum investment, and placed the program in the "Other Real Estate" industry category. It identifies no property, no tenant, and no distribution terms. It also does not state whether the Trust carried debt, so the amount offered and the sale price below are not figures that can be set against each other.
The outcome, as the sponsor reports it:
Item | Record |
|---|---|
Disposition type | Property sold |
Disposition date | March 1, 2024 |
Hold period | 8.4 years, from the Form D filing date to the disposition date |
Sale price | $13,400,000, as reported by the sponsor in its FSX DST Inventory Financing Fund offering memorandum |
Total return | 178.51%, as reported by the sponsor in the same memorandum |
Annual rate of return | 9.27%, as reported by the sponsor in the same memorandum |
Top1031's record carries a second hold figure for the Trust, 8.47 years. The table relies on the shorter one because it is the span between the two dated events on the record, the Form D filing and the disposition.
The buyer is not named anywhere in the record. Nothing states whether investors took their proceeds in cash or moved them into replacement property, and the sale price is not broken out between the real property and any other consideration. A Form D reports an offering, not its end.
The sale is the fourth full cycle in Top1031's record for Four Springs.