REVA Kay Interchange, DST was sold on behalf of its investors, a full cycle Kay Properties & Investments announced on August 10, 2020. The Trust generated a total return of 131.42% for its 1031 exchange and direct cash investors, as reported by the sponsor in that announcement. Top1031's record for the Delaware Statutory Trust (DST) places the hold at 3.3 years, measured from the Trust's first Form D to the disposition.
The release describes a custom office DST in the Tampa, Fla. MSA made available in 2017, and identifies it no further. Matching that description to a building takes two other documents. The Trust's offering executive summary places the asset at Camden Field Parkway/Suite 9404, and Kay Properties had announced the closing of a Delaware Statutory Trust property in Tampa/Riverview, Florida in an October 12, 2017 release.
Neither release carries a sale price. A property record for that address reports a sale on July 20, 2020 for $8.5 million, a date earlier than the sponsor's announcement; Top1031 carries the figure at medium confidence.
No annualized return and no equity multiple appear anywhere on the record, and the offering's original distribution terms are not public either. The Form D carries no performance figures, and the private placement memorandum for a raise of this kind is not filed with the SEC, so what the offering told investors about cash flow sits outside the documents. The Sponsor of record on the filing is REVA Properties; the announcements came from Kay Properties & Investments, whose name the Trust also carries.
Item | Detail |
|---|---|
Trust | REVA Kay Interchange, DST |
Asset class | Commercial |
Exemption | Rule 506(c) |
Maximum offering amount | $7,650,000 |
Minimum investment | $76,500 |
First Form D | April 26, 2017 (filing) |
Exit type on record | Property sold |
No document on the record states why the property was sold when it was, or what any individual investor received.