REJournals reported on April 2, 2017 that Triad Real Estate Partners had sold the Western Illinois University student housing portfolio held by SL CPCM Apartments, DST, at an approximate 7.65% capitalization rate. Top1031 carries the disposition date as April 1, 2017.
The buildings, Campus Pointe and Campus Manor in Macomb, Illinois, came into the Trust in 2015. Sandlapper Student Housing, LLC announced the closing of the 639-bed acquisition in the same year the Trust filed its first Form D.
SL CPCM Apartments, DST | |
|---|---|
Sponsor | Sandlapper Capital Investments |
First Form D filed | June 25, 2015 |
Offering ceiling | $26,631,586 |
Minimum investment | $295,857 |
Exemption | 506(b) |
Asset class | Residential (student housing) |
Property | Campus Pointe and Campus Manor, Macomb, IL |
Disposition | Property sold |
Portfolio price | $22,900,000, as reported by the sponsor in its announcement |
Hold, first Form D to disposition | 1.8 years |
The Form D is on file with the SEC and sets the ceiling and the minimum. It says nothing about distributions, and it says nothing about how the sale proceeds were allocated: the private placement memorandum that would state the Trust's distribution terms is not a public document.
No return figure, equity multiple, or distribution total for the Trust appears in the record reviewed here. Top1031 located no disposition announcement from Sandlapper Capital Investments for the Trust itself; the price and the cap rate on the record are the trade press figures for the underlying real estate, and the seller-side broker is the party named in that report.
The record establishes the property, the raise, and the dates. The result for the Trust's investors is not documented in it.