Diversified Residential Portfolio III DST
Multifamily property — sponsored by Inland Private Capital
Minimum investment
$25k
Offering size
$209.3M
How much has sold
100.0%
Asset type
Multifamily property
Location
Not stated
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Diversified Residential Portfolio III DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — sponsored by Inland Private Capital and organized in Delaware in 2022.1 It holds multifamily property, though the public filings name no specific communities. The Offering is closed to new investors, its final Form D amendment having been filed January 3, 2024.
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The Trust's SEC filings describe a residential offering but name no properties, addresses, or unit counts, and the trade coverage of the raise stayed at the fund level as well.2 As of research conducted August 24, 2026, no located public record identifies the specific apartment communities the Trust holds or where they sit. What the record does establish is the asset class: multifamily.
How did it end?
No ending on record
Top1031 reports no public full-cycle or disposition announcement naming Diversified Residential Portfolio III DST, while the latest located Jan. 3, 2024 SEC Form D/A is an offering record without a dated affirmative post-raise ownership/operation or exit statement; the outcome is therefore publicly unknown.
The May 2023 article reports $167 million raised from 286 investors toward an approximately $209 million target; it does not name properties, addresses, or unit counts.
Supporting evidence
Who's behind it?
Inland Private Capital Corporation is named as the sponsor of this offering in the Trust's Form D filings.1 It is among the more prolific sponsors of 1031 exchange programs, and this Trust is the third numbered entry in its Diversified Residential Portfolio series. Institutional Real Estate, Inc. reported on May 30, 2023 that the Trust had raised $167 million from 286 investors, describing it as a vehicle for exchange investors deferring gains on appreciated real estate.2
- Sponsor
- Inland Private Capital
- Legal Trust name
- Diversified Residential Portfolio III DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 79 total offerings from Inland Private Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust filed Form D amendments on a roughly biweekly cadence, each one restating the amount sold as the raise progressed; the first sale of interests is reported as July 6, 2022.3 Rule 506(b) means the Offering was sold without general advertising, through pre-existing relationships with accredited investors.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 37
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Diversified Residential Portfolio III DST?
Top1031 lists Diversified Residential Portfolio III DST as historical. It is no longer raising money.
Where does Top1031 get the data for Diversified Residential Portfolio III DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in Diversified Residential Portfolio III DST?
No. This Trust is Historical — closed to new investors. Its final Form D amendment was filed January 3, 2024, and no later filing appears in the SEC record for CIK 1936794. Investors seeking an Inland Private Capital program today would be looking at the sponsor's currently open offerings, not this one.
What properties does this Trust actually own?
The public record does not say. The Form D filings identify the offering as residential/multifamily but list no property names, street addresses, or unit counts, and the May 30, 2023 Institutional Real Estate, Inc. report on the raise did not name properties either. Investors in the Trust would find the portfolio described in the private placement memorandum (PPM), the sponsor's confidential offering document, which is not a public filing.
What does Rule 506(b) mean for how this was sold?
Rule 506(b) is the private-placement exemption that bars general solicitation. The sponsor and its selling broker-dealers could offer interests only to investors with whom they had a pre-existing relationship, almost always accredited investors — individuals meeting SEC income or net-worth thresholds. That is why offerings like this one surface publicly through Form D notices rather than advertising.
Is there a 721/UPREIT exit on this Trust?
The record does not indicate one. A 721 or UPREIT exit is where a DST's property is contributed to a REIT's operating partnership in exchange for OP units, converting a direct real estate interest into a REIT-linked one. Nothing in this Trust's filings shows that path, and no sale, refinancing, or other disposition event has been reported in any located public record as of August 24, 2026.
How long did the Offering take to fill?
The Trust's first Form D was filed July 8, 2022, and the last amendment in the series was filed January 3, 2024 — roughly eighteen months of amendments across 37 total filings. Institutional Real Estate, Inc. reported the interim milestone: $167 million raised from 286 investors as of May 30, 2023.
Who is Inland Private Capital?
Inland Private Capital Corporation is the sponsor named in this Trust's Form D filings and one of the longer-running sponsors of 1031 exchange programs. Top1031 tracks 71 offerings from the firm, 8 of them currently raising. Sponsor scale is not a measure of any individual program's performance.
Chapter 7Inland’s Diversified Residential Portfolio III fund raises $167mThe article reports that Inland Private Capital Corp.'s Diversified Residential Portfolio III DST raised $167 million from 286 investors toward an approximately $209 million target.