# EDGAR Filing Document

**Accession Number:** 0001936794
**File Stem:** 0001936794-23-000004
**Filing Date:** 2023-2
**Character Count:** 22774
**Document Hash:** 06db10cb2105f5c07274acef54e7da75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001936794-23-000004.hdr.sgml**: 20230215

**ACCESSION NUMBER**: 0001936794-23-000004

**CONFORMED SUBMISSION TYPE**: D/A

**PUBLIC DOCUMENT COUNT**: 1

**ITEM INFORMATION**: <ITEMS>06b

**FILED AS OF DATE**: 20230215

**DATE AS OF CHANGE**: 20230215

**EFFECTIVENESS DATE**: 20230215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Diversified Residential Portfolio III DST
- **CENTRAL INDEX KEY:** 0001936794
- **IRS NUMBER:** 886346278
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** D/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 021-451584
- **FILM NUMBER:** 23634390

**BUSINESS ADDRESS:**
- **STREET 1:** C/O INLAND PRIVATE CAPITAL CORPORATION
- **STREET 2:** 2901 BUTTERFIELD ROAD
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523
- **BUSINESS PHONE:** (630) 218-8000

**MAIL ADDRESS:**
- **STREET 1:** C/O INLAND PRIVATE CAPITAL CORPORATION
- **STREET 2:** 2901 BUTTERFIELD ROAD
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM D

### Notice of Exempt Offering of Securities

**Notice of Amendment** (Previous Accession Number: 0001936794-23-000003)

### 1. Issuer's Identity

**CIK (Filer ID Number):** 0001936794

**Name of Issuer:** Diversified Residential Portfolio III DST

**Jurisdiction of Incorporation/Organization:** DELAWARE

**Previous Names:** None

**Year of Incorporation/Organization**

- [ ] Over Five Years Ago

- [x] Within Last Five Years (Specify Year) 2022

- [ ] Yet to Be Formed

**Entity Type**

- [ ] Corporation

- [ ] Limited Partnership

- [ ] Limited Liability Company

- [ ] General Partnership

- [ ] Business Trust

- [x] Other (Delaware Statutory Trust)

### 2. Principal Place of Business and Contact Information

**Name of Issuer:** Diversified Residential Portfolio III DST

**Street Address 1:** C/O INLAND PRIVATE CAPITAL CORPORATION

**Street Address 2:** 2901 BUTTERFIELD ROAD

**City:** OAK BROOK

**State/Province/Country:** IL

**ZIP/Postal Code:** 60523

**Phone Number of Issuer:** (630) 218-8000

### 3. Related Persons

| Last Name                                              | First Name   | Street Address 1                       | City      | State   |   ZIP/Postal Code | Relationship                                          | Clarification of Response              |
|:---|:---|:---|:---|:---|---:|:---|:---|
| Inland Private Capital Corporation                     | N/A          | 2901 Butterfield Road                  | Oak Brook | IL      |             60523 | [x] Executive Officer<br>[ ] Director<br>[ ] Promoter | Sponsor of the Issuer                  |
| Diversified Residential Portfolio III Exchange, L.L.C. | N/A          | c/o Inland Private Capital Corporation | Oak Brook | IL      |             60523 | [x] Executive Officer<br>[ ] Director<br>[ ] Promoter | Signatory Trustee of the Issuer        |
| Lampi                                                  | Keith D.     | c/o Inland Private Capital Corporation | Oak Brook | IL      |             60523 | [x] Executive Officer<br>[ ] Director<br>[ ] Promoter | President of the Sponsor of the Issuer |

### 4. Industry Group

| | | |
|:---|:---|:---|
| [ ] Agriculture | [ ] Health Care | [ ] Retailing |
| [ ] Banking & Financial Services | [ ] Biotechnology | [ ] Restaurants |
|   [ ] Commercial Banking | [ ] Health Insurance | [ ] Technology |
|   [ ] Insurance | [ ] Hospitals & Physicians |   [ ] Computers |
|   [ ] Investing | [ ] Pharmaceuticals |   [ ] Telecommunications |
|   [ ] Investment Banking | [ ] Other Health Care |   [ ] Other Technology |
|   [ ] Pooled Investment Fund | [ ] Manufacturing | [ ] Travel |
|     [ ] Hedge Fund | [ ] Real Estate |   [ ] Airlines & Airports |
|     [ ] Private Equity Fund |   [ ] Commercial |   [ ] Lodging & Conventions |
|     [ ] Venture Capital Fund |   [ ] Construction |   [ ] Tourism & Travel Services |
|     [ ] Other Investment Fund |   [ ] REITS & Finance |   [ ] Other Travel |
|   Is the issuer registered as an investment company? <br>  [ ] Yes [ ] No |   [ ] Residential | [ ] Other |
|   [ ] Other Banking & Financial Services |   [x] Other Real Estate |  |
| [ ] Business Services |  |  |
| [ ] Energy |  |  |
|   [ ] Coal Mining |  |  |
|   [ ] Electric Utilities |  |  |
|   [ ] Energy Conservation |  |  |
|   [ ] Environmental Services |  |  |
|   [ ] Oil & Gas |  |  |
|   [ ] Other Energy |  |  |

### 5. Issuer Size

| **Revenue Range** | **OR** | **Aggregate Net Asset Value Range** |
|:---|:---:|:---|
| [ ] No Revenues | | [ ] No Aggregate Net Asset Value |
| [ ] $1 - $1,000,000 | | [ ] $1 - $5,000,000 |
| [ ] $1,000,001 - $5,000,000 | | [ ] $5,000,001 - $25,000,000 |
| [ ] $5,000,001 - $25,000,000 | | [ ] $25,000,001 - $50,000,000 |
| [ ] $25,000,001 - $100,000,000 | | [ ] $50,000,001 - $100,000,000 |
| [ ] Over $100,000,000 | | [ ] Over $100,000,000 |
| [x] Decline to Disclose | | [ ] Decline to Disclose |
| [ ] Not Applicable | | [ ] Not Applicable |

### 6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

| | | |
|:---|:---|:---|
| [ ] Rule 504(b)(1) (not (i), (ii) or (iii)) | [ ] Investment Company Act Section 3(c) |  |
| [ ] Rule 504(b)(1)(i) |   [ ] Section 3(c)(1) |  |
| [ ] Rule 504(b)(1)(ii) |   [ ] Section 3(c)(2) |   [ ] Section 3(c)(9) |
| [ ] Rule 504(b)(1)(iii) |   [ ] Section 3(c)(3) |   [ ] Section 3(c)(10) |
| [x] Rule 506(b) |   [ ] Section 3(c)(4) |   [ ] Section 3(c)(11) |
| [ ] Rule 506(c) |   [ ] Section 3(c)(5) |   [ ] Section 3(c)(12) |
| [ ] Securities Act Section 4(5) |   [ ] Section 3(c)(6) |   [ ] Section 3(c)(13) |
|  |   [ ] Section 3(c)(7) |   [ ] Section 3(c)(14) |

### 7. Type of Filing

**New Notice:** [ ] **Date of First Sale:** 2022-07-06

**Amendment:** [x]

### 8. Duration of Offering

Does the issuer intend this offering to last more than one year? [ ] Yes [x] No

### 9. Type(s) of Securities Offered

- [x] Equity
- [ ] Debt
- [ ] Option, Warrant or Other Right to Acquire Another Security
- [ ] Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security
- [ ] Pooled Investment Fund Interests
- [ ] Tenant-in-Common Securities
- [ ] Mineral Property Securities
- [ ] Other

### 10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? [ ] Yes [x] No

### 11. Minimum Investment
**Minimum investment accepted from any outside investor:** $25000 USD

### 12. Sales Compensation

| Recipient Name                               |   Recipient CRD Number | Associated BD Name   | Associated BD CRD Number   | Street 1                       | Street 2              | City              | State   |   ZIP Code | States of Solicitation   | Foreign Solicitation   |
|:---|---:|:---|:---|:---|:---|:---|:---|---:|:---|:---|
| Sagepoint Financial, Inc.                    |                 133763 | None                 | None                       | 20 E. Thomas Road              | Suite 2000            | Phoenix           | AZ      |      85012 |  | [ ]                    |
| Whitehall-Parker Securities, Inc.            |                  10608 | None                 | None                       | 117 Paul Drive                 | Suite B               | San Rafael        | CA      |      94903 |  | [ ]                    |
| Woodbury Financial Services, Inc.            |                    421 | None                 | None                       | 7755 3rd Street North          |  | Oakdale           | MN      |      55128 |  | [ ]                    |
| Hilltop Securities Inc.                      |                   6220 | None                 | None                       | 717 N. Harwood Street          | Suite 3400            | Dallas            | TX      |      75201 |  | [ ]                    |
| Concorde Investment Services, LLC            |                 151604 | None                 | None                       | 19500 Victor Parkway           | Suite 550             | Livonia           | MI      |      48152 |  | [ ]                    |
| Lincoln Financial Securities Corporation     |                   3870 | None                 | None                       | 1301 South Harrison Street     |  | Fort Wayne        | IN      |      46802 |  | [ ]                    |
| DAI Securities, LLC                          |                  36673 | None                 | None                       | 2200 Century Parkway NE        | Suite 435             | Atlanta           | GA      |      30345 |  | [ ]                    |
| Coastal Equities, Inc.                       |                  23769 | None                 | None                       | 1201 N. Orange Street          | Suite 729             | Wilmington        | DE      |      19801 |  | [ ]                    |
| Stifel Nicolaus & Co., Inc.                  |                    793 | None                 | None                       | 501 North Broadway             |  | St. Louis         | MO      |      63102 |  | [ ]                    |
| American Investors Co Lsy Dba                |                     38 | None                 | None                       | 12667 Alcosta Blvd.            | Suite 160             | San Ramon         | CA      |      94583 |  | [ ]                    |
| Securities America Inc.                      |                  10205 | None                 | None                       | 12325 Port Grace Blvd.         |  | La Vista          | NE      |      68128 |  | [ ]                    |
| Great Point Capital LLC                      |                 114203 | None                 | None                       | 200 West Jackson Blvd.         | Suite 1000            | Chicago           | IL      |      60606 |  | [ ]                    |
| Avantax Investment Services Inc              |                  13686 | None                 | None                       | 3200 Olympus Blvd.             | Suite 100             | Dallas            | TX      |      75019 |  | [ ]                    |
| BD4RIA INC                                   |                 290240 | None                 | None                       | 3520 West Vickery Blvd.        |  | Fort Worth        | TX      |      76107 |  | [ ]                    |
| Cetera Advisor Networks, LLC                 |                  13572 | None                 | None                       | 2301 Rosecrans Ave.            | #5100                 | El Segundo        | CA      |      90245 |  | [ ]                    |
| Cetera Advisors, LLC                         |                  10299 | None                 | None                       | 5299 DTC Blvd.                 | #800                  | Greenwood Village | CO      |      80111 |  | [ ]                    |
| First Allied Securities Inc.                 |                  32444 | None                 | None                       | 655 West Broadway              | 12th Floor            | San Diego         | CA      |      92101 |  | [ ]                    |
| Crown Capital Securities L.P.                |                   6312 | None                 | None                       | 725 Town & Country Road        | Suite 530             | Orange            | CA      |      92868 |  | [ ]                    |
| Commonwealth Financial Network               |                   8032 | None                 | None                       | 29 Sawyer Road                 |  | Waltham           | MA      |      02453 |  | [ ]                    |
| Cetera Financial Specialists LLC             |                  10358 | None                 | None                       | 1450 American Lane             | 6th Floor, Suite #650 | Schaumburg        | IL      |      60173 |  | [ ]                    |
| DFPG Investments, Inc.                       |                 155576 | None                 | None                       | 9017 S Riverside Drive         | Suite 210             | Sandy             | UT      |      84070 |  | [ ]                    |
| Harbour Investments, Inc.                    |                  19258 | None                 | None                       | 575 D'Onofrio Drive            | Suite 300             | Madison           | WI      |      53719 |  | [ ]                    |
| Arkadios Capital                             |                 282710 | None                 | None                       | 309 East Paces Ferry Road      | Suite 1000            | Atlanta           | GA      |      30305 |  | [ ]                    |
| Lincoln Financial Advisors Corporation       |                   3978 | None                 | None                       | 1301 South Harrison Street     |  | Fort Wayne        | IN      |      46802 |  | [ ]                    |
| Independent Financial Group, LLC             |                   7717 | None                 | None                       | 12671 High Bluff Drive         | Suite 200             | San Diego         | CA      |      92130 |  | [ ]                    |
| American Portfolios Financial Services, Inc. |                  18487 | None                 | None                       | 4250 Veterans Memorial Highway | 4th Floor East        | Holbrook          | NY      |      11741 |  | [ ]                    |
| Stonecrest Capital Markets, Inc.             |                  39616 | None                 | None                       | 300 W. 6th Street              | Suite 1520            | Austin            | TX      |      78701 |  | [ ]                    |
| LifeMark Securities Corp.                    |                  16204 | None                 | None                       | 400 West Metro Park            |  | Rochester         | NY      |      14623 |  | [ ]                    |
| Triad Advisors LLC                           |                  25803 | None                 | None                       | 5155 Peachtree Parkway         | Suite 3220            | Norcross          | GA      |      30092 |  | [ ]                    |
| Thornhill Securities, Inc.                   |                  22333 | None                 | None                       | 400 W. 15th Street             | Suite 700             | Austin            | TX      |      78701 |  | [ ]                    |
| Cabot Lodge Securities LLC                   |                 159712 | None                 | None                       | 200 Vesey Street               | 24th Floor            | New York          | NY      |      10281 |  | [ ]                    |
| Cambridge Investment Research, Inc.          |                  39543 | None                 | None                       | 1776 Pleasant Plain Road       |  | Fairfield         | IA      |      52556 |  | [ ]                    |
| Royal Alliance Associates, Inc.              |                  23131 | None                 | None                       | 10 Exchange Place              | Suite 1410            | Jersey City       | NJ      |      07302 |  | [ ]                    |
| Realized Financial, Inc.                     |                  22333 | None                 | None                       | 400 W. 15th Sreet              | Suite 700             | Austin            | TX      |      78701 |  | [ ]                    |
| International Assets Advisory, LLC           |                  10645 | None                 | None                       | 390 North Orange Avenue        | Suite 750             | Orlando           | FL      |      32801 |  | [ ]                    |
| Calton & Associates, Inc.                    |                  20999 | None                 | None                       | 2701 N. Rocky Point Drive      | Suite 1000            | Tampa             | FL      |      33607 |  | [ ]                    |
| LPL Financial LLC                            |                   6413 | None                 | None                       | 1055 LPL Way                   |  | Fort Mill         | SC      |      29715 |  | [ ]                    |
| FSC Securities Corporation                   |                   7461 | None                 | None                       | 2300 Windy Ridge Parkway       | Suite 750N            | Atlanta           | GA      |      30339 |  | [ ]                    |
| Wintrust Investments LLC                     |                    875 | None                 | None                       | 231 S. LaSalle Street          | 13th Floor            | Chicago           | IL      |      60604 |  | [ ]                    |
| Centaurus Financial, Inc.                    |                  30833 | None                 | None                       | 2300 E. Katella Avenue         | Suite #200            | Anaheim           | CA      |      92806 |  | [ ]                    |
| American Trust Investment Services, Inc.     |                   3001 | None                 | None                       | 1244 119th Street              |  | Whiting           | IN      |      46394 |  | [ ]                    |
| Ameritas Investment Corp.                    |                 282710 | None                 | None                       | 309 East Paces Ferry Road      | Suite 1000            | Atlanta           | GA      |      30305 |  | [ ]                    |
| Herold & Lantern Investments, Inc.           |                  30996 | None                 | None                       | 35 Pinelawn Road               | Suite 101E            | Melville          | NY      |      11747 |  | [ ]                    |
| Purshe Kaplan Sterling Investments           |                  35747 | None                 | None                       | 80 State Street                |  | Albany            | NY      |      12207 |  | [ ]                    |
| Peak Brokerage Services, LLC                 |                 157045 | None                 | None                       | 1070 East Indiantown Road      | Suite 208-210         | Jupiter           | FL      |      33477 |  | [ ]                    |
| J.W. Cole Financial, Inc.                    |                 124583 | None                 | None                       | 4301 Anchor Plaza Parkway      | Suite #450            | Tampa             | FL      |      33634 |  | [ ]                    |

### 13. Offering and Sales Amounts

**Total Offering Amount:** $209,327,056 USD

**Total Amount Sold:** $149,541,007 USD

**Total Remaining to be Sold:** $59,786,049 USD

**Clarification of Response:** Regarding Item 11, the Issuer may accept smaller investments in the Sponsor's sole discretion.

### 14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering: [ ] Yes [x] No

**Total Number of Investors Already Invested:** 245

### 15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

**Sales Commissions** $18630107 USD [x] Estimate

**Finders' Fees** $0 USD [x] Estimate

**Clarification of Response (if Necessary):** Sales Commissions include estimates of the maximum amount of Selling Commissions, Dealer Fees and Placement Agent Fees that may be paid.

### 16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters: **$8716297 USD [x] Estimate**

**Clarification of Response (if necessary):** Item 16 is an estimate of acquisition fees, reimbursements for certain acquisition and financing costs, and offering and organizational expenses that may accrue to one or more Related Persons.

### Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

**Terms of Submission**

In submitting this notice, each issuer named above is:

* Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.

* Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated
officer of the State in which the issuer maintains its principal place of business and any State in which this notice is
filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any
notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any
Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to
the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in
connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or
indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust
Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or
regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place
of business or any State in which this notice is filed.

* Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

| Issuer                                    | Signature          | Name of Signer   | Title                                      | Date       |
|:---|:---|:---|:---|:---|
| Diversified Residential Portfolio III DST | /s/ Keith D. Lampi | Keith D. Lampi   | President/COO of the Sponsor of the Issuer | 2023-02-15 |

*Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.*