Asheville NC Apartment Portfolio
Multifamily property in Asheville, NC — sponsored by Capital Square
Files with the SEC as CS1031 Asheville NC Apartment Portfolio, DST
Minimum investment
$50k
Offering size
$73.1M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Asheville, NC
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
CS1031 Asheville NC Apartment Portfolio, DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — sponsored by Capital Square. It holds two apartment communities close to downtown Asheville, North Carolina: River Mill Lofts and Skyloft Apartments, acquired in September 2022.1 Hurricane Helene flooded River Mill Lofts in September 2024, and rebuilding was still underway in July 2026.3
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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?
Capital Square acquired the two-property portfolio in September 2022: River Mill Lofts at 100 River Mill Drive and Skyloft Apartments at 500 S Skyloft Drive, sitting on 10.887 acres close to downtown Asheville.1 Michael Saclarides, Devin Bryan, and Jacqui Aaron of Cushman & Wakefield brokered the sale. Hurricane Helene caused catastrophic flooding and damage at River Mill Lofts in September 2024.2 Griffin reported on July 10, 2026 that rebuilding was progressing.3
- Reported location
- Asheville, NC
- Property size
- 305 units (River Mill Lofts: 253 units; Skyloft Apartments: 52 units)
Who is the tenant, and what's the lease?
Public materials reviewed do not name a master tenant or disclose lease terms for either property, so the operating structure has to be read in the PPM. The portfolio's leasing website shows Skyloft Apartments available to rent and River Mill Lofts pre-leasing toward a Summer 2026 opening.4
How did it end?
No sale or other ending on record
No public full-cycle sale, UPREIT conversion, or foreclosure announcement naming CS1031 Asheville NC Apartment Portfolio, DST has been located; both underlying properties (River Mill Lofts and Skyloft Apartments) remain listed for lease despite material Hurricane Helene damage in October 2024, providing dated affirmative evidence of continued operation.
Two-property multifamily portfolio totaling 305 apartment homes on 10.887 acres in close proximity to downtown Asheville, NC; Capital Square acquired the portfolio in September 2022 on behalf of CS1031 Asheville NC Apartment Portfolio, DST, a private placement offering that sought to raise $73.1 million in equity (minimum investment $50,000); brokers were Michael Saclarides, Devin Bryan, and Jacqui Aaron of Cushman & Wakefield.
305 units (River Mill Lofts: 253 units; Skyloft Apartments: 52 units)Supporting evidence
How is it financed, and what does it pay?
The Trust's Form D filings say nothing about debt, and no public source reviewed establishes whether the properties were bought with a mortgage or all-cash. Any loan terms would appear in the private placement memorandum, the offering document accredited investors receive.
Who's behind it?
Capital Square is a real estate sponsor based at 10900 Nuckols Road in Glen Allen, Virginia, and a long-running issuer of DST offerings for 1031 exchange investors.5 The Trust's Form D named Capital Square Realty Advisors, LLC as promoter, CSRA Manager, LLC as a director, and Louis Rogers as an executive officer.6 A Marsh McLennan case study dated May 12, 2026 described Capital Square's insurance claim, flood response, and tenant support after Hurricane Helene struck River Mill Lofts.2
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Asheville NC Apartment Portfolio, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 28 total offerings from Capital Square
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
Capital Square filed the Trust's initial Form D — the brief SEC notice for an exempt private offering — in September 2022 and amended it days later without changing the offering size or minimum investment. Nothing further has been filed on EDGAR. Rule 506(c) permits general advertising so long as every investor's accredited status is verified.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 Asheville NC Apartment Portfolio?
Top1031 lists Asheville NC Apartment Portfolio as historical. It is no longer raising money.
Where does Top1031 get the data for Asheville NC Apartment Portfolio?
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.
What does this Trust actually own?
Two apartment communities in Asheville, North Carolina, acquired by Capital Square in September 2022: River Mill Lofts at 100 River Mill Drive and Skyloft Apartments at 500 S Skyloft Drive, together on 10.887 acres near downtown Asheville. Capital Square described the portfolio as 305 apartment homes across the two properties.
What happened to the properties during Hurricane Helene?
A Marsh McLennan case study dated May 12, 2026 states that Hurricane Helene caused catastrophic flooding and damage at River Mill Lofts in September 2024, and describes insurance-supported recovery and tenant support at Capital Square. Griffin reported on July 10, 2026 that it was making progress rebuilding the 253-unit complex. Skyloft Apartments was advertised as available for leasing as of August 2026.
Who is the tenant, and how is the property operated?
No public source reviewed names a master tenant or spells out lease terms for this Trust. Capital Square's offering materials describe a master tenant arrangement in generic terms only. An investor would need the private placement memorandum — the confidential offering document provided to accredited investors — to see the actual lease.
Is the Trust leveraged?
Not established in the public record. The Form D filings disclose no debt, and no reviewed sponsor or trade-press source states a purchase price, loan amount, or loan-to-value for the Asheville portfolio.
Can I still invest in this Trust?
The record here reflects SEC filings, and the most recent one for this Trust is the Form D amendment dated September 23, 2022. Availability is determined by the sponsor and its selling broker-dealers, not by the filing record, so current status would have to be confirmed with them. Top1031 does not sell or place investments.
Could this Trust convert into a REIT interest?
The record for this Trust does not indicate a 721/UPREIT exit — the structure in which DST investors contribute their property interest to a REIT's operating partnership in exchange for OP units. Any exit path would be described in the PPM.
Chapter 9Capital Square Acquires Two-Property Multifamily Housing Portfolio in Asheville, NC for DST OfferingTrade-press coverage naming both River Mill Lofts (100 River Mill Drive) and Skyloft Apartments (500 S Skyloft Drive) as the two Asheville properties acquired for the DST. Capital Square Acquires Two-Property Multifamily Portfolio in Asheville, North Carolina for DST OfferingSponsor press release announcing Capital Square's acquisition of the two-property Asheville NC Apartment Portfolio on behalf of CS1031 Asheville NC Apartment Portfolio, DST, targeting $73.1 million in equity.