Ashford Townes
Multifamily property in Fuquay-Varina, North Carolina — sponsored by Capital Square
Files with the SEC as CS1031 Ashford Townes BFR Housing, DST
Minimum investment
$50k
Offering size
$13.7M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Fuquay-Varina, North Carolina
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?
Ashford Townes is a build-for-rent townhome community in Fuquay-Varina, North Carolina, in the Raleigh metro, that Capital Square bought in early 2023 and placed into a Delaware statutory trust (DST) — the fractional ownership structure 1031 exchangers use to defer capital gains. D.R. Horton completed the townhomes in February 2022.1 Capital Square reported the offering fully subscribed on August 3, 2023.2
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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?
D.R. Horton developed the townhomes and completed them in February 2022, with every unit a three-bedroom floorplan.1 Capital Square acquired the community in early 2023 for this Trust; the acquisition announcement gave the address as 604 Oakbrook Pass Way.3 Yardi Matrix data reported the community fully occupied as of March 13, 2023.4
- Reported location
- Fuquay-Varina, North Carolina
- Property size
- 74 units; average 1,693 square feet
Who is the tenant, and what's the lease?
There is no single corporate tenant: rent comes from individual households on residential leases, and Greystar manages the community day to day.5 Capital Square describes a master-tenant structure, in which a master tenant leases the whole property from the Trust and its rent is supported by those underlying resident leases.6
How did it end?
No sale or other ending on record
No public full-cycle sale, UPREIT conversion, or foreclosure announcement naming CS1031 Ashford Townes BFR Housing, DST has been located; the 74-unit build-for-rent townhome community remains actively listed for lease, providing dated affirmative evidence of continued operation.
New build-for-rent (BFR) 74-unit townhome community in the Raleigh MSA's Fuquay-Varina submarket, completed by D.R. Horton in 2022. Average unit size approximately 1,693 sq ft; basis reported at $339,000 per unit ($200/sf). Acquired by Capital Square 1031 in early 2023.
74 units; average 1,693 square feetSupporting evidence
How is it financed, and what does it pay?
The debt picture is not in the public record. The Form D says nothing about borrowings, and no lender, loan amount, or leverage level appeared in the sponsor releases and news coverage reviewed, so whether the Trust carries a mortgage or holds the property free of debt is not established.
Who's behind it?
Capital Square is a repeat sponsor of 1031 exchange DST programs, which it files under the CS1031 naming convention. It announced this acquisition on March 7, 2023, describing a build-for-rent townhome community near Raleigh bought specifically for a DST offering.3 On August 3, 2023 the sponsor reported that the offering had been fully subscribed by accredited investors — individuals who meet SEC income or net-worth thresholds.2
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Ashford Townes BFR Housing, 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?
One Form D, filed February 23, 2023 and never amended, so the SEC file captures this offering only as it stood at launch. Rule 506(c) means Capital Square could market the Trust publicly but had to take steps to verify that every buyer was an accredited investor.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 Ashford Townes?
Top1031 lists Ashford Townes as historical. It is no longer raising money.
Where does Top1031 get the data for Ashford Townes?
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 Ashford Townes?
No. Capital Square reported on August 3, 2023 that the CS1031 Ashford Townes BFR Housing, DST offering was fully subscribed, which means it is closed to new investors. The SEC file contains only the original Form D from February 23, 2023, which was never amended to report the completed raise.
What does "build-for-rent" mean here?
Build-for-rent (BFR) describes housing constructed from the outset as rental product rather than for-sale homes. At Ashford Townes, homebuilder D.R. Horton completed the three-bedroom townhomes in February 2022, and the community operates as a professionally managed rental property rather than as individually sold houses.
Who lives in the property and who runs it?
Residents are individual households on standard residential leases, not a single corporate tenant, so income depends on ongoing occupancy and renewals rather than one long-term lease. Greystar, a national apartment operator, is listed as the property manager on its own leasing page for the community.
Does this Trust convert into a REIT through a 721 exchange?
The record shows no 721/UPREIT feature for this Trust — that is the structure where a DST's property is later contributed to a REIT's operating partnership in exchange for units. Investors relying on a specific exit path would need to read the private placement memorandum (PPM), the offering's governing disclosure document.
What is still unknown about this deal?
The purchase price, any lender and loan amount, the named legal master tenant, and the full lease and management terms do not appear in the Form D or in the sponsor and press sources reviewed. There is also an address discrepancy: acquisition and Greystar materials cite 604 Oakbrook Pass Way, while the current leasing site uses 602 Oakbrook Pass Way.
Chapter 9Capital Square Acquires North Carolina CommunityCapital Square acquired Ashford Townes, a newly built 74-unit build-for-rent townhome community in Fuquay-Varina, North Carolina (Raleigh MSA), for its CS1031 Ashford Townes BFR Housing DST.