Top1031

Ashford Townes

Multifamily property in Fuquay-Varina, North Carolina · sponsored by Capital Square

HistoricalLast Form D filed Feb 23, 2023 (opens in a new tab)

Ashford Townes was a DST sponsored by Capital Square that owned a multifamily property in Fuquay-Varina, North Carolina (74 units). Its last Form D was filed Feb 23, 2023.

How it ended

No outcome recorded · under 7 years

Last Form D filed Feb 23, 2023.

Capital Square has 5 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$13,650,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Feb 23, 2023)
Form D, Feb 23, 2023
Selling commissions
$1,160,250 · 8.5% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
How it is financed ↓
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: Ashford Townes. Top1031 is not a broker-dealer.
Ashford Townes image

Ashford Townes · Fuquay-Varina, North Carolina · Photo: resource.rentcafe.com

What did Ashford Townes own?

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

How was it financed, and what did it cost to sell?

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.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$1,160,250 · 8.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$707,000 · 5.1% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$50,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

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.

Legal Trust name
CS1031 Ashford Townes BFR Housing, DST
SEC CIK
1966791
First Form D
Feb 23, 2023
Latest Form D
Feb 23, 2023
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$13,650,000
$0
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

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.

Common questions

What happened to Ashford Townes?
Ashford Townes is a Historical offering. Last Form D filed Feb 23, 2023.
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 offering documents.
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.

In the news

Sources

Show sources (9)Hide sources (9)

These links support the record as a whole; individual details may come from different sources.

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 offering documents before investing.