Brighton Woodstock (Brighton Townhomes)
Build-for-rent (single-family / townhome rental community) property in Acworth, GA — sponsored by Capital Square
Files with the SEC as CS1031 Brighton Woodstock BFR Housing, DST
Minimum investment
$50k
Offering size
$22.5M
How much has sold
None sold yet
Asset type
Build-for-rent (single-family / townhome rental community) property
Location
Acworth, GA
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?
Brighton Woodstock is a closed Delaware Statutory Trust — a passive co-ownership structure eligible for 1031 exchanges — that held a build-for-rent townhome community in Acworth, Georgia, near Atlanta. Capital Square acquired it in January 2023, filled the $22.5 million offering by August 2023, and completed a 721 UPREIT exit into REIT ownership in January 2026. It is closed to new investors.
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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?
Brighton Woodstock, leased to residents as Brighton Townhomes, sits at 5900 Woodstock Road in Acworth, Georgia, roughly five miles from Kennesaw State University.1 Construction finished in 2022, and Capital Square bought the newly completed community in January 2023 for this Trust.2 Capital Square Living, the sponsor's own management arm, lists the community in its resident-facing directory.3
- Reported location
- Acworth, GA
- Property size
- 100-unit build-for-rent townhome community
Who is the tenant, and what's the lease?
There is no single corporate tenant here: individual households rent townhomes on ordinary residential leases. The Trust leased the property to a Master Tenant, and the offering states that beneficial owners rely on that Master Tenant to collect rent and to operate, lease and maintain the property, with no sponsor obligation to fund it.4
How did it end?
No sale or other ending on record
We have not found a public record of how this offering ended. That is not the same as knowing it still operates.
100-unit new-construction build-for-rent (BFR) townhome community in Acworth, GA (Cherokee County), approximately five miles from Kennesaw State University; acquired January 2023; DST raised $22.5M equity from accredited investors; offering fully subscribed by August 2023; UPREIT exit completed January 2026; sponsor: Capital Square Realty Advisors, LLC.
100-unit build-for-rent townhome communitySupporting evidence
How is it financed, and what does it pay?
The Form D does not report whether the Trust used debt, and the sponsor's public materials in the pipeline record do not resolve it. Trade press reported that before the sale the community carried a $2.6 million construction loan from Lime One Capital, a detail attributed to Yardi Matrix.2
Who's behind it?
Capital Square is a Glen Allen, Virginia sponsor of Delaware Statutory Trusts and related private real estate programs, active mainly in Sun Belt apartments and build-for-rent housing.5 On January 28, 2026, the sponsor announced it had completed a 721 UPREIT transaction for this Trust's investors, swapping their DST interests for REIT ownership; that release said the property outperformed its PPM pro forma by more than 17% on income and nearly 30% on net operating income over the hold period.
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Brighton Woodstock BFR Housing, DST
- May convert to a REIT
- Yes
- 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?
The SEC record here is a single Form D new notice, filed before the first sale and never amended, so the raise's progress was reported by the sponsor rather than by later filings.5 Rule 506(c) allowed the Trust to advertise publicly, provided every buyer was a verified 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 Brighton Woodstock (Brighton Townhomes)?
Top1031 lists Brighton Woodstock (Brighton Townhomes) as historical. It is no longer raising money.
Where does Top1031 get the data for Brighton Woodstock (Brighton Townhomes)?
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 Brighton Woodstock?
No. Capital Square announced on August 17, 2023 that CS1031 Brighton Woodstock BFR Housing, DST was fully subscribed, and on January 28, 2026 the sponsor announced it had completed a 721 UPREIT transaction for the Trust's investors. The Trust is closed to new investors and the property is no longer held in DST form.
What does the 721 UPREIT exit mean for the investors who were in it?
In a 721 or UPREIT transaction, DST investors contribute their real estate interest to a REIT's operating partnership in exchange for partnership units instead of cash, which generally defers the taxable gain. The trade-off is that units are no longer real property, so a future 1031 exchange out of them is not available. Capital Square announced completion of this transaction on January 28, 2026.
What is a build-for-rent community?
Build-for-rent (BFR) means single-family homes or townhomes constructed specifically as rentals and operated as one professionally managed community, rather than sold off individually to homeowners. Brighton Woodstock is a townhome BFR community in Acworth, Georgia, whose construction finished in 2022 before Capital Square acquired it in January 2023.
Who was the tenant?
Residents on individual apartment-style leases, not a corporate tenant. As is standard in a DST, the Trust leased the property to a Master Tenant that handled rent collection, leasing, management and maintenance; the offering materials note the Master Tenant is capitalized from property cash flow and that the sponsor is not required to contribute capital to it.
Why does the SEC filing show no sales?
The single Form D was filed on January 25, 2023, before the first sale of interests, and it was never amended. Sponsors are not required to amend a Form D simply because a raise fills, so the SEC record froze at the day-one snapshot while Capital Square reported full subscription separately in August 2023.
Chapter 9Capital Square Completes UPREIT Transaction Near Atlanta with DST InvestorsCapital Square completes UPREIT exit for Brighton Woodstock DST investors; the property outperformed PPM pro forma by more than 17% on income and nearly 30% on NOI over the hold period. Capital Square Fully Subscribes DST Offering of Multifamily Community Near AtlantaCapital Square announces CS1031 Brighton Woodstock BFR Housing, DST has been fully subscribed; the 100-unit townhome community near Atlanta outperformed projections. Capital Square Acquires Build-for-Rent Townhome Community Near Atlanta for DST OfferingCapital Square acquired Brighton Woodstock, a 100-unit BFR townhome community in Acworth, GA, on behalf of CS1031 Brighton Woodstock BFR Housing, DST, seeking to raise $22.5M in equity from accredited investors.