Top1031

CS1031 Aspen Vista BFR Housing, DST

in Reno, NV · sponsored by Capital Square

HistoricalLast Form D filed Jun 21, 2023 (opens in a new tab)

CS1031 Aspen Vista BFR Housing, DST, sponsored by Capital Square, filed its first Form D with the SEC on Jun 21, 2023 for a $20.5 million offering. Its last Form D was filed Jun 21, 2023.

How it ended

No outcome recorded · under 7 years

Last Form D filed Jun 21, 2023.

Capital Square has 5 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$20,500,000
Equity offered, per the Form D
Sold
9.7%
Form D, Jun 21, 2023; the % is our arithmetic
Investors reported
0
Form D, Jun 21, 2023
Selling commissions
$1,742,500 · 8.5% of offering
Form D Item 15; the % is our arithmetic
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 →

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Ask a 1031 specialist about this recordFree. About: CS1031 Aspen Vista BFR Housing, DST. Top1031 is not a broker-dealer.

What did the Trust own?

Aspen Vista is a 102-unit build-for-rent community of three- and four-bedroom homes. 1 D.R. Horton developed it and completed construction in 2022, and the detached homes average 1,689 square feet; the address is 548 Aurora View Court in Reno, Nevada. 2 Capital Square announced the acquisition on behalf of this Trust on June 5, 2023. 3

Reported location
Reno, NV

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

Neither the Form D nor Capital Square's public announcements reviewed state whether the Trust carries mortgage debt or identify a lender, so the leverage picture here remains unresolved in the public record.

Costs and terms from the Form D

Selling commissions
$1,742,500 · 8.5% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,078,000 · 5.2% 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
Jun 8, 2023
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 — the short notice a private offering files with the SEC — sits on this Trust's record, and it was never amended, so its sales figures reflect the filing date rather than a final tally. The Trust was offered under Rule 506(c), which allows public advertising so long as every investor's accredited status is verified.

Legal Trust name
CS1031 Aspen Vista BFR Housing, DST
SEC CIK
1982271
First Form D
Jun 21, 2023
Latest Form D
Jun 21, 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$20,500,000
$1,996,353
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 CS1031 Aspen Vista BFR Housing, DST?
CS1031 Aspen Vista BFR Housing, DST is a Historical offering. Last Form D filed Jun 21, 2023.
What does "build-for-rent" mean for this property?
Instead of apartments in a single building, Aspen Vista is a community of 102 detached homes constructed to be leased rather than sold. D.R. Horton developed it and finished construction in 2022, and the homes average 1,689 square feet with three- and four-bedroom floor plans, per Capital Square. Investors are buying exposure to single-family rental housing inside a DST wrapper.
Who actually operates the homes and collects the rent?
Capital Square's offering materials state that beneficial owners rely completely on a Master Tenant to collect rent and to operate, manage, lease and maintain the property, and that the Master Tenant is capitalized solely by cash flow from the underlying tenant lease with no obligation on the sponsor to contribute capital. The public record reviewed does not name the Master Tenant or the on-site property manager.
Does the Trust have debt?
Unknown from public sources. The Form D does not disclose financing, and Capital Square's announcements reviewed do not state a loan amount, lender, interest rate or loan-to-value for this Trust. The offering documents are where those terms would appear.
Is there a 721/UPREIT exit?
The record shows no REIT conversion feature for this Trust. In a 721/UPREIT exit, a DST's property is later contributed to a real estate investment trust's operating partnership in exchange for partnership units. Nothing in this Trust's filings or the sponsor announcements reviewed indicates that path; a sale or refinancing would be the ordinary exit route absent one.
What was the minimum investment?
Capital Square's June 5, 2023 announcement stated a $50,000 minimum investment for the offering, consistent with the minimum reported in the Trust's Form D. Since the offering was announced fully subscribed in October 2023, that figure is historical.

In the news

Sources

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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.