CS1031 Aspen Vista BFR Housing, DST
Other property in Reno, NV — sponsored by Capital Square
Minimum investment
$50k
Offering size
$20.5M
How much has sold
10.0%
Asset type
Other property
Location
Reno, NV
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
CS1031 Aspen Vista BFR Housing, DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests can be acquired in a 1031 exchange — holding Aspen Vista, a 102-unit build-for-rent home community in Reno, Nevada.1 Capital Square sponsors it, filed one Form D in June 2023, and announced on October 16, 2023 that the offering was fully subscribed.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?
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
Who is the tenant, and what's the lease?
Capital Square's offering materials describe a master lease structure: beneficial owners rely completely on a Master Tenant to collect rent and to operate, manage, lease and maintain the community.1 That Master Tenant is capitalized solely by cash flow from the underlying tenant lease, and the sponsor is not obligated to fund it.1 The reviewed public record does not name it.
How did it end?
No sale or other ending on record
Washoe County's assessor result names CS1031 Aspen Vista BFR Housing DST as owner in a record current as of 2026-08-15, and Aspen Vista at Anchor Pointe's official site offers homes for rent; no full-cycle or other disposition was identified in the reviewed Capital Square disclosures.
Supporting evidence
How is it financed, and what does it pay?
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.
Who's behind it?
Capital Square Realty Advisors is the sponsor behind this Trust and runs a long-standing 1031 exchange program of similar Delaware statutory trusts. It announced the Aspen Vista acquisition on June 5, 2023, seeking $20.5 million of equity from accredited investors — buyers who meet SEC income or net-worth tests.3 On October 16, 2023, it announced the offering fully subscribed, reporting nearly $20.5 million of equity raised.2
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Aspen Vista 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 — 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.
- 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 CS1031 Aspen Vista BFR Housing, DST?
Top1031 lists CS1031 Aspen Vista BFR Housing, DST as historical. It is no longer raising money.
Where does Top1031 get the data for CS1031 Aspen Vista BFR Housing, DST?
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 this Trust?
Probably not. Capital Square announced on October 16, 2023 that the CS1031 Aspen Vista BFR Housing, DST offering was fully subscribed, reporting nearly $20.5 million of equity raised from accredited investors. No amended Form D was ever filed, so the SEC record still shows only the original June 2023 notice and its point-in-time sales figures. Anyone testing current availability would need confirmation directly from the sponsor.
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 private placement memorandum (PPM) — the full offering document given to prospective investors — is 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.
Chapter 9Capital Square Fully Subscribes DST Offering of Multifamily Community in Reno, NevadaCapital Square announced that CS1031 Aspen Vista BFR Housing, DST, a newly constructed 102-unit build-for-rent community in Reno, Nevada, has been fully subscribed. Capital Square Acquires Build-for-Rent Housing Community in Reno, NV for DST OfferingCapital Square announced the acquisition of Aspen Vista, a newly constructed 102-unit build-for-rent community at 548 Aurora View Court in Reno, Nevada, on behalf of CS1031 Aspen Vista BFR Housing, DST, targeting $20.5M in equity from accredited investors.