Emerald Cottages of Kerrville + Emerald Cottages Round Rock
Build-for-rent active adult cottages (2-property portfolio) property in Kerrville, TX — sponsored by Capital Square
Files with the SEC as CS1031 Texas Active Living Portfolio II DST
Minimum investment
$50k
Offering size
$32.7M
How much has sold
None sold yet
Asset type
Build-for-rent active adult cottages (2-property portfolio) property
Location
Kerrville, TX
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
CS1031 Texas Active Living Portfolio II DST is a Delaware statutory trust — passive fractional ownership whose interests can serve as replacement property in a 1031 exchange — holding two Emerald Cottages active-adult (55+) rental cottage communities in Kerrville and Round Rock, Texas.1 Capital Square announced the launch on June 11, 2026 and describes the acquisition as carrying no mortgage debt.2 The Offering is raising now.
All-cash (0% LTV); 100% occupied both, waitlists 10+ each; retention 91%/81% TTM
Show sources (7)Hide sources (7)
These links support the public record as a whole; individual details may come from different sources.
- Capital Square — CS1031 Texas Active Living Portfolio II, DST offering page ↗
- Capital Square press release (syndicated via Business Wire) ↗
- U.S. Securities and Exchange Commission — Form D (CIK 2141987) ↗
- Baker 1031 — offering overview ↗
- Baker 1031 — complete offering data ↗
- capitalsq.com ↗
- capitalsq.com ↗
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?
Both communities carry the Emerald Cottages brand: single-story homes purpose-built with ADA-accessible floor plans and restricted to residents 55 and older, the second at 4099 Teravista Club Drive in Round Rock.2 Capital Square reported both properties 100% occupied as of June 2026, each with a waitlist of more than 10 prospective residents, every prospect backed by a $1,000 deposit.1 Reviewed sources do not establish the seller, the purchase price, the closing date, or the year either community was built.
- Property address
- 1501 Bandera Highway, Kerrville, TX
- Property size
- 64 units (32 Kerrville + 32 Round Rock)
Who is the tenant, and what's the lease?
There is no single corporate tenant: residents 55 and older sign their own leases, so income turns on unit-by-unit renewals rather than one company's credit. Offering material describes operations running through a master-lease structure with Capital Square-affiliated master tenants, and identifies Carbon Shepherd as the on-site manager.4
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
Capital Square describes a purchase with no mortgage debt — no lender, no loan maturity, no refinancing at some unknown future rate.2 Investor equity carries the entire capitalization, which also means the Trust supplies no replacement debt for an exchanger whose relinquished property carried a loan.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Capital Square Realty Advisors, LLC sponsors the Trust and runs a recurring program of Delaware statutory trust offerings for 1031 exchange investors; it announced this one on June 11, 2026.2 SEC company data identifies the issuer as a Delaware organization, CIK 0002141987.3 Trade outlet AltsWire covered the launch the same day.
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Texas Active Living Portfolio II 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?
The SEC record holds only the issuer's original notice of an exempt offering — the short form an issuer files when it sells securities without registering them — with no amendment on file through September 1, 2026. A third-party listing platform still marked the Offering available on August 11, 2026, later than any SEC update.5
- 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
Is Emerald Cottages of Kerrville + Emerald Cottages Round Rock still raising money?
Top1031 lists Emerald Cottages of Kerrville + Emerald Cottages Round Rock as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Emerald Cottages of Kerrville + Emerald Cottages Round Rock?
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.
What am I actually buying?
Beneficial ownership interests in a Delaware statutory trust that holds two active-adult (55+) cottage rental communities in Kerrville and Round Rock, Texas. SEC company data identifies the issuer as CS1031 Texas Active Living Portfolio II DST, CIK 0002141987, organized in Delaware. Investors are passive: they cannot direct leasing, financing or the sale of the real estate.
Is there any mortgage debt?
No, according to Capital Square. Its June 11, 2026 launch announcement describes the acquisition as all-cash with no mortgage debt on either community, which removes lender and refinancing risk. It also means the Trust supplies no replacement debt for an exchanger whose relinquished property carried a mortgage — a point to work through with your own tax adviser before identifying it.
Who are the tenants, and who runs the properties?
Individual residents aged 55 and older on their own leases, not one corporate tenant. Capital Square reported both communities 100% occupied as of June 2026. Offering material describes operations running through a master-lease structure with Capital Square-affiliated master tenants and names Carbon Shepherd as the on-site manager. The legal names of the master tenants and their lease terms are not public in the sources reviewed.
What operating results has anyone published?
Capital Square has reported trailing-12-month resident retention of 91% at Emerald Cottages of Kerrville and 81% at Emerald Cottages Round Rock, with zero bad debt, alongside 100% occupancy at both communities as of June 2026. Those are sponsor-reported figures for periods already completed, not projections. The PPM — the private placement memorandum that governs the deal — is where to check how they were measured.
What is the minimum investment, and how is the Trust offered?
The Form D reports a $50,000 minimum investment and claims the Rule 506(c) exemption, which allows the Trust to be advertised publicly so long as the sponsor verifies each buyer's accredited-investor status — meeting SEC income or net-worth tests — rather than taking the buyer's word for it. No amendment to that Form D has been filed, so the SEC record itself has not been refreshed since the original notice.
What does the public record not settle?
Several basics. As of September 1, 2026, the sources reviewed do not establish the seller, the purchase price or the acquisition closing date; the year either community was built; the legal names of the master tenants or their lease terms; or the underlying resident rents and lease expirations. The most recent dated occupancy evidence is June 2026, and the only SEC filing on record is the original Form D.
Chapter 9Capital Square Launches All-Cash DST Offering of Two Active-Adult Communities in TexasBusiness Wire syndication of Capital Square's launch press release for CS1031 Texas Active Living Portfolio II, DST, describing two 64-unit ADA-accessible single-story cottage communities in Kerrville and Round Rock that are 100% occupied with waitlists of 10+ residents and zero bad debt.