Emerald Cottages of Kerrville + Emerald Cottages Round Rock
Build-for-rent active adult cottages property in Kerrville and Round Rock, TX · sponsored by Capital Square
Active offeringLatest Form D filed Jun 24, 2026 (opens in a new tab)
Emerald Cottages of Kerrville + Emerald Cottages Round Rock is a DST sponsored by Capital Square that owns a build-for-rent active adult cottages property in Kerrville and Round Rock, TX (64 units). Its latest Form D, filed Jun 24, 2026, lists a $32.7 million offering with a $50,000 minimum.
Key facts
- Minimum investment
- $50,000From the Form D
- Offering size
- $32,700,000Equity offered, per the Form D
- Sold so far
- None reported as of Jun 24, 2026Form D, Jun 24, 2026
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,746,800 · 8.4% of offering
- Financing
- All cash. This offering reports no 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 →
Sales so far
- Latest Form D
- Jun 24, 2026 · 1 filing
No sales reported in a Form D amendment yet. Latest notice Jun 24, 2026.
Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.
Ask a 1031 specialist about this recordFree. About: Emerald Cottages of Kerrville + Emerald Cottages Round Rock. Top1031 is not a broker-dealer.Emerald Cottages of Kerrville + Emerald Cottages Round Rock · TX · Photo: capitalsq.com
Multiple property locations are on record; no single map.
What does the Trust own?
Both communities carry the Emerald Cottages brand: single-story, ADA-accessible rental cottages restricted to residents 55 and older. Capital Square's memorandum dates the Kerrville community's construction to 2019 and the Round Rock community's to 2018, and places each in its own operating trust wholly owned by this Trust. 1 The same memorandum reports purchases from unaffiliated sellers for $13,450,000 (Kerrville) and $13,250,000 (Round Rock). 1
- Property address
- 1501 Bandera Highway, TX
- Property size
- 64 units (32 Kerrville + 32 Round Rock)
How is it financed, and what did it cost to sell?
No lender sits above the real estate: there is no mortgage to refinance and no loan balance for an exchanger replacing debt. Capital Square's memorandum says the sponsor funded the purchase with its own KeyBank credit facility, not a mortgage on the cottages. 1
Debt
- Financing
- All cash. This offering reports no mortgage debt.
- May convert to a REIT (721)
- Target hold
- 10 years From Capital Square’s offering documents (Jun 2026). As reported by the sponsor.
Costs and terms from the Form D
- Selling commissions
- $2,746,800 · 8.4% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $609,000 · 1.8% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- WealthForge Distribors, LLC · CRD 330314
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 are the deal terms?
From Capital Square’s offering documents (Jun 2026).
Your exit
- Can the sponsor's affiliate buy investors out?
- Yes
Rent and the bills
- Who pays rent to the trust?
- A master tenant affiliated with the sponsor
- Who pays for roof and structural repairs?
- Investors, through the trust
- Who pays if taxes or insurance go up?
- Investors, through the trust
- Was the property bought from a sponsor affiliate?
- No
Your rights
- Can investors remove the manager?
- No
- How are disputes with the sponsor resolved?
- Mandatory arbitration
Who's behind the Trust?
Capital Square Realty Advisors, LLC is the sponsor and runs a recurring Delaware statutory trust program for 1031 exchange investors. 1 It announced this two-property offering on June 11, 2026, and AltsWire and Business Wire carried the launch the same day. 2 Sponsor affiliates stay in the deal after closing: Capital Square subsidiaries serve as the master lessees, and Capital Square Asset Management holds the management contract for both communities. 1
- Sponsor
- Offerings on record
What does the SEC record show?
The SEC record holds a single original notice of an exempt offering, the short form filed when securities are sold without being registered. The exemption claimed permits general advertising as long as each investor's accredited status is verified, and the notice sets a $50,000 minimum investment.
- Legal Trust name
- CS1031 Texas Active Living Portfolio II DST
- SEC CIK
- 2141987
- First Form D
- Jun 24, 2026
- Latest Form D
- Jun 24, 2026
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $32,700,000 | $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
- Is Emerald Cottages of Kerrville + Emerald Cottages Round Rock an active offering?
- Emerald Cottages of Kerrville + Emerald Cottages Round Rock is an Active offering: its latest Form D was filed Jun 24, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- Does Emerald Cottages of Kerrville + Emerald Cottages Round Rock have a 721 UPREIT exit?
- The record lists a possible 721 exit for Emerald Cottages of Kerrville + Emerald Cottages Round Rock. It is an option, not a completed transaction; the offering documents set whether and when it can happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- What am I actually buying?
- Beneficial interests in CS1031 Texas Active Living Portfolio II DST, a Delaware statutory trust. Capital Square's offering documents dated June 4, 2026 state that the parent trust owns all beneficial interests in two operating trusts, one holding Emerald Cottages of Kerrville at 1501 Bandera Highway, Kerrville, Texas, the other holding Emerald Cottages Round Rock at 4099 Teravista Club Drive, Round Rock, Texas, for 64 age-restricted cottage rental homes in total. The Form D filed June 24, 2026 identifies the issuer under CIK 0002141987 and sets a $50,000 minimum investment. A DST investor is passive: the trustee and sponsor-affiliated parties make the operating and sale decisions.
- Is there any mortgage debt on the properties?
- No. Capital Square's offering documents dated June 4, 2026 state that the properties were purchased on an all-cash basis with no mortgage debt, and the sponsor's June 11, 2026 launch announcement describes the same all-cash structure. The memorandum also discloses that the sponsor drew approximately $27,366,750 on its KeyBank credit facility to fund its equity contribution, which is sponsor-level financing rather than a loan secured by the cottages. Because the Trust passes through no mortgage debt, an exchanger replacing a leveraged property has no loan balance to match here.
- Who are the tenants, and who runs the communities?
- The cottages are rented to individual residents aged 55 and older, not to a single corporate tenant. Capital Square's memorandum dated June 4, 2026 states that each operating trust master leased its property to a sponsor affiliate, CS1031 Texas Active Living Kerrville Master Lessee, LLC and CS1031 Texas Active Living Round Rock Master Lessee, LLC, which in turn hold the residential leases. The master tenants contracted property management to Capital Square Asset Management, LLC, which subcontracted initial on-site management to Carbon Shepherd Management, LLC. That chain is common in DST offerings, and it keeps the operator inside or under contract to the sponsor's organization rather than at arm's length.
- What did the operating trusts pay for the two communities?
- Capital Square's memorandum dated June 4, 2026 reports $13,450,000 for Emerald Cottages of Kerrville and $13,250,000 for Emerald Cottages Round Rock, both from unaffiliated sellers, with the acquisitions dated June 3, 2026. Those are real-estate purchase prices, not the total cost of a DST offering. The difference between the two prices and the equity raised typically covers reserves and acquisition and offering costs, and the memorandum's sources-and-uses table is where those line items are set out.
- What operating results has Capital Square published?
- Capital Square reported both communities 100% occupied in June 2026, each with a waitlist of more than 10 prospective residents. Its launch materials, syndicated through Business Wire on June 11, 2026, also reported zero bad debt, and the sponsor's offering page reports trailing-twelve-month resident retention of 91% at Kerrville and 81% at Round Rock. These are sponsor-reported figures rather than independently audited results, and they largely describe operations before the Trust's affiliates took ownership.
In the news
Sources
Show sources (5)Hide sources (5)
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.