Emerald Cottages of Stonebridge + Emerald Cottages of Waco
Build-for-rent active adult cottages (2-property portfolio) property in McKinney, TX — sponsored by Capital Square
Files with the SEC as CS1031 Texas Active Living Portfolio I, DST
Minimum investment
$50k
Offering size
$39.3M
How much has sold
None sold yet
Asset type
Build-for-rent active adult cottages (2-property portfolio) property
Location
McKinney, TX
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
This Trust is a Delaware statutory trust (DST) — the structure that lets 1031 exchangers own fractional interests in real estate — holding two age-restricted (55-plus) build-for-rent cottage communities in McKinney and Waco, Texas.1 Capital Square announced the launch on March 5, 2026, describing an all-cash portfolio carrying no mortgage debt.2 A single Form D is on record, with no amendment since.
All-cash (0% LTV); 100% occupied both, waitlists 18/12; retention 86%/78% TTM
Show sources (6)Hide sources (6)
These links support the public record as a whole; 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?
Both communities are single-story build-for-rent cottages for residents aged 55 and older — housing, not licensed care — with attached garages, plus a clubhouse at the McKinney property.2 Capital Square reported both 100% occupied as of March 1, 2026, with waitlists of 18 prospective residents in McKinney and 12 in Waco, each secured by a $1,000 deposit.1 Construction dates were not established in the reviewed sources.
- Property address
- 2551 Alma Road, McKinney, Texas; 2412 Marketplace Drive, Waco, Texas, TX
- Property size
- 76 units total (44 in McKinney and 32 in Waco); cottages average 1,350 SF per cottage
Who is the tenant, and what's the lease?
The Trust does not rent to residents directly: intermediary Baker 1031 reports each property is net-leased to an affiliated master tenant — one for McKinney, one for Waco — with a Capital Square affiliate managing and subcontracting day-to-day operations to an operator called Carbon Shepherd.3
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 the portfolio as bought without mortgage debt, so there is no lender, no loan maturity and no refinancing to manage during the hold.2 An exchanger who must replace debt paid off on a relinquished property would not find that replacement debt inside this Trust.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Capital Square Realty Advisors, LLC sponsors the Trust and runs a multi-offering 1031 DST platform, with other Trusts raising alongside this one. It announced this offering's launch on March 5, 2026, seeking capital from accredited investors — buyers who meet the SEC's income or net-worth tests.2 A Capital Square affiliate also serves as manager of the two communities beneath the master-lease structure, per intermediary Baker 1031.3
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Texas Active Living Portfolio I, 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 paperwork trail is short: the original Form D — the brief notice an issuer files for a private placement rather than a registered public offering — has drawn no amendment.4 Because the Trust may be advertised publicly, the sponsor must verify each buyer's accredited status rather than accept a self-certification.
- 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 Stonebridge + Emerald Cottages of Waco still raising money?
Top1031 lists Emerald Cottages of Stonebridge + Emerald Cottages of Waco 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 Stonebridge + Emerald Cottages of Waco?
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 did the Trust pay for the two communities, and when did it close?
Neither figure was established in the reviewed sources. Capital Square's March 5, 2026 launch announcement describes an all-cash acquisition with no mortgage debt but names no purchase price and no closing date, and no primary record confirming either was located. The Private Placement Memorandum (PPM) — the offering's disclosure document — carries the sources-and-uses table that would show the price, closing costs, fees and reserves.
Who collects the rent from residents?
Not the Trust directly. Intermediary Baker 1031 reports each property is net-leased to an affiliated master tenant — one for McKinney, one for Waco — and that a Capital Square affiliate manages the communities, subcontracting operations to a firm called Carbon Shepherd. The master tenants collect resident rent and pay rent up to the Trust. Legal names, lease terms, master-tenant capitalization and affiliate fees appear in the PPM.
Is there a mortgage on the properties?
No. Capital Square describes the acquisition as all-cash with no mortgage debt, so there is no lender, no loan covenants and no refinancing deadline during the hold. An exchanger who must replace debt that was paid off on a relinquished property will not find that debt here and would need to satisfy the requirement elsewhere in the exchange.
What operating history has the sponsor reported?
Capital Square reported both communities 100% occupied as of March 1, 2026, with waitlists of 18 prospective residents in McKinney and 12 in Waco, each secured by a $1,000 deposit. Offering material summarized by intermediary Baker 1031 reported zero bad debt and no rent concessions at both communities, with trailing resident retention of 86% in McKinney and 78% in Waco. Those are sponsor-reported launch figures; nothing later was located, so current reporting is worth requesting directly.
Is the offering still open?
The SEC record holds a single Form D, filed April 2, 2026, with no amendment since. Separately, intermediary Baker 1031's page for the Trust reported the offering status as Closed, last updated July 31, 2026 — a characterization the SEC record neither confirms nor contradicts. Form D data lags real activity, since issuers need not report sales progress between filings, so confirm availability with the sponsor or your representative before identifying this Trust on a 45-day list.
What does "active adult" mean for this portfolio?
Capital Square markets both Emerald Cottages communities as build-for-rent housing for residents aged 55 and older, not licensed care. Nothing in the reviewed material describes healthcare or assisted-living services provided by the Trust. The PPM should state the age restriction, how it is enforced and what services management provides.
Chapter 9Capital Square Launches All-Cash Texas Active-Adult Housing DST OfferingAltsWire launch coverage of CS1031 Texas Active Living Portfolio I, DST, citing a $39 million raise and 100% occupancy at both McKinney and Waco properties.