Lyric at Norton Commons Apartments
Multifamily property in Prospect, KY — sponsored by Capital Square
Files with the SEC as CS1031 Lyric at Norton Commons Apartments, DST
Minimum investment
$50k
Offering size
$67.5M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Prospect, KY
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 Lyric at Norton Commons Apartments, DST is a Delaware statutory trust — a co-ownership structure 1031 exchangers use to hold fractional interests in real estate — sponsored by Capital Square and holding a Class A+ mixed-use apartment community in Prospect, Kentucky, a Louisville suburb. It is closed to new investors: Capital Square reported on March 11, 2026 that the Trust raised $68 million from 170 accredited investors.3
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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?
Capital Square announced on October 10, 2022 that it had acquired Lyric at Norton Commons for this Trust, identifying the property at 11210 Peppermint Street in Prospect, a suburb of Louisville.2 Louisville Business First reported the same day that the deed recorded a $96.2 million sale to the Glen Allen, Virginia-based sponsor. Ground-floor retail sits alongside the apartments in a single mixed-use community.
- Reported location
- Prospect, KY
- Property size
- 273 residential units + 12,191 sq ft of retail space (Class A+ mixed-use; avg unit 956 sf)
Who is the tenant, and what's the lease?
The Trust does not run the property itself. It relies on a master tenant to collect rent and to operate, manage, lease and maintain the community, and that master tenant is capitalized solely by cash flow from the lease — meaning investor distributions ultimately track how the apartments perform.1
How did it end?
No sale or other ending on record
Capital Square's March 11, 2026 release states that CS1031 Lyric at Norton Commons Apartments, DST owns Lyric at Norton Commons Apartments at 11210 Peppermint Street in Prospect, Kentucky, after the $68 million offering was completed, which is dated affirmative continued ownership rather than a full-cycle exit.
Class A+ mixed-use multifamily community in Prospect, KY (Louisville suburb); purchase price $96.2 million; CS1031 Lyric at Norton Commons Apartments, DST raised $68 million in equity from 170 accredited investors and was reported fully capitalized in the March 2026 Capital Square completion announcement.
273 residential units + 12,191 sq ft of retail space (Class A+ mixed-use; avg unit 956 sf)Supporting evidence
How is it financed, and what does it pay?
Neither the Form D nor Capital Square's public materials in this record disclose whether the Trust carries mortgage debt. No lender, loan amount, or leverage figure appears in the public record.
Who's behind it?
Capital Square, based in Glen Allen, Virginia, sponsors 1031 exchange programs structured as Delaware statutory trusts. The Form D names Capital Square Realty Advisors, LLC as promoter, CSRA Manager, LLC as a director, and Louis Rogers as an executive officer and promoter.4 On March 11, 2026 the sponsor announced it had completed this offering alongside two others, a trio it described as $396 million in total investment cost.3
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Lyric at Norton Commons Apartments, 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?
A single Form D with no amendments is the entire SEC record here, so the dollar figures on EDGAR remain frozen at the moment of filing, before sales were reported. The exemption used permits the sponsor to advertise the offering publicly, provided it verifies that every buyer is an accredited investor — someone meeting SEC income or net-worth tests.
- 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 Lyric at Norton Commons Apartments?
Top1031 lists Lyric at Norton Commons Apartments as historical. It is no longer raising money.
Where does Top1031 get the data for Lyric at Norton Commons Apartments?
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?
No. Capital Square announced on March 11, 2026 that the CS1031 Lyric at Norton Commons Apartments, DST offering was fully subscribed, having raised $68 million from 170 accredited investors, 114 of whom were repeat Capital Square investors. The Trust is closed to new investors and is a historical offering.
Why do the SEC figures look out of date?
Capital Square filed one Form D for this Trust on September 26, 2022 and never filed an amendment updating the sales numbers, so EDGAR's figures reflect the filing date rather than the final result. The sponsor's own March 11, 2026 announcement is the source for the completed $68 million raise.
What does the Trust actually own?
Lyric at Norton Commons Apartments, a Class A+ mixed-use community combining apartments and ground-floor retail in Prospect, Kentucky, outside Louisville. Capital Square announced the acquisition on October 10, 2022; Louisville Business First reported a $96.2 million recorded sale price the same day.
Who pays the rent to the Trust?
The Trust master-leases the property to a master tenant, which collects resident and retail rent and handles operations, management, leasing and maintenance. Capital Square's materials state the master tenant is capitalized solely by cash flow from the lease, so investor income depends on the community's performance.
Is the Trust leveraged?
The public record reviewed here does not say. The Form D does not disclose debt, and no lender, loan amount, or loan-to-value figure appears in Capital Square's public materials for this Trust. Loan terms, if any, would be described in the private placement memorandum (PPM) issued to investors.
Chapter 9Capital Square Successfully Completes Three DST Offerings Totaling $396 MillionSponsor press release announcing CS1031 Lyric at Norton Commons Apartments, DST was fully capitalized (raised $68M from 170 investors) as part of three completed DSTs totaling $396M. Capital Square Acquires Luxury Multifamily Community Near Louisville for DST OfferingPress-wire announcement that Capital Square acquired the 273-unit Lyric at Norton Commons at 11210 Peppermint Street in Prospect, KY, on behalf of CS1031 Lyric at Norton Commons Apartments, DST, seeking to raise $68M in equity. Large development in Norton Commons sold for $96MLocal-business-journal coverage of the $96.2 million sale of Lyric at Norton Commons to Capital Square of Glen Allen, Virginia (deed recorded).