Retreat at Arden Farms
Multifamily (Class A apartment community) property in Arden, NC — sponsored by Capital Square
Files with the SEC as CS1031 Retreat at Arden Farms Apartments, DSTS
Minimum investment
$50k
Offering size
$68.0M
How much has sold
None sold yet
Asset type
Multifamily (Class A apartment community) property
Location
Arden, NC
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Retreat at Arden Farms is a Delaware Statutory Trust (DST) — fractional co-ownership that can qualify for 1031 exchange treatment — sponsored by Capital Square. The Trust holds a Class A apartment community in Arden, North Carolina, in the Asheville area, which Capital Square announced acquiring on July 6, 2022.2 No later amendment or closing outcome appears in the SEC record.
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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?
Developer Tynes Development lists the community as finished in 2021 and since sold.5 It sits on 28 acres off Interstate 26 in Arden, North Carolina, in the Asheville area.4 Capital Square announced on July 6, 2022 that it had acquired the property for this DST.2 CoStar reported the complex traded for $116.5 million; Capital Square's own release called the purchase price undisclosed.3
- Reported location
- Arden, NC
- Property size
- 312 units; average 957 sq ft
Who is the tenant, and what's the lease?
No single corporate tenant sits behind this Trust — income comes from individual apartment leases, usually a year or shorter, so rents and occupancy reset continually instead of being fixed by one long-term contract. The leasing website, run by Capital Square Living, lists the property at 10 Arden Farms Lane, Arden.6
How did it end?
No ending on record
No public full-cycle or disposition announcement naming CS1031 Retreat at Arden Farms Apartments, DST was located; the 312-unit Arden, NC community was acquired in July 2022 and the property continues to be actively marketed, with no sale or UPREIT conversion publicly announced.
312-unit Class A community on 28 acres; one-, two-, and three-bedroom units averaging ~957 sq ft; $68 million equity raise per Capital Square coverage; marketing entrance address 10 Arden Farms Lane also used by the operator website and Facebook page.
312 units; average 957 sq ftSupporting evidence
How is it financed, and what does it pay?
The Form D carries no debt terms, and no reviewed source names a lender, loan amount, or leverage level for this Trust. Whether the Trust holds mortgage financing is not established in the public record.
Who's behind it?
Capital Square Realty Advisors, LLC is named in the Form D as promoter, with CSRA Manager, LLC as director and promoter and Louis Rogers as an executive officer and promoter.1 Capital Square is a repeat sponsor of 1031 exchange DST programs, and an affiliate, Capital Square Living, runs the community's leasing site.6 Reviewed sources report no later sponsor development bearing specifically on this Trust.
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Retreat at Arden Farms Apartments, DSTS
- 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 Form D is a short notice that a private offering is underway, not a registration statement, and sponsors often amend it as an offering progresses. Here that original notice stands alone. The Trust was offered under the exemption permitting public advertising, which obliges the sponsor to verify each buyer's accredited status rather than accept 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
What happened to Retreat at Arden Farms?
Top1031 lists Retreat at Arden Farms as historical. It is no longer raising money.
Where does Top1031 get the data for Retreat at Arden Farms?
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.
Is this Trust still open to new investors?
The public record does not settle it. Capital Square filed one Form D for CS1031 Retreat at Arden Farms Apartments, DSTS on June 17, 2022, and no amendment or closing notice has followed, so no subscription outcome has been reported. An investor mid-exchange would need to confirm current availability with the sponsor or their own adviser.
What did Capital Square pay for the property?
Two accounts exist. CoStar reported on June 21, 2022 that the Retreat at Arden Farms complex sold for $116.5 million. Capital Square's own July 6, 2022 acquisition release said the purchase price was undisclosed. Both are retained here as reported; the sponsor never confirmed a figure.
Why do two different street addresses appear for this property?
Capital Square's acquisition release gives 539 Long Shoals Road, Arden, North Carolina, while the resident-facing website gives 10 Arden Farms Lane — described in Top1031's record as the marketing entrance address, which the operator website and the property's Facebook page also use. The reviewed sources do not explain the discrepancy, and no rebrand or address change should be inferred from it.
What was the minimum investment?
The June 17, 2022 Form D reported a $50,000 minimum investment for outside investors. That is a 2022 filing snapshot; a sponsor can set different terms in the private placement memorandum (PPM), the offering document that governs the deal.
Does this Trust offer a 721/UPREIT exit?
The record shows no REIT conversion feature for this Trust. A 721 or UPREIT exit is where the DST's property is contributed to a real estate investment trust's operating partnership in exchange for OP units, converting a property interest into a REIT-linked one. Nothing in the reviewed filings or sponsor materials describes that path here.
What is still unknown about this Trust?
Several things an investor would normally want: current occupancy and rents, whether the Trust carries mortgage debt and with which lender, whether the offering was fully subscribed, and who owns the property today. None of those are established by the SEC filing or by the sponsor and press coverage reviewed as of August 22, 2026.
Chapter 9Capital Square Views $68M DST Raise for Newly Acquired Asheville MultifamilyConnect CRE covered Capital Square's acquisition of Retreat at Arden Farms in Arden for a DST entity seeking $68 million. Capital Square Buys North Carolina Multifamily Property for DST OfferingAltsWire reported Capital Square's acquisition of the 312-unit Retreat at Arden Farms Apartments in Arden for a DST offering seeking $68 million in equity. Capital Square Acquires 312-Unit Apartment Community in Arden, North CarolinaCapital Square said it acquired Retreat at Arden Farms, a 312-unit apartment community at 539 Long Shoals Road, through CS1031 Retreat at Arden Farms Apartments DST, seeking $68 million in equity.