Rivergate Apartments
Luxury multifamily property in Woodbridge, VA — sponsored by Capital Square
Files with the SEC as CS1031 Rivergate Apartments, DST
Minimum investment
$50k
Offering size
$46.5M
How much has sold
None sold yet
Asset type
Luxury multifamily property
Location
Woodbridge, VA
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
CS1031 Rivergate Apartments, DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — sponsored by Capital Square. Its asset is Rivergate, a luxury apartment community at 13175 Marina Way in Woodbridge, Virginia.2 Capital Square reported acquiring it on the Trust's behalf on August 22, 2022.4 A single Form D sits on the SEC record, with no amendment after it.
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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?
Rivergate is a luxury apartment community at 13175 Marina Way in Woodbridge, Virginia.2 Multi-Housing News reported that Capital Square bought the property from The Shidler Group for $98.5 million on August 22, 2022, and put occupancy at 95.8 percent around that time.3 Neither the filing nor the sponsor's public materials state the year the community was built.
- Reported location
- Woodbridge, VA
- Property size
- 402 units
Who is the tenant, and what's the lease?
Rivergate is an apartment community, so income comes from resident leases rather than one corporate tenant. Capital Square states the property is subject to a ground lease and that beneficial owners must rely on a Master Tenant — the entity that leases the whole property from the Trust — to collect rent and to operate, lease, and maintain it.2
How did it end?
Sold after 4.1 years; sponsor reported 1.36x
Per Capital Square's October 7, 2024 press release titled 'Capital Square Averages 136.42% Total Return With Recent Sale of Virginia Multifamily DST Property', CS1031 Rivergate Apartments, DST (the 402-unit Rivergate community in Woodbridge, VA, acquired August 2022 for $98.5M) was taken full cycle in October 2024, delivering a 1.36x equity multiple and 12.4% IRR over a 4.1-year hold at a $55.7M sale price.
Capital Square's offering page describes below-market assumable debt at 3.76% maturing in 2034; 2022 coverage described the acquisition and a $46.5 million equity target. A separate 720-unit two-phase development reference was excluded because it was not the 402-unit DST asset.
402 units1.36×Equity multiple · as reported by the sponsor
136.0%Total return · as reported by the sponsor
12.4%Annualized return · as reported by the sponsor
$55,700,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
Capital Square describes the property as carrying assumable debt, which the sponsor characterizes as below-market, maturing in 2034.2 Assumable debt means the buyer takes over a loan already in place rather than sourcing a new one. The principal balance is not stated in the sponsor's public materials or in the Form D.
Who's behind it?
Capital Square is a Glen Allen, Virginia sponsor of 1031 exchange programs; the Form D gives its address as 10900 Nuckols Road, Suite 200.1 That filing names Capital Square Realty Advisors, LLC as a promoter, CSRA Manager, LLC as director and promoter, and Louis Rogers as an executive officer and promoter.1 Research through August 24, 2026 located no reported sale, refinancing, or full-subscription announcement for this Trust after 2022.
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Rivergate 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?
Capital Square filed a single Form D for this Trust and no amendment has followed, so the public file carries no later update on how the raise progressed. Rule 506(c) permits general solicitation — public advertising of the offering — as long as every purchaser is a verified accredited investor.
- 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 Rivergate Apartments?
Top1031 lists Rivergate Apartments as historical. It is no longer raising money.
Where does Top1031 get the data for Rivergate 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.
What property does this Trust own?
Rivergate, a luxury apartment community at 13175 Marina Way in Woodbridge, Virginia, as described by sponsor Capital Square. Multi-Housing News reported the 402-unit property was purchased from The Shidler Group for $98.5 million on August 22, 2022, with occupancy of 95.8 percent reported at that time.
Can I still invest in this Trust?
The SEC record holds one Form D from 2022 and no amendment, so the public file does not show whether the offering later closed. Availability of any DST changes without a filing; the sponsor or your registered representative is the only reliable source on current status.
What was the minimum investment?
The Form D reports a minimum outside investment of $50,000, and Capital Square's August 22, 2022 announcement stated the same $50,000 minimum for accredited investors — individuals or entities meeting SEC income or net-worth thresholds.
Who actually runs the apartments day to day?
Capital Square states that a Master Tenant leases the property and is responsible for collecting rent and for operating, managing, leasing, and maintaining it. The sponsor also states the Master Tenant is capitalized solely by cash flow from the underlying tenant lease and that the sponsor is not obligated to contribute capital to it.
Does this Trust have a 721/UPREIT exit?
The record does not indicate a 721 exchange or UPREIT conversion feature — that is, a path where beneficial interests are later contributed to a REIT's operating partnership in exchange for units. Exit mechanics for any DST are governed by the private placement memorandum (PPM), the offering's controlling legal document.
What does the ground lease mean for an investor?
Capital Square states the property is subject to a ground lease, meaning the Trust's interest is tied to a lease of the underlying land rather than outright land ownership. The lease's term, rent escalations, and renewal rights are not disclosed in the public record and would appear in the PPM.
Chapter 9Capital Square Acquires Multifamily Community Near Washington, D.C. for DST OfferingPress release described the acquisition of Rivergate for CS1031 Rivergate Apartments, DST and the planned $46.5 million equity raise. Capital Square Buys Virginia Property for $98MMulti-Housing News reported Capital Square bought the 402-unit luxury Rivergate property for about $98 million on behalf of the DST.