Sidbury Station
Multifamily property in Castle Hayne, NC — sponsored by Capital Square
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
Sidbury Station is a Delaware Statutory Trust — fractional co-ownership that qualifies for 1031 exchange treatment — holding a build-for-rent community of detached single-family rental homes in Castle Hayne, North Carolina, in the Wilmington metro. Capital Square bought the property from homebuilder D.R. Horton on July 24, 2024 for about $39.3 million.1 The offering is closed to new investors; Capital Square reported it fully subscribed on March 6, 2025.2
Minimum investment
$50k
Offering size
$22.9M
How much has sold
None sold yet
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited 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?
D.R. Horton built the community at 6105 Dichondra Drive, completed it in 2023, and sold it to Capital Square on July 24, 2024 for approximately $39.3 million.1 The homes are detached single-family rentals with three- to five-bedroom layouts averaging 1,829 square feet, two-car garages and smart-home integration. Capital Square's stated basis for the property is $348,000 per unit.3
- Reported location
- Castle Hayne, NC
- Property size
- 113 units
Who is the tenant, and what's the lease?
There is no single corporate tenant: income comes from residents on individual home leases, so occupancy and renewals drive cash flow. Capital Square reported the community reached 95% occupancy in under a year after completion.2 Offering materials state the master tenant is capitalized solely by lease cash flow, with no sponsor obligation to contribute capital.3
How did it end?
Still operating
No full-cycle or disposition found; Capital Square's Sidbury Station offering page remains live describing the 113-unit build-for-rent community in Castle Hayne, NC, and the property is still actively leased — Capital Square's Feb 2026 '10 DSTs taken full-cycle in 2025' announcement does not name Sidbury Station among them.
Sidbury Station (also marketed as Seaboard at Sidbury Station) is a newly constructed 113-unit build-for-rent community in Castle Hayne, NC (Wilmington MSA), developed by D.R. Horton and completed in 2023. Capital Square acquired the property on July 24, 2024 for approximately $39.3 million on behalf of CS1031 Sidbury Station BFR Housing, DST. The community features detached single-family homes with three to five bedrooms, averaging 1,829 sq ft, with two-car garages and smart-home integration. Fully subscribed in March 2025 after raising $22.9 million in equity.
113 unitsSupporting evidence
Counted on Capital Square’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
Neither the Form D nor Capital Square's public materials for this Trust disclose a loan amount, lender or leverage ratio. Whether the Trust carries mortgage debt or owns the homes free and clear is not established in the public record reviewed here.
Who's behind it?
Capital Square sponsors 1031 exchange DST programs through Capital Square Realty Advisors, LLC. The Form D for this Trust names Capital Square Realty Advisors, LLC, CSRA Manager, LLC and Louis Rogers as related persons of the offering.4 Announcing full subscription on March 6, 2025, the sponsor described this as its sixth build-for-rent DST and its 145th offering since inception.2
- Sponsor
- Capital Square
- 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 single Form D notice on record was filed the same day the property was acquired and was never amended, so the offering's later progress appears in Capital Square's announcements rather than in SEC filings. Rule 506(c) lets a sponsor advertise publicly, provided every investor's accredited status is verified.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- CS1031 Sidbury Station BFR Housing, DST
- 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 Sidbury Station?
Sidbury Station is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Sidbury Station?
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 Sidbury Station?
No. Capital Square announced on March 6, 2025 that CS1031 Sidbury Station BFR Housing, DST was fully subscribed, meaning the offering is closed to new investors. Interests in a closed DST occasionally change hands privately between existing holders, but the sponsor is no longer selling into a 1031 exchange.
Why do the SEC numbers look like nothing was ever sold?
Because the only Form D on record was filed on July 24, 2024 — the day the property was acquired and before the first sale occurred — and it was never amended. Regulation D does not require an issuer to file a final tally, so the figures in that notice reflect the offering's start, not its outcome. Capital Square separately reported the offering fully subscribed on March 6, 2025.[2]
What is a build-for-rent community?
Build-for-rent (BFR) means detached houses constructed from the outset as rentals rather than for sale to individual homebuyers. Sidbury Station consists of detached single-family homes with garages, leased to residents much like apartments but with the layout and yard of a house. D.R. Horton built the community and completed it in 2023.[1]
Is there a 721/UPREIT exit for this Trust?
The record shows no path for these interests to be contributed to a REIT in exchange for operating-partnership units — the arrangement often called a 721 or UPREIT exit. Investors here should expect the Trust's outcome to depend on a sale of the property itself. Any exit mechanics would be set out in the private placement memorandum (PPM), the offering document DST investors receive.
Has the property been sold or gone full cycle?
No disposition, refinancing, amendment or other outcome for this Trust appears in the public record as of September 10, 2026. The most recent sponsor milestone on file is the March 6, 2025 full-subscription announcement.[2] No outcome has been reported yet.
Chapter 9Capital Square Fully Subscribes Sixth Build-for-Rent DST and 145th Offering Since Inception with North Carolina CommunityPR Newswire version of Capital Square's press release announcing full subscription of CS1031 Sidbury Station BFR Housing, DST in Castle Hayne, North Carolina. National real estate firm acquires rental development for $39MLocal coverage confirming Capital Square's $39.3 million acquisition of Sidbury Station in Castle Hayne, NC. Capital Square Acquires Build-for-Rent Community Near Wilmington, North Carolina for DST OfferingWire distribution of Capital Square's acquisition announcement for the CS1031 Sidbury Station BFR Housing, DST.