Top1031

Sidbury Station

Multifamily property in Castle Hayne, NC · sponsored by Capital Square

HistoricalLast Form D filed Jul 24, 2024 (opens in a new tab)

Sidbury Station was a DST sponsored by Capital Square that owned a multifamily property in Castle Hayne, NC (113 units). Its last Form D was filed Jul 24, 2024.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Jul 24, 2024.

Capital Square has 5 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$22,900,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Jul 24, 2024)
Form D, Jul 24, 2024
Selling commissions
$1,923,600 · 8.4% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

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Ask a 1031 specialist about this recordFree. About: Sidbury Station. Top1031 is not a broker-dealer.
Sidbury Station image

Sidbury Station · Castle Hayne, NC · Photo: capitalsq.com

What did Sidbury Station own?

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

How was it financed, and what did it cost to sell?

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.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$1,923,600 · 8.4% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,075,480 · 4.6% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$50,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

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.

Legal Trust name
CS1031 Sidbury Station BFR Housing, DST
SEC CIK
2031490
First Form D
Jul 24, 2024
Latest Form D
Jul 24, 2024
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$22,900,000
$0
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

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.

Common questions

What happened to Sidbury Station?
Sidbury Station is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jul 24, 2024.
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.
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.
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 offering documents.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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 offering documents before investing.