Summit Place (Summit Townhomes)
Build-for-rent housing property in Oak Ridge, TN — sponsored by Capital Square
Files with the SEC as CS1031 Summit Place BFR Housing, DST
Minimum investment
$50k
Offering size
$18.4M
How much has sold
None sold yet
Asset type
Build-for-rent housing property
Location
Oak Ridge, TN
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 Summit Place BFR Housing, DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests can serve as replacement property in a 1031 exchange — holding a build-for-rent townhome community in Oak Ridge, Tennessee, in the Knoxville metro. Capital Square sponsored it and announced the offering fully subscribed on July 22, 2024.3 It is now closed to new investors.
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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?
The community, marketed as The Summit Townhomes, sits at 100 Lisa's Way in Oak Ridge, Tennessee.2 It is within the Knoxville MSA, near Oak Ridge National Laboratory and the Y-12 National Security Complex. Capital Square announced on January 3, 2024 that the property had been acquired on behalf of this Trust, and reported at that time that the community had reached full lease-up in nine months and stood at 98% physical occupancy.2
- Reported location
- Oak Ridge, TN
- Property size
- 120-unit build-for-rent townhome community (3- and 4-bedroom townhomes averaging 1,400+ SF); built by D.R. Horton in 2022; equity raise $18M
Who is the tenant, and what's the lease?
There is no single corporate tenant here — income comes from residents on individual home leases. Capital Square's offering materials describe a Master Tenant responsible for collecting rent and for operating, managing, leasing and maintaining the property, though that entity is not named in the published material.4
How did it end?
Closed to new investment · still operating
Still operating; the DST was only acquired in January 2024 and fully subscribed in July 2024 (per Capital Square press release), making a full-cycle disposition implausible this early; the 120-unit Summit Townhomes property (100 Lisas Way, Oak Ridge, TN) is still actively listed as an active Capital Square offering with an active leasing website.
Capital Square acquired Summit Townhomes (later marketed as Summit Place BFR Housing DST) on January 3, 2024. Acquired for $33.6M (per PR Newswire). Fully subscribed July 22, 2024. Located in Oak Ridge, TN (Knoxville MSA), near Oak Ridge National Laboratory and Y-12 National Security Complex. SEC Form D filing window Dec 13, 2023.
120-unit build-for-rent townhome community (3- and 4-bedroom townhomes averaging 1,400+ SF); built by D.R. Horton in 2022; equity raise $18MSupporting evidence
Counted on Capital Square’s Record Card as: Still operating Document
How is it financed, and what does it pay?
The public record is thin on capital structure. A Form D does not require debt disclosure, and Capital Square has not published the mortgage amount, the lender, or the leverage level for this Trust in materials available outside the PPM, the private offering document given to prospective investors.
Who's behind it?
The Form D names Capital Square Realty Advisors, LLC as promoter and CSRA Manager, LLC as a director and promoter of the Trust.1 Capital Square is a long-running sponsor of 1031 exchange DST offerings and also handles residential management in-house: the property's own leasing site operates under Capital Square Living LLC.5 The firm announced the offering fully subscribed on July 22, 2024.3
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Summit Place BFR Housing, 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 is the Trust's entire SEC record, and it was never amended, so the figures on file are the ones reported at launch.1 The offering was made under Rule 506(c), which lets a sponsor advertise publicly but requires every buyer to be 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 Summit Place (Summit Townhomes)?
Top1031 lists Summit Place (Summit Townhomes) as historical. It is no longer raising money.
Where does Top1031 get the data for Summit Place (Summit Townhomes)?
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 Summit Place BFR Housing, DST?
No. Capital Square announced on July 22, 2024 that CS1031 Summit Place BFR Housing, DST was fully subscribed, meaning the equity raise was completed and the Trust is closed to new investors. It is now a historical offering; interests are not resold on any public market.
What does the Trust actually own?
A build-for-rent townhome community known as The Summit Townhomes, at 100 Lisa's Way in Oak Ridge, Tennessee, inside the Knoxville metropolitan area. The homes are three- and four-bedroom rental townhomes, and the site sits near Oak Ridge National Laboratory and the Y-12 National Security Complex, two large regional employers.
Is there a corporate tenant on a long-term lease?
No. This is residential rental property leased to individual households, not a single-tenant net lease building. Capital Square's offering materials describe a Master Tenant that collects rent and handles operations, management, leasing and maintenance of the community; the Master Tenant entity is not named in the published sponsor material.
How much debt is on the property?
The public record does not say. The Trust's only SEC filing is a Form D, which does not require disclosure of mortgage amount, lender, interest rate, or loan-to-value. Those terms would appear in the private placement memorandum, the offering document issued to prospective investors.
Does this Trust convert into a REIT at exit?
The record shows no 721/UPREIT feature — that is, no structure allowing investors to exchange their Trust interests for operating-partnership units in a REIT at the end of the hold. Any eventual disposition path would be governed by the trust agreement and PPM.
What was the offering's regulatory structure?
It was sold under Rule 506(c) of Regulation D, an exemption that permits general solicitation and public advertising but requires the sponsor to take reasonable steps to verify that every purchaser is an accredited investor. The Trust filed one Form D, on December 13, 2023, and never amended it.
Chapter 9Capital Square Fully Subscribes DST Offering of Build-for-Rent Townhome Community in Knoxville, TennesseeCapital Square announced CS1031 Summit Place BFR Housing, DST was fully subscribed on July 22, 2024. Capital Square Acquires Tennessee Build-for-Rent Townhome Community for DST OfferingCapital Square announced acquisition of the 120-unit Summit Townhomes build-for-rent community in Oak Ridge, TN on behalf of CS1031 Summit Place BFR Housing, DST; $18M equity raise.