The Trails at Short Pump
Multifamily property in Richmond, VA — sponsored by Capital Square
Files with the SEC as CS1031 The Trails at Short Pump Apartments, DST
Minimum investment
$50k
Offering size
$54.5M
How much has sold
1.0%
Asset type
Multifamily property
Location
Richmond, 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?
The Trails at Short Pump is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — that owns a 350-unit apartment community at 3900 Acadia Lane in western Henrico County, outside Richmond, Virginia.3 Capital Square acquired the property for the trust in 2022 and offered interests to accredited investors under Rule 506(c).2
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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?
Capital Square announced on August 1, 2022 that it had acquired the community on behalf of this trust.2 It sits at 3900 Acadia Lane in western Henrico County, outside Richmond, and its one-, two- and three-bedroom apartments average 878 square feet.3 Capital Square says the community was built in 1989 and that the seller spent about $1 million on exterior work, with roughly a quarter of units already renovated inside.4
- Reported location
- Richmond, VA
- Property size
- 350 units; nearly 32 acres
Who is the tenant, and what's the lease?
This is an apartment community rather than a single-tenant building: income comes from many residential leases, not one corporate tenant on a long-term contract. No reviewed sponsor material or public filing describes a master lease or names a property manager for the trust.
How did it end?
No ending on record
No dated, affirmative evidence of continuing ownership was found for CS1031 The Trails at Short Pump Apartments, DST; the property's leasing website remains active but this alone does not confirm the trust still holds the asset.
The sponsor page states the multifamily community was constructed in 1989; Virginia Business describes nearly 32 acres and reports that the DST offering sought $54.5 million in equity from accredited investors. No reviewed article reports a later full subscription, sold-out, or closing status.
350 units; nearly 32 acresSupporting evidence
Who's behind it?
The trust files from 10900 Nuckols Road in Glen Allen, Virginia, the sponsor's home base.1 The Form D names Capital Square Realty Advisors, LLC as promoter, CSRA Manager, LLC as a director and promoter, and founder Louis Rogers as an executive officer.1 As of August 24, 2026, the sponsor's portfolio page listed this offering as closed.5
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 The Trails at Short Pump 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?
The trust filed once and never amended, so the SEC record here is a single 2022 snapshot rather than a running story.1 Interests were offered under the exemption that permits public advertising while limiting buyers to verified accredited investors, and the filing reports a first sale on July 26, 2022.1
- 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 The Trails at Short Pump?
Top1031 lists The Trails at Short Pump as historical. It is no longer raising money.
Where does Top1031 get the data for The Trails at Short Pump?
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 new investors still buy into this Trust?
The SEC record holds one Form D for CS1031 The Trails at Short Pump Apartments, DST, filed August 3, 2022, with no later amendment.[1] Capital Square's own portfolio page listed the offering as closed as of August 24, 2026.[5] No reviewed article reports a full subscription or a formal sold-out announcement, so treat availability as a question for the sponsor or your representative.
What does the Trust actually own?
A single multifamily property: The Trails at Short Pump, a 350-unit apartment community on nearly 32 acres at 3900 Acadia Lane in western Henrico County, in the Richmond, Virginia suburbs.[3] Capital Square states the community was constructed in 1989.[4]
Who is the tenant?
There is no single tenant. Apartment communities generate rent from many residents on individual leases, so cash flow depends on occupancy and rent levels across 350 units rather than one corporate credit. No reviewed source describes a master lease arrangement for this trust.
How much debt is on the property, and what were the terms?
Neither the Form D nor the sponsor and press materials reviewed here disclose a loan amount, lender, interest rate, or loan-to-value for this trust. A Form D does not report property debt. Those terms would appear in the private placement memorandum (PPM), the offering's governing disclosure document.
What did Capital Square pay for the property?
Virginia Business reported the acquisition on July 22, 2022 but did not state a purchase price; it noted county property records assessed the property at $58.1 million and that the DST sought $54.5 million in equity from accredited investors.[3]
Can this Trust convert into REIT shares through a 721 exchange?
The record for this Trust shows no 721/UPREIT conversion feature — the arrangement in which a DST's property is contributed to a REIT's operating partnership in exchange for OP units. Any exit path would be governed by the PPM and trust agreement.
Chapter 8Capital Square acquires The Trails at Short PumpVirginia Business reported that Capital Square acquired the 350-unit Trails at Short Pump apartment community and that the DST offering sought $54.5 million in equity from accredited investors.