The Villages at Miami Gardens
Build-for-rent townhomes in Miami Gardens, FL — sponsored by Capital Square
Files with the SEC as CS1031 The Villages at Miami Gardens BFR Housing, DST
Minimum investment
$50k
Offering size
$10.4M
How much has sold
None sold yet
Asset type
Build-for-rent townhomes
Location
Miami Gardens, FL
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
The Villages at Miami Gardens is a Capital Square Delaware statutory trust — a structure that lets 1031 exchangers hold fractional real estate the IRS treats as direct property ownership — holding a build-for-rent townhome community in Miami Gardens, Florida. Capital Square says it acquired the property in October 2025 and announced on April 1, 2026 that the offering was fully subscribed, closing it to new investors.2
Fully subscribed Apr 2026; leveraged DST; min investment $50k; 100% occupied at close; 3-4BR
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These links support the public record as a whole; 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?
Build-for-rent means these three- and four-bedroom townhomes were developed as rental housing rather than sold off one at a time; the community sits near the Miami Dolphins' Hard Rock Stadium.1 Capital Square describes it as recently constructed and reported it 98% occupied when the DST launched in October 2025.1 The sponsor says it acquired the property that same month.2
- Property address
- 3400 NW 191st Street, Miami Gardens, FL
- Property size
- 50 units
Who is the tenant, and what's the lease?
Capital Square's offering page says beneficial owners rely on a master tenant — a single entity that leases the whole property from the trust and runs it — to collect rent and to operate, manage, lease and maintain the community.3 Those materials do not name the master tenant or disclose the lease economics.3
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
The sponsor reported this offering sold out without filing per-sale amendments, so there is no raise history to show.
How is it financed, and what does it pay?
Leveraged here means mortgage debt already sits on the property, so an exchanger can replace loan balance carried on what they sold rather than bringing additional cash to close. Capital Square described the loan as fixed-rate with a ten-year term, organized by Team Tapley at Walker & Dunlop.1
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- Loan-to-value
- approximately 54%capitalsq.com
Who's behind it?
Capital Square is a vertically integrated real estate sponsor known for tax-advantaged programs, including 1031 DSTs sold as Regulation D private placements to accredited investors — those meeting SEC income or net-worth tests. On August 11, 2026, the affiliated Capital Square Housing Trust named Gus Remppies president and elevated Whitson Huffman to chief executive officer, with Louis Rogers remaining board chairman; the REIT reported a 10-community, $389.5 million portfolio.
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 The Villages at Miami Gardens 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?
The Form D — the brief federal notice an issuer files for a private placement — was a new notice rather than an amendment, and it was submitted before the first sale, so its progress fields remain a launch-period snapshot.6 An EDGAR search on September 5, 2026 still showed no amendment on record.4
- 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
Is The Villages at Miami Gardens still raising money?
Top1031 lists The Villages at Miami Gardens as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for The Villages at Miami Gardens?
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 this Trust?
No. Capital Square announced on April 1, 2026 that the offering was fully subscribed, fewer than three months after the property was acquired and the DST launched in October 2025. The Trust is closed to new investors, which makes it a historical offering rather than a live replacement-property candidate for a 45-day identification list.
Why does the federal filing record look out of step with the sponsor's announcement?
Only the initial Form D, filed October 17, 2025, is on record, and an EDGAR search on September 5, 2026 showed no amendment following it. That notice was submitted before the first sale occurred, so its progress fields describe the launch period rather than the completed raise. Capital Square's April 1, 2026 full-subscription announcement was never reflected in an amended federal filing — permitted under the rules, but it leaves the federal record frozen at launch.
What is a build-for-rent DST?
Build-for-rent housing is developed from the start as rental product — here, three- and four-bedroom townhome-style homes leased to residents rather than sold individually. Held in a Delaware statutory trust, investors own beneficial interests in the trust that owns the community, an interest the IRS treats as direct real property ownership for purposes of a Section 1031 exchange. The Form D reports a $50,000 minimum investment and reliance on Rule 506(c), the exemption that permits public advertising of a private placement so long as every purchaser's accredited status is verified.
Who operates the property day to day?
Capital Square's offering page says beneficial owners must rely on a master tenant to collect rent and to operate, manage, lease and maintain the property, but it does not name that master tenant or state a lease term. A 2026 RentCafe listing for the address identifies Capital Square Living LLC as property manager, which is a listing signal rather than a lease or trust record. The governing operating and lease terms sit in the PPM, the private placement memorandum given to prospective investors.
Is the community still fully occupied?
That is unresolved. Capital Square described the community as 98% occupied in its October 21, 2025 launch announcement and as 100% occupied on April 1, 2026 when it announced full subscription. A 2026 RentCafe listing for the same address showed available units, which is inconsistent with the sponsor's April figure, and no reviewed source establishes occupancy as of September 5, 2026 — so neither sponsor report should be read as a current number.
What is known about how the property was acquired?
Capital Square says the property was acquired in October 2025 and launched as a DST that month. The research reviewed did not establish the buyer of record, the deed, or the loan principal and rate from primary records; reported sale figures for Miami Gardens properties could not be matched to this entity with confidence. Purchase price, closing costs and load are disclosed in the PPM.
Chapter 9Capital Square DST Fully Subscribed in MiamiCapital Square fully subscribes Miami Gardens DST in under 3 months, highlighting strong demand for build-for-rent housing investments. Capital Square Fully Subscribes $10.4M Build-for-Rent DST Near Miami StadiumAltsWire reports that Capital Square has fully subscribed its $10.4 million CS1031 The Villages at Miami Gardens BFR Housing, DST offering for a 50-unit build-for-rent townhome community near Hard Rock Stadium, fully subscribed in under three months from its October 2025 launch.