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 — owning 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 by one, and the community sits near the Miami Dolphins' Hard Rock Stadium.1 Capital Square reported it 98% occupied when the DST launched in October 2025.1 The sponsor says it bought the property that same month and described the community as 100% occupied when it announced the raise fully subscribed.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 — one entity that leases the whole property from the trust — to collect rent and to operate, manage, lease and maintain it.3 Florida corporate records list a project-specific master lessee LLC tied to this trust, though that record does not establish its contractual role.4
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?
Mortgage debt already sits on the property, so an exchanger can replace loan balance carried on what they sold rather than bringing extra cash to close. Capital Square described the loan as fixed-rate with a ten-year term, arranged by Team Tapley at Walker & Dunlop.1 The principal amount appears in no reviewed source.
- 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 then 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 submitted before any sale and never amended, so its progress fields remain a launch-period snapshot rather than a record of the April 1, 2026 full subscription.2 Rule 506(c) is why public press releases about this Trust exist.
- 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, so it is 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 no amendment followed it. That notice was submitted before any sale, 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, which is permitted but leaves the public 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.
Who operates the property day to day?
Capital Square's offering page says beneficial owners rely on a master tenant to collect rent and to operate, manage, lease and maintain the property, and that the master tenant's capitalization is supported solely by cash flow from the underlying tenant lease. That page does not name the master tenant or state a lease term. Florida corporate records show a project-specific master lessee LLC for this trust without establishing its role. The governing operating and lease terms sit in the PPM, the private placement memorandum given to prospective investors.
What does Rule 506(c) mean for this offering?
Rule 506(c) is the Regulation D exemption that lets a sponsor advertise a private placement publicly, provided every purchaser is an accredited investor whose status the issuer takes reasonable steps to verify. That is why press releases about this Trust exist at all, and why subscription paperwork typically requires income, net-worth or third-party verification documents. The Form D reports a $50,000 minimum investment.
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 in its April 1, 2026 full-subscription announcement. No reviewed source establishes an occupancy figure after those two sponsor reports, so neither should be read as a current number.
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.