Woodland Cottages
Build-for-rent active adult cottages property in Fredericksburg, TX — sponsored by Capital Square
Raised $34M equity, fully subscribed Dec 2025; ADA-compliant homes; 6,000 SF clubhouse
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What is this, in one paragraph?
CS1031 Texas Active Living I, DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional real estate — that owns Woodland Cottages, an active-adult build-for-rent cottage community in Fredericksburg, Texas. Capital Square announced the acquisition on August 6, 2025.1 The sponsor reported the offering fully subscribed on December 15, 2025, so it is closed to new investors.2
Minimum investment
$50k
Offering size
$34.0M
How much has sold
None sold yet
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
Senior Living News reported on February 23, 2023 that the Friendship Lane project had broken ground on nine acres, with first cottages expected in the fourth quarter of 2023.3 Capital Square describes the finished result as a recently delivered boutique community of single-family, cottage-style homes for active adults.4 The sponsor reported 20 one-bedroom homes averaging 899 square feet and 42 two-bedrooms averaging 1,355.1 All are ADA-compliant, with a 6,000-square-foot clubhouse.
- Property address
- 161 Friendship Lane, Fredericksburg, TX
- Property size
- 62 units (avg 1,208 SF)
Who is the tenant, and what's the lease?
There is no single corporate tenant: Woodland Cottages rents to residents aged 55 and over on 12-month leases.5 Capital Square's materials say beneficial owners rely on a master tenant — not publicly named — to collect rent and operate, manage and maintain the property.4 The property site describes the community as professionally managed with 24/7 on-site staff.6
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?
No reviewed public source, the Form D included, names a lender or reports a mortgage, so whether the Trust carries property-level debt is not established in the public record. The private placement memorandum — the private offering document investors receive before subscribing — is where the capital structure is set out.
Who's behind it?
Capital Square Realty Advisors, LLC assembles Delaware statutory trusts for 1031 exchange investors and is named as promoter on this Trust's Form D.7 It is a recurring sponsor of these programs rather than a one-deal issuer. On December 15, 2025 the firm announced this offering fully subscribed, with equity from accredited investors — buyers who meet SEC income or net-worth tests.2
- Sponsor
- Capital Square
- 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 SEC record shows the original notice and no amendment, so the public snapshot still reflects the offering as it stood at launch rather than at its close. The exemption used allowed the offering to be advertised publicly, with sales only to investors whose accredited status was verified.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- CS1031 Texas Active Living I, DST
- 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 Woodland Cottages still raising money?
Sold out. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.
Where does Top1031 get the data for Woodland Cottages?
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 December 15, 2025 that the Woodland Cottages offering was fully subscribed, which makes it Historical — closed to new investors. Any participation now would have to come through a secondary transfer, if the trust documents permit one at all.
Who is the tenant?
There is no single corporate tenant. Woodland Cottages is a rental community for active adults, and the official property FAQ says it is open to residents aged 55 and over on 12-month leases. Capital Square's offering materials describe a master-tenant structure in which beneficial owners rely on a master tenant to collect rent and to operate, manage, lease and maintain the property. No reviewed public source names the master tenant.
What kind of property is this, exactly?
A build-for-rent, active-adult cottage community at 161 Friendship Lane in Fredericksburg, Texas, in the Hill Country near San Antonio. Capital Square reported a mix of 20 one-bedroom residences averaging 899 square feet and 42 two-bedroom residences averaging 1,355 square feet. The homes are ADA-compliant and the community includes a 6,000-square-foot clubhouse. Construction was reported underway on a nine-acre site in February 2023, and Capital Square acquired the completed community for the Trust in August 2025.
Why does the SEC record look out of date compared with the sponsor's announcement?
Because the issuer filed one Form D at launch on August 18, 2025 and has not amended it. A Form D — the brief notice an issuer files for a private placement under Regulation D — reports the position as of its filing date and is not a running tally of sales. Capital Square's December 15, 2025 press release, mirrored by PR Newswire, AltsWire and Cbonds, is the public record of completion.
Is there debt on the property?
Public records do not say. Neither the Form D nor Capital Square's acquisition and full-subscription announcements discloses a lender, loan amount or loan-to-value, and no reviewed source reports an acquisition price. The absence of a disclosed loan does not establish that the property is debt-free. The private placement memorandum and closing documents are where the capital structure is described.
Does this Trust plan a 721/UPREIT exit?
The record for this Trust shows no planned conversion into a REIT. A 721/UPREIT exit is where DST interests are eventually exchanged for operating-partnership units in a REIT instead of for another 1031 replacement property. Exit mechanics are governed by the trust agreement and the PPM.
Chapter 9Capital Square Fully Subscribes $34M Active Adult Community DST Offering in TexasAltsWire trade-press coverage confirming the $34M CS1031 Texas Active Living I, DST (Woodland Cottages) offering was fully subscribed. Capital Square Acquires Texas Active Adult Community for $34M DST OfferingTrade-press coverage of the Woodland Cottages acquisition on behalf of CS1031 Texas Active Living I, DST, highlighting the 62-unit build-for-rent community and a $34M target raise.