Woodland Cottages
Build-for-rent active adult cottages property in Fredericksburg, TX — sponsored by Capital Square
Files with the SEC as CS1031 Texas Active Living I, DST
Minimum investment
$50k
Offering size
$34.0M
How much has sold
None sold yet
Asset type
Build-for-rent active adult cottages property
Location
Fredericksburg, TX
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
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.4
Raised $34M equity, fully subscribed Dec 2025; ADA-compliant homes; 6,000 SF clubhouse
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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?
Capital Square announced on August 6, 2025 that it had acquired Woodland Cottages on behalf of the Trust, an active-adult rental community in the Texas Hill Country near San Antonio.1 That release put the mix at 20 one-bedroom residences averaging 899 square feet and 42 two-bedroom residences averaging 1,355 square feet, with ADA-compliant homes and aging-in-place features.1 Residents share 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: this is a rental cottage community, so income comes from individual residents. The community's own FAQ page states that homes are offered on a 12-month lease — generic language that identifies no executed lease, operator or manager for this property.2
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?
The single Form D on record covers the equity offering only; it names no lender and reports no mortgage.3 No reviewed public source establishes whether the Trust carries property-level debt, so the private placement memorandum — the private offering document investors receive — 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 the Form D for this Trust names it as promoter.3 It is a recurring sponsor of these programs rather than a one-deal issuer. On December 15, 2025 the firm announced that this offering had been fully subscribed with equity from accredited investors — buyers who meet SEC income or net-worth tests.4
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Texas Active Living I, 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 on record has never been amended, so the public filing snapshot still shows the offering as it stood at launch, when the first sale had yet to occur, rather than at its close.3 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.
- 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?
Top1031 lists Woodland Cottages 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 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, so income comes from individual residents, and the community's FAQ page says homes are offered on a 12-month lease. Research through September 1, 2026 found no property-specific public disclosure naming an operator, manager or master tenant for this Trust, which leaves the private placement memorandum as the source for those details.
Why does the SEC record look out of date compared with the sponsor's announcement?
Because the issuer filed a Form D at launch on August 18, 2025 and never 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 disclose a lender, loan amount or loan-to-value, and no reviewed source reports an acquisition price. The Form D does not establish that the property is debt-free either. 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.
What kind of property is this, exactly?
An active-adult, build-for-rent 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, describing the homes as ADA-compliant with aging-in-place features. The community includes a 6,000-square-foot clubhouse.
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.