The full-cycle entry recorded for CS1031 Rivergate Apartments, DST is dated October 1, 2024 and rests on a Capital Square press release issued October 7, 2024. The release is titled "Capital Square Averages 136.42% Total Return With Recent Sale of Virginia Multifamily DST Property" - the 136.42% an average total return across recent sales, as reported by the sponsor. Its title names neither Rivergate nor the trust.
Capital Square organized the trust under Rule 506(c) and filed its first Form D on July 29, 2022, on a $46.5 million offering with a $50,000 minimum. It acquired Rivergate, a 402-unit community in Woodbridge, Virginia, that same August for $98.5 million.
The disposition figures entered against the trust are drawn from that release and Capital Square's offering page for the trust:
Figure on the disposition record | Value |
|---|---|
Sale price | $55.7 million, as reported by the sponsor (Capital Square) |
Internal rate of return | 12.4%, as reported by the sponsor (Capital Square) |
Equity multiple | 1.36x, as reported by the sponsor (Capital Square) |
The sale price recorded is below what Capital Square paid to acquire Rivergate; a sale beneath cost cannot produce the internal rate of return or the equity multiple the record carries. Those inconsistencies prompted this review.
No completed sale of the Woodbridge property is documented in any source that names it. On the public record, the trust's full cycle - a sale price tied to Rivergate, a hold period, and a result for its investors - is not established.