Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Capital Square began in 2012 as a Section 1031 and Delaware statutory trust sponsor and has grown into a diversified real estate manager, operator and developer, with Louis Rogers as founder and co-CEO. Its DST platform offers exchange investors passive ownership through beneficial interests in sponsor-managed property, with a stated focus on housing, while development work concentrates on multifamily and build-for-rent. Top1031 tracks 135 Capital Square DST programs filed under the CSRA and CS1031 names, with first filing years from 2013 through 2026. In July 2026 the sponsor reported the $115 million sale of CS1031 2000 West Creek Apartments, DST as its 47th full-cycle DST program.
Sponsor-stated figures are as reported by the sponsor.Evidence 123456789
Published Grade summary
The public record tracks 135 Programs across 13 yrs, with 66 lifecycle-eligible and 47 recorded as property sold with the result unknown. One documented distress event: the retail storefront at 2700 S. Las Vegas Blvd., formerly a CVS and held by a Capital Square DST, was foreclosed by lenders in April 2025 after the mortgage went into default. The outcome-disclosure ledger shows 52 Programs with a published figure and 2 silent, supported by 117 citations.
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66Programs with an ending or 7+ years of history
1 of 66Programs with a documented problem
96%Finished Programs with a published result
YesPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth95.4Published-outcome coverage96%
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Published Grade history2 published letters
B2026-Q3 · Moved from B. Binding constraints: unresolved material alert.
D2026-Q3 · Moved from B. Binding constraints: unresolved material alert.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
Per Capital Square's October 7, 2024 press release titled 'Capital Square Averages 136.42% Total Return With Recent Sale of Virginia Multifamily DST Property', CS1031 Rivergate Apartments, DST (the 402-unit Rivergate community in Woodbridge, VA, acquired August 2022 for $98.5M) was taken full cycle in October 2024, delivering a 1.36x equity multiple and 12.4% IRR over a 4.1-year hold at a $55.7M sale price.
Capital Square announced the October 2024 sale of the 307-unit Livingston Apartment Flats (Chesterfield, VA, acquired 2021 for $86M), reporting an average 136.42% total return across recently sold Virginia DST properties, per the October 7, 2024 press release.
CS1031 Lullwater at Big Ridge Apartments, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 Midway Estates MHC, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 MOB AZ I, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 MOB TX VII, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 One Riverside Apartments, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 Residences at 393 North Apartments, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 SomerHill Farms Apartments, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 SouthLawn Lawrenceville Apartments, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 Streets of Greenbrier Apartments, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 Sun Key Village MHC, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 The Quincy Apartments, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 Twin Palms MHC, DST2021Filing record
—Not in the finished-Program ledger
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CS1031 Abbington Place Apartments, DST2020Filing record
—Not in the finished-Program ledger
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CS1031 Augusta MOB, DST2020Filing record
—Not in the finished-Program ledger
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CS1031 Fairlane Harbor MHC, DST2020Filing record
—Not in the finished-Program ledger
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CS1031 Maplewood Estates MHC, DST2020Filing record
—Not in the finished-Program ledger
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CS1031 Marina Pointe Apartments, DST2020Finished
Figure publishedRead the sponsor-stated result
Capital Square announced on September 30, 2025 the contribution of Marina Pointe Apartments (a 308-unit multifamily community in Chattanooga, TN) to Capital Square Apartment Operating Partnership, L.P. under Section 721 at a $57.5 million valuation, with projected distribution increases of more than 22% to DST investors (AltsWire/PR Newswire, Sep 30, 2025) [1][2].
CS1031 Promenade at Newnan Crossing Apartments, DST2020Finished
Figure publishedRead the sponsor-stated result
Capital Square completed a UPREIT transaction on January 27, 2026, contributing the 298-unit Promenade at Newnan Crossing apartment property into Capital Square Housing Trust after a five-year holding period, with projected investor distributions projected to increase more than 52% (AltsWire, January 27, 2026; Capital Square 2025 Dispositions Recap, February 4, 2026).
CS1031 Residence at Riverwatch Apartments, DST2020Filing record
—Not in the finished-Program ledger
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CS1031 SE Apartment Portfolio II, DST2020Filing record
—Not in the finished-Program ledger
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CS1031 SE Apartment Portfolio, DST2020Filing record
—Not in the finished-Program ledger
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CS1031 SE MOB Portfolio, DST2020Finished
Figure publishedRead the sponsor-stated result
On October 11, 2023, Capital Square announced the sale of the Kinston, North Carolina medical building (100% net-leased to Fresenius Medical Care) owned by CS1031 SE MOB Portfolio, DST, delivering a 147.63% total return and 7.15% annualized return to investors.
Capital Square announced on October 18, 2023 that CS1031 Ashland MOB, DST (BetterMed/Fresenius medical office building at 38 W. Jubal Early Dr., Winchester, VA) went full cycle, delivering investors a 149.59% total return and a 6.78% annualized return [1][2].
Capital Square completed a UPREIT transaction on behalf of CS1031 Old Towne Loft Apartments, DST, selling Mayton Transfer Lofts (Old Towne Petersburg, VA) to Capital Square Housing Trust, delivering over 152% total return to investors at a $27.25 million sale price (AltsWire, Jan 8, 2025).
Capital Square announced on Oct. 11, 2023 the full-cycle sale of the Kinston, North Carolina medical building (100% leased to Bio-Medical Applications / Fresenius) owned by CS1031 Kinston MOB, DST investors, delivering a 147.63% total return and 7.15% annualized return [1].
Capital Square announced on October 11, 2023 the sale of the medical building in Winchester, Virginia owned by the CSRA Winchester MOB, DST, delivering a 149.09% total return and a 6.78% IRR to investors.
Capital Square announced on January 4, 2024 the sale of Komar Desert Center (Costco shadow-anchored retail center in La Quinta, California), delivering a 146.60% total return and a 5.26% annualized return to DST investors (Source: Capital Square press release / AltsWire).
Capital Square announced on Nov. 1, 2023 the sale of the medical office building in Creedmoor, NC (2503 E. Lyon Station Road, near Raleigh-Durham) leased to Duke University Health System, delivering a 157.57% total return / 7.29% annualized return to DST investors (Capital Square press release; PR Newswire).
Figure publishedAs reported by the sponsor.No supporting source indexed yet.
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CSRA/Kay Raleigh MOB, DSt2015Finished
Figure publishedRead the sponsor-stated result
Capital Square announced on November 1, 2023 the sale of the medical building in Creedmoor, NC owned by the CSRA/Kay Raleigh MOB, DST, delivering a 157.57% total return and a 7.29% IRR to investors.
Las Vegas Review-Journal (July 11, 2025) reports the former CVS-anchored retail space at 2700 S. Las Vegas Blvd (held by CSRA 2700 S. Las Vegas, DST) went into foreclosure in April 2025 after CVS vacated in 2017 and the asset failed to sell.
Capital Square 1031 announced on November 26, 2018 the sale of the three-community manufactured housing portfolio (Timberbrook IN, Woodlake-Sommerdale IN, Byrne Hill OH), delivering a 116% total return, 11.26% annualized return over a four-year hold (Source: PR Newswire).
Capital Square's October 11, 2023 full-cycle announcement for the Kinston, NC medical building DST (147.63% total return, ~7.15% annualized) and the August 2024 AltsWire item reporting an average 136% total return on the recent sale of a Capital Square Virginia medical-office DST are consistent with CSRA MOB Portfolio II's two properties (Kinston, NC and Mechanicsville, VA) having been sold; figures are attributable to the underlying properties but the DST itself is not explicitly named in the announcements reviewed.
Capital Square's Oct. 11, 2023 press release announces the sale of a medical building in Kinston, NC leased to Fresenius/Bio-Medical Applications (ECU Health), matching this 2013-vintage trust, delivering a 147.63% total return and 7.15% annualized return.
CSRA Riverwood Corporate Center, DST2013Filing record
Figure publishedAs reported by the sponsor.No supporting source indexed yet.
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Chapter 5
Who they are
Written from SEC filings and cited sources
Platform and strategy
Capital Square began in 2012 as a Section 1031 and Delaware statutory trust sponsor and describes itself today as a diversified real estate manager, operator and developer; Louis Rogers is identified as founder and co-CEO 1. The firm states that its DST model gives exchange investors passive ownership through beneficial interests while Capital Square manages the underlying property, with the DST platform oriented toward housing and development activity concentrated in multifamily and build-for-rent 2. Top1031's sponsor record covers 135 tracked Capital Square DST programs filed under the CSRA and CS1031 entity names, with first filing years running from 2013 through 2026 3.
Completed program record
On July 16, 2026, Capital Square reported the $115 million sale of the 373-unit Richmond, Virginia multifamily property held by CS1031 2000 West Creek Apartments, DST and owned by 115 exchange investors, citing a 137% total return and describing the transaction as the firm's 47th full-cycle DST program; the same release put the average total return across those 47 programs at 154.70% 4. The sponsor reported that the August 11, 2025 sale of CSRA Grocery Portfolio I, DST — three grocery-anchored shopping centers in North Carolina and South Carolina — produced a 184% total return 5, and that the October 2024 sale of the 316-unit Bellemeade Farms Apartments, held about five years, produced a 136.42% total return and a 6.47% annualized return 56. Top1031's validated outcome record for CSRA 2700 S. Las Vegas, DST shows a foreclosure exit dated April 1, 2025 after a hold of roughly 11 years 7.
Reported activity, 2025–2026
In a February 4, 2026 release, Capital Square reported completing more than $1 billion in total dispositions during 2025, generating $302.8 million in full-cycle DST transaction volume and taking 10 additional offerings full cycle during the year 8. On August 3, 2026, the firm announced the launch of CS1031 Colony at Centerpointe Apartments, DST, a $42.95 million offering for a 255-unit garden-style apartment community in Midlothian, Virginia 9.
Capital 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 Richmond Active-Adult DST OfferingPress release distributed via Business Wire/Yahoo Finance confirming the full subscription of the CS1031 Richmond Active Living Apartments DST holding the Everleigh Short Pump 55+ community, citing regional Eli Lilly and LEGO catalysts.
Capital Square Launches All-Cash DST Offering of Two Active-Adult Communities in TexasBusiness Wire syndication of Capital Square's launch press release for CS1031 Texas Active Living Portfolio II, DST, describing two 64-unit ADA-accessible single-story cottage communities in Kerrville and Round Rock that are 100% occupied with waitlists of 10+ residents and zero bad debt.
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.
