Capital Square Fully Subscribes $396 Million in Multifamily DST Offerings

New updates have been reported about Capital Square.

Capital Square has completed the full capitalization of three Delaware statutory trust offerings totaling approximately $396 million in investment cost, underscoring strong demand from accredited investors for tax-advantaged multifamily real estate. The firm’s CS1031 Parkland Apartments, CS1031 Tapestry West Apartments, and CS1031 Lyric at Norton Commons Apartments DSTs are now fully subscribed, providing 1031 exchange investors with institutional-quality replacement properties and non-recourse financing.

The Parkland offering, owning The Villas at Ibis Landing in Parkland, Florida, raised $105.7 million from 249 accredited investors, including 156 repeat participants, signaling notable investor loyalty. The Tapestry West DST, backed by a Richmond, Virginia apartment community, secured $60.7 million from 160 investors, while the Lyric at Norton Commons DST in Prospect, Kentucky raised $68 million from 170 investors, with many investors diversifying across two or three of the offerings.

In total, 579 investors participated, reflecting Capital Square’s ability to scale distribution of multifamily DSTs to a high-net-worth and family office client base. Co-founder and co-chief executive officer Louis Rogers said the acquisitions demonstrate the firm’s capacity to deliver high-quality, Class A multifamily assets with favorable financing structures for Section 1031 exchange strategies, which are designed to defer capital gains tax.

Whitson Huffman, co-chief executive officer and chief investment officer, noted that the three DSTs provide passive ownership exposure, leverage through non-recourse debt, and potential estate planning benefits while supporting portfolio diversification objectives. These attributes are central to Capital Square’s positioning in a market where investors are seeking defensive, income-oriented real estate amid broader economic uncertainty and evolving interest rate conditions.

The successful completion of these offerings reinforces Capital Square’s growth trajectory as a vertically integrated sponsor and operator of tax-advantaged real estate programs. Since its founding in 2012, the company has executed more than $8.9 billion in transaction volume and acquired over 175 assets for more than 6,500 investors, while actively developing and managing multifamily communities through its Capital Square Living platform.

With more than 13,000 apartments under management and over 2,000 units in mixed-use development, Capital Square is building scale in markets such as Florida, Virginia, and Kentucky that exhibit favorable demographic and employment trends. For executives and capital allocators, the recent DST subscriptions highlight the firm’s distribution strength, investor retention, and pipeline execution, supporting its continued role as a key provider of 1031-eligible and tax-advantaged real estate strategies.