Capital Square Completes $115M Full-Cycle Sale, 137% Return to Investors

Capital Square has completed the full-cycle sale of CS1031 2000 West Creek Apartments, DST, following the $115 million sale of the underlying Richmond, Va., property, delivering a 137% total return to investors.

The Regulation D private placement held 2000 West Creek, a 373-unit Class A multifamily community, which Capital Square acquired in October 2019 for $103 million and fully subscribed in September 2020. Investors realized more than $17.5 million in distributions over the nearly seven-year holding period, in addition to the total return figure at sale.

Since 2018, Capital Square has taken 47 DST offerings full-cycle. The company’s most recently audited track record, as of Feb. 17, 2026 – before this transaction and four other full-cycle sales closed – showed an average total return of 154.7% across those offerings; the company said the average will be recalculated the next time its investor materials are updated.

“Nearly seven years ago, Capital Square acquired 2000 West Creek Apartments, a new, highly amenitized Class A multifamily community for its growing DST/1031 exchange program. Instead of acquiring older, value-add multifamily communities, Capital Square focused on the best multifamily communities in the strongest Sunbelt submarkets to generate stable income and appreciation,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “CS1031 2000 West Creek Apartments, DST was owned by 115 exchange investors who enjoyed the benefits of Section 1031 by deferring their taxes on the sale of a relinquished property by investing in the DST.”

Located at 2000 Broad Branch Circle in Richmond, 2000 West Creek is a 373,251-square-foot property on approximately 23 acres, with one- and two-bedroom floor plans ranging from 774 to 1,246 square feet across 357 apartment units and 16 townhome units. The property sits adjacent to West Creek Business Park, which the company said serves more than 10,000 employees across 2.1 million square feet of office space, and is near the University of Richmond and Virginia Commonwealth University.

Community amenities include reserved and garage parking, climate-controlled rentable storage units, bike storage, a coffee bar, conference and meeting rooms, a community lounge and clubhouse, a year-round heated saltwater pool, and a firepit and grilling stations, along with a package and storage system, gift-wrapping station, fitness center, dog park and pet spa, media lounge, billiards and game room, and controlled-access convenience center.

“Capital Square’s disciplined approach to identifying and managing multifamily assets is reflected in the outcome at 2000 West Creek,” said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. “Richmond has proven to be a resilient and rewarding market for our investors. We are proud to take this DST full cycle, delivering stable cash flow and appreciation in spite of a challenging investment environment. This full-cycle event reinforces the long-term value of tax-advantaged real estate investing through 1031 exchange programs.”

Since its founding in 2012, Capital Square has acquired more than 175 real estate assets on behalf of more than 6,500 investors and completed more than $9.1 billion in transaction volume, according to the company.

The Richmond sale extends a run of full-cycle activity for Capital Square, which reported taking 10 DST offerings full-cycle in 2025 alone, its highest annual full-cycle volume since its founding. The firm has also stayed active on the fundraising side of its DST platform this year, fully subscribing a trio of Class A multifamily DSTs totaling $234.4 million in March and, just last week, closing a $33.3 million active-living DST in Richmond’s Short Pump submarket.

The 2000 West Creek exit follows a similar pattern to Capital Square’s October 2024 full-cycle sale of Bellemeade Farms, a Virginia multifamily DST that returned 136% to investors after roughly five years of ownership.

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