Capital Square Fully Subscribes $10.4M Build-for-Rent DST Near Miami Stadium
Capital Square, a sponsor of tax-advantaged real estate investments and a national developer and manager of housing communities, has fully subscribed its latest Delaware statutory trust offering: CS1031 The Villages at Miami Gardens BFR Housing, DST.
The Regulation D private placement offering reached full subscription in fewer than three months after the underlying property was acquired and the DST was launched, both in October 2025. The offering was designed for accredited investors seeking Section 1031 exchange-eligible properties and raised $10.4 million in equity, with a $50,000 minimum investment.
The investment centers on a 50-unit build-for-rent townhome community located in the Miami suburb of Miami Gardens, Fla. Capital Square leadership noted that the Miami metropolitan area remains one of the least affordable homeownership markets in the United States, a condition the company said continues to drive demand for rental housing in the region.
“The Miami Gardens submarket has a shortage of available housing, effectively driving occupancy to 100%,” said Louis Rogers, founder and co-chief executive officer of Capital Square.
Located at 3400 NW 191st Street, the community is currently 100% occupied. The three- and four-bedroom townhomes feature high-end finishes, including porcelain and vinyl flooring, stainless steel appliances and white quartz countertops, in-unit stackable washers and dryers, private balconies, fenced backyards, and two-car driveways.
The property is situated roughly two miles from Hard Rock Stadium – home to the Miami Dolphins and major events like Formula 1 racing – and one mile from the Miami Gardens City Center, a $400 million mixed-use development currently under construction. The site is within a 25-minute drive of more than 935,000 jobs, with major local employers including American Airlines, Baptist Health, and the University of Miami.
The Miami Gardens subscription adds to Capital Square’s build-for-rent track record. Since 2022, the firm has launched 13 BFR offerings totaling 1,684 units across seven states. The company’s total BFR portfolio represents a gross asset value of approximately $573.7 million, according to the company.
“The Villages at Miami Gardens benefits from sustained demand in a submarket with limited recent deliveries, making it a compelling investment property. Miami Gardens’ growing population, strategic location and ongoing reinvestment have strengthened its position as a desirable destination for residents and businesses,” said Whitson Huffman, co-CEO of Capital Square.
Earlier this month, the company fully subscribed three DST offerings after raising a combined $234.4 million from accredited investors. CS1031 Parkland Apartments, DST, acquired and launched in January 2023; CS1031 Tapestry West Apartments, DST, purchased and launched in September 2022; and CS1031 Lyric at Norton Commons Apartments, DST, acquired and launched in October 2022.
Since 2012, Capital Square has completed more than $8.9 billion in transaction volume. Its mixed-use development projects total more than 2,000 apartment units with a total development value exceeding $800 million, and Capital Square Living, the firm’s property management division, oversees more than 13,000 apartments across multiple states.
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