Capital Square Fully Subscribes $33.3M Richmond-Area Active Living DST

Capital Square has fully subscribed CS1031 Richmond Active Living Apartments, DST, a Regulation D private placement. The Delaware statutory trust holds a 165-unit, Class A, age-restricted multifamily community in the Short Pump suburb of Richmond, Va., near Capital Square’s headquarters.

Launched in January 2026, the offering raised $33.3 million from 108 retail investors.

The offering adds to Capital Square’s expanding slate of active-adult DSTs. Capital Square rolled out an all-cash DST backed by two active-adult cottage communities in Kerrville and Round Rock, Texas, in June, following a $39 million active-adult offering launched in March and a $34 million active-adult DST the sponsor fully subscribed in December 2025. The Richmond offering is Capital Square’s first active-adult DST in its home market of central Virginia.

Everleigh Short Pump features one-, two-, and three-bedroom units averaging 1,001 square feet, with nine-foot ceilings and premium interior finishes. Community amenities include a heated swimming pool, yoga studio, sun deck, great room, resident lounge, and theater room. An on-site activities director organizes resident programs including happy hours, fitness classes, and educational programming.

The Short Pump suburb gives residents access to 5.5 million square feet of retail, restaurants, and entertainment. Everleigh Short Pump is located across from a Kroger-anchored shopping center and less than a half mile from Broad Street, Short Pump’s primary commercial corridor.

Nearby, Eli Lilly is constructing a $5 billion manufacturing facility on 227 acres, expected to create 650 permanent jobs and 1,800 construction jobs. The LEGO Group has also broken ground on a 1.7-million-square-foot, carbon-neutral manufacturing facility in Chesterfield County, part of the Greater Richmond region, a more than $1 billion investment expected to support more than 1,760 jobs.

“The full subscription of CS1031 Richmond Active Adult Living Apartments, DST reflects strong investor demand for age-restricted multifamily in high-growth markets,” said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. “Short Pump’s … 3.7% unemployment rate and a rapidly expanding 55-plus demographic within five miles of the property, made this another excellent investment for the DST program only minutes from Capital Square’s headquarters.”

Richmond Economic Development reported that the city of Richmond has grown its population by approximately 11% over the past decade. Within a five-mile radius of the property, more than 30% of residents are age 55 or older, and another 12% are between ages 45 and 54, according to Capital Square.

“We are experiencing a silver tsunami, with over 11,000 U.S. baby boomers turning 65 every day. This demographic shift is creating unprecedented demand for housing designed to meet the needs of active adults,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “Housing assets designed specifically for active adults are particularly compelling for several reasons: this demographic has the financial resources to pay for quality housing, residents tend to remain longer than those in traditional multifamily communities, and they typically take excellent care of their residences. Together, these characteristics create an attractive investment opportunity that is well suited for DST investors seeking stable cash flow and appreciation.”

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

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