Capital Square Fully Subscribes Richmond Active-Adult DST Offering

165-unit, Class A community in fast-growing Richmond suburb draws investor demand amid Eli Lilly and LEGO expansions in the region

RICHMOND, Va.--(BUSINESS WIRE)--Capital Square, a leading sponsor of tax-advantaged real estate investments and a national developer and manager of housing communities, has fully subscribed CS1031 Richmond Active Living Apartments, DST, a Regulation D private placement offering that raised equity from 108 investors. The Delaware statutory trust holds a 165-unit, Class A, age-restricted multifamily community in the Short Pump suburb of Richmond, Virginia, near Capital Square’s headquarters.

“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 in general are attractive investments because housing is a necessity. 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.”

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 events for residents including happy hours, fitness programs, and creative and educational classes.

The Short Pump suburb gives residents access to 5.5 million square feet of retail, restaurants, entertainment and dining. 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, a global pharmaceutical company with a market capitalization in excess of $1 trillion, is constructing a $5 billion manufacturing facility on 227 acres, expected to create 650 permanent jobs and 1,800 construction jobs. Additionally, the LEGO Group recently broke ground on a 1.7 million-square-foot, carbon-neutral precision 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 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 economic fundamentals, including major corporate investments from companies like Eli Lilly and LEGO, a 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.”

As of May 2026, Virginia’s seasonally adjusted unemployment rate stood at 3.8%, and the Richmond metro area’s rate was 3.4%, both below the national unemployment rate of 4.3%, according to the U.S. Bureau of Labor Statistics and the City of Richmond. Richmond Economic Development reports that over the past 10 years, the city of Richmond alone has experienced approximately 11% population growth. Within a five-mile radius of the property, more than 30% of residents are age 55 and older, and another 12% are between 45 and 54.

Founded in 2012, Capital Square has acquired more than 175 real estate assets on behalf of over 6,500 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code, along with others seeking stable cash flow and capital appreciation.

About Capital Square

Capital Square is a vertically integrated, national real estate firm specializing in tax-advantaged real estate investments, including Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds for tax deferral and exclusion, development funds and a real estate investment trust (REIT). The company is also an active developer and manager of multifamily communities. Since 2012, Capital Square has completed more than $9.1 billion in transaction volume. Its mixed-use development projects total over 2,000 apartment units with an aggregate development value in excess of $800 million, and Capital Square Living, the firm’s property management division, oversees more than 13,000 apartments across multiple states. Capital Square’s related entities provide a range of services – including due diligence, acquisition, loan sourcing, property/asset management and disposition – for a growing number of high-net-worth investors, private equity firms, family offices and institutional investors. The company has been recognized by Inc. 5000 as one of the fastest-growing private companies in the nation for nine consecutive years. Learn more at CapitalSq.com.

Disclosure

Securities offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. There are material risks associated with investing in DST properties and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning and operating commercial and multifamily properties, short-term leases associated with multifamily properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results. Potential cash flow, returns and appreciation are not guaranteed. IRC Section 1031 is a complex tax concept; consult your legal or tax professional regarding the specifics of your particular situation. This is not a solicitation or an offer to sell any securities. Please read the Private Placement Memorandum (PPM) in its entirety, paying careful attention to the risk section prior to investing. Private placements are speculative and illiquid. Diversification does not guarantee profits or protect against losses. FINRA Broker Check link: https://brokercheck.finra.org/.