Spotlight: Capital Square and Its 1031 Exchange DST Platform

The Richmond-area sponsor has taken 47 Delaware statutory trust programs full cycle since 2018, most recently a 373-unit apartment community sold in July for $115 million.

August 19, 2026

Capital Square sponsors Delaware statutory trusts for Section 1031 exchange investors, along with qualified opportunity zone funds, development funds, and a REIT offered as a private placement. The firm is based in Glen Allen, Virginia, in metro Richmond, and was founded in 2012 by Louis Rogers, a tax and securities attorney who serves as co-chief executive officer. In a July 2026 release the firm reported more than $9.1 billion in transaction volume since founding and more than 175 assets acquired on behalf of over 6,500 investors. Securities are offered through WealthForge Securities, a separate entity.

The full-cycle record

Capital Square has taken 47 DST programs full cycle since 2018. Its audited full-cycle track record, dated February 17, 2026, reports an average total return of 154.70 percent; the firm notes that five offerings went full cycle after that date and that the averages will be recalculated when the brochure is next updated. Total return, as the firm defines it, is sale proceeds plus distributions divided by initial equity, so it is not an annualized figure.

The most recent of those exits was CS1031 2000 West Creek Apartments, DST. Capital Square acquired the 373-unit Class A community in Richmond for $103 million in October 2019 and sold it in July 2026 for $115 million, in a sale arranged by Colliers. The firm reports that its 115 exchange investors received more than $17.5 million in distributions across the nearly seven-year hold and a 137 percent total return, and states that the figure was not audited by a third party. Rogers has attributed the result to a decision to buy newly built Class A communities in strong Sunbelt submarkets rather than older value-add multifamily.

What is open now

Three DSTs are currently open: Colony at Centerpointe Apartments, a $42.95 million offering on a 255-unit community in Midlothian; Texas Active Living Portfolio II, an all-cash offering on two 55-plus cottage communities totaling 64 units in Kerrville and Round Rock; and Cacema Townhomes, a $41.85 million offering on 176 newly built townhomes near Orlando. Zero Coupon DFW Hospitality, DST holds a leasehold interest in a renovated Fort Worth hotel subject to a 99-year ground lease, a high-leverage, zero-cash-flow structure aimed at exchangers who need to replace debt rather than generate current income; earlier zero-coupon offerings held the Las Vegas Raiders training facility and an Amazon distribution center in Iowa.

Outside the DST program, Blue Horizons BFR, LLC is a development fund for 238 build-for-rent homes in Buckeye, Arizona, in partnership with Sunstone Two Tree, and Opportunity Zone Fund IX is developing 221 apartments and 95 Marriott-branded apartment-hotel rooms in Richmond’s Scott’s Addition, the ninth fund in that series. Active-adult and build-for-rent product recurs across all four structures.

The REIT and the management arm

On August 11, 2026, Capital Square Housing Trust named Gus Remppies president. Whit Huffman, co-chief executive officer and chief investment officer of Capital Square, became chief executive officer of the REIT, and Rogers continues as chairman. Remppies moved over from Capital Square Living, the firm’s wholly owned property management subsidiary, which he built to more than 13,000 apartment homes across 58 properties in 23 markets and eight states. For an investor in a Capital Square DST, that subsidiary means the property manager is the sponsor’s own rather than a third-party operator hired for the deal.

The REIT is a tradename of Capital Square Apartment REIT, Inc. and has a majority-independent board. As of the August announcement it held 10 multifamily communities valued at $389 million, with average occupancy of 95.3 percent and average in-place rent of $1,525 per unit as of June 30, 2026, and reported 82 percent year-over-year revenue growth over the trailing twelve months, which it attributes to portfolio expansion.