Capital Square Fully Subscribes 50-Unit Build-for-Rent Multifamily DST Near Miami Gardens in Under Three Months

MIAMI — Capital Square announced April 1 that it has fully subscribed its CS1031 The Villages at Miami Gardens BFR Housing, DST, a 50-unit build-for-rent (BFR) townhome community located at 3400 NW 191st Street in Miami Gardens, Florida. The Regulation D private placement offering closed in fewer than three months following the property's acquisition in October 2025, the firm said.

Multifamily Real Estate Offering Details

The community features three- and four-bedroom concrete-poured townhomes with high-end finishes, including porcelain and vinyl flooring, stainless steel appliances, in-unit stackable washer and dryer, white quartz countertops, European cabinetry, central air conditioning and recessed lighting. Each home includes 8.5-foot ceilings, a private balcony, a fenced backyard and a two-car driveway, with additional street parking available. The property was reported at 100 percent occupancy as of the announcement date.

The offering was structured as a Delaware statutory trust (DST) targeting investors seeking replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code. Capital Square raised equity from investors participating in the Regulation D private placement. No public sale price, cap rate, loan amount or minimum investment amount was disclosed by the firm.

"The Miami Gardens submarket has a shortage of available housing, effectively driving occupancy to 100%. In addition, the Miami MSA is one of the least affordable home ownership markets in the U.S., driving the demand for rental housing," said Louis Rogers, founder and co-chief executive officer of Capital Square. "This offering combined the desirability of housing, a necessity, with short supply driving demand. Capital Square specializes in locating submarkets like this with exceptional cash flow and profit potential."

Location and Market Context

The property is situated approximately two miles from Hard Rock Stadium — home to the Miami Dolphins, University of Miami Hurricanes, Formula 1 racing and the Miami Open Tennis tournament — and one mile from Miami Gardens City Center, a $400 million, 35-acre mixed-use development and retail destination currently under construction. The site is also approximately two miles from Florida's Turnpike and three miles from the Golden Glades Tri-Rail Station.

According to a 2025 Scout Report cited by Capital Square, the Miami metro population has grown 9.5% over the past decade, making it one of the fastest-growing large markets in the U.S. Yardi data referenced by the firm indicates that since 2020, the region has attracted $4.6 billion in foreign investment and more than 50 corporate relocations, led by $1.5 billion in real estate and $1.3 billion in hotels and tourism. The property is within a 25-minute drive of more than 935,000 jobs, with notable employers including Baptist Health, University of Miami, Jackson Health System and American Airlines.

"The Villages at Miami Gardens benefits from sustained demand in a submarket with limited recent deliveries, making it a compelling investment property," said Whitson Huffman, co-chief executive officer of Capital Square. "Miami Gardens' growing population, strategic location and ongoing reinvestment have strengthened its position as a desirable destination for residents and businesses. By expanding our presence in South Florida with a community of this quality, Capital Square continues to provide investors with access to markets with strong fundamentals and the potential for long-term performance."

BFR Portfolio Context

Since 2022, Capital Square has launched 13 build-for-rent offerings totaling 1,684 units across seven states and 11 cities. The firm's BFR portfolio, including development offerings, represents a gross asset value of approximately $573.7 million, according to the announcement.

About Capital Square

Founded in 2012, Capital Square is a vertically integrated national real estate firm specializing in tax-advantaged real estate investments, including DSTs for Section 1031 exchanges, qualified opportunity zone funds, and a real estate investment trust (REIT). The firm has completed more than $8.9 billion in transaction volume and has acquired more than 175 real estate assets on behalf of over 6,500 investors. Capital Square Living, the firm's property management division, oversees more than 13,000 apartments across multiple states. The company has been recognized by Inc. 5000 as one of the fastest-growing private companies in the nation for nine consecutive years.

Securities for the offering were offered through WealthForge Securities, LLC, Member FINRA/SIPC. Capital Square and WealthForge Securities, LLC are separate entities. Investing in DST properties and real estate securities involves material risks, including illiquidity, general market conditions, interest rate risks and potential loss of the entire investment principal, according to the firm's disclosures.