Capital Square Fully Subscribes Richmond Active-Adult DST, Drawing 108 Investors to Short Pump Community

Capital Square has fully subscribed CS1031 Richmond Active Living Apartments, DST, a Delaware statutory trust holding a 165-unit, Class A, age-restricted multifamily community in the Short Pump suburb of Richmond, Virginia. The Regulation D private placement raised equity from 108 investors, the firm announced July 13, 2026.

The offering holds Everleigh Short Pump, a 55-plus active-adult community located in Henrico County, near Capital Square's headquarters. The property 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 including happy hours, fitness programs, and creative and educational classes.

Demographic and Economic Drivers Behind Investor Demand

Capital Square founder and co-chief executive officer Louis Rogers pointed to broad demographic trends as a central rationale for the offering. "We are experiencing a silver tsunami, with over 11,000 U.S. baby boomers turning 65 every day," Rogers said. "This demographic shift is creating unprecedented demand for housing designed to meet the needs of active adults."

Rogers added that age-restricted housing carries specific investment characteristics that make it well-suited for Delaware statutory trust structures. "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," he said.

Local demographic data supports that thesis. Within a five-mile radius of Everleigh Short Pump, more than 30% of residents are age 55 and older, and another 12% are between 45 and 54, according to Capital Square. Richmond Economic Development reports that over the past 10 years, the city of Richmond has experienced approximately 11% population growth.

Short Pump Submarket: Retail Access and Corporate Expansion

The Short Pump submarket gives residents access to approximately 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.

The broader Greater Richmond region is also absorbing significant corporate investment. Eli Lilly, a global pharmaceutical company, is constructing a $5 billion manufacturing facility on 227 acres in the region, 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 — a more than $1 billion investment expected to support more than 1,760 jobs.

Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square, cited those corporate commitments as reinforcing the investment case. "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," Huffman said.

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.

Capital Square's DST Platform and Firm Scale

The full subscription of the Richmond offering reflects a broader pattern for Capital Square, which has built a recurring Delaware statutory trust strategy around stabilized, Class A multifamily assets in suburban Richmond submarkets. The firm has previously sponsored DST offerings including CS1031 Hunter's Chase DST, a 320-unit multifamily community in Midlothian, and CS1031 Flats at West Broad Village Apartments, DST, a 339-unit Class A community in the Glen Allen area of western Richmond.

Founded in 2012, Capital Square has acquired more than 175 real estate assets on behalf of more than 6,500 investors seeking replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code, along with investors seeking cash flow and capital appreciation. The firm reports more than $9.1 billion in total transaction volume since inception.

Capital Square operates as a vertically integrated platform, sponsoring Delaware statutory trusts for Section 1031 exchanges, qualified opportunity zone funds, a real estate investment trust, and development funds. Its property management division, Capital Square Living, 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, tenant vacancies, general market conditions, interest rate risks, financing risks, potential adverse tax consequences, long hold periods, and potential loss of the entire investment principal. Past performance is not a guarantee of future results.

Sources

• Capital Square — CS1031 Richmond Active Living DST Full Subscription Announcement (July 13, 2026)