Capital Square

What Capital Square does

Capital Square is a privately held real estate investment sponsor founded in 2012 by Louis Rogers and headquartered in Glen Allen, Virginia. The company operates a vertically integrated "Invest. Build. Manage." platform delivering tax-advantaged real estate investment vehicles — primarily Delaware Statutory Trusts (DSTs) for Section 1031 exchanges, Qualified Opportunity Zone funds, build-for-rent (BFR) development funds, and the Capital Square Housing Trust REIT — to accredited individual investors and the financial advisors who serve them. Securities are distributed through a managing broker-dealer (WealthForge Securities, LLC), a national wholesaler network, and registered representatives.

The platform is anchored by three operating divisions: an investment management arm that originates, structures, and sponsors syndicated offerings; Capital Square Development, which executes ground-up multifamily, BFR, mixed-use, and hospitality projects (often via co-development JVs with operators such as LIV Development, Method Co., and D.R. Horton); and Capital Square Living, an in-house property management division managing 50+ communities across 23 markets in 8 states. As of mid-2026, the firm reports nearly $8 billion in assets under management, over $8.2 billion in cumulative real estate transactions, 6,500+ investor relationships, and 40,600+ apartment units transacted across 54 multifamily development projects, with a 93%+ portfolio occupancy rate and $510M+ in lifetime investor distributions.

The revenue model is multi-stream and largely fee-based: asset management and property management fees on AUM, acquisition and disposition fees on syndicated deals, developer fees and promote/carried interest on development funds, and incentive fees on the Opportunity Zone vehicles. Distribution is sales-led, leveraging direct investor outreach, third-party financial advisors, and a national wholesaler channel. The company has been named to the Inc. 5000 list of fastest-growing private companies for nine consecutive years (2017–2025).

Name

Capital Square

Legal name

Capital Square

Website

https://capitalsq.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

101–250 employees

Short description

Capital Square is a vertically integrated real estate sponsor that originates, develops, and manages tax-advantaged investment vehicles — DSTs, Opportunity Zone funds, development funds, and a REIT — for accredited investors and financial advisors, with nearly $8 billion AUM.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990), Other Financial Investment Activities (5239)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Real Estate Funds — Opportunistic / Development (FSANAEAI)

akta.pro secondary industries

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Real estate investment
• Tax-advantaged investments
• Delaware Statutory Trusts
• Opportunity zone funds
• Property management

Headquarters

HQ city

Glen Allen

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. DST Sponsorship Fees: Capital Square sponsors Delaware Statutory Trust (DST) offerings for accredited investors, generating revenue through sponsor fees, acquisition fees, asset management fees, and disposition fees. The company manages nearly $8 billion in assets and has transacted over $8.2 billion in real estate.
2. Development Fund Management: Sponsors development funds (LLCs) for build-for-rent communities and multifamily developments, generating developer fees, promote fees, and carried interest.
3. Opportunity Zone Fund Management: Manages qualified opportunity zone funds providing tax-advantaged investment vehicles, generating management fees and incentive fees.
4. Property Management Revenue: Capital Square Living property management division generates recurring management fees from managing 50+ communities across 23 markets in 8 states.
5. REIT Management: Capital Square Housing Trust REIT generates management fees and potential performance fees from operating a diversified multifamily portfolio.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Capital Square sponsors tax-advantaged real estate investment offerings for accredited investors, including Delaware Statutory Trusts (DSTs) for Section 1031 exchanges, Qualified Opportunity Zone Funds, Development Funds for build-for-rent communities, and the Capital Square Housing Trust REIT. The company is vertically integrated through its Capital Square Development division for executing projects and Capital Square Living for in-house property management across 50+ communities in 23 markets.

Product overview

Capital Square operates as a vertically integrated real estate investment platform offering multiple investment vehicles including: 1031 Exchanges & Delaware Statutory Trusts (DSTs) as the foundation of the business; Qualified Opportunity Zone (OZ) Funds for tax-deferral and exclusion benefits; Development Funds (LLCs) for build-for-rent communities; and the Capital Square Housing Trust REIT for diversified real estate ownership. The company also operates Capital Square Living, an in-house property management division managing over 50 communities across 23 markets in 8 states. Individual DST offerings include residential communities (build-for-rent, multifamily apartments, active-adult living), as well as specialty properties (medical offices, industrial, hospitality). The platform is designed for accredited investors seeking tax-advantaged real estate investments with passive income potential.

Differentiator

Problem solved

Functional benefit

Brands

• Capital Square Living: In-house property management division that maximizes revenue, increases operating efficiencies, reduces costs, and delivers best-in-class service for residents and investors.
• Capital Square Housing Trust

Products and services

• 1031 Exchanges and Delaware Statutory Trusts (DSTs) Capital Square sponsors Delaware Statutory Trust (DST) offerings that allow accredited investors to participate in Section 1031 tax-deferred exchanges, providing passive income and potential appreciation from real estate ownership. DSTs enable investors to defer federal and state taxes on investment real estate sales through fractional ownership interests in replacement properties.
• Qualified Opportunity Zone (OZ) Funds Qualified Opportunity Zone Funds provide investors with tax deferral and exclusion benefits by investing in designated opportunity zones. Capital Square develops multifamily and mixed-use properties in distressed communities, offering partial or complete elimination of capital gains taxes for accredited investors.
• Development Funds Development funds in the form of LLCs dedicated to build-for-rent (BFR) communities, offering potential for superior risk-adjusted returns in a shorter time horizon. These development-focused investment vehicles target single-family rental, townhome, and cottage communities.
• Capital Square Housing Trust (REIT) A real estate investment trust offering tax advantages and potentially substantial total returns through rent growth and asset appreciation, while reducing risk through diversification across multiple properties in the multifamily portfolio.
• Capital Square Living In-house property management division that maximizes revenue, increases operating efficiencies, and reduces costs while delivering best-in-class service. Operates in 23 markets across 8 states with over 50 communities under management for residents and investors.
• The Villages at Miami Gardens BFR Housing, DST A DST owning a 50-unit build-for-rent community in Miami Gardens, Florida, near Hard Rock Stadium.
• Richmond Active Adult Living Apartments, DST (Everleigh Short Pump) A $33.3 million Delaware statutory trust offering for a 165-unit, Class A age-restricted (55+) multifamily community (Everleigh Short Pump) in Henrico, Virginia (greater Richmond MSA), 95.7% occupied at launch.
• Cacema Townhomes, DST A $41.85 million Delaware statutory trust offering for a newly constructed 176-unit rental townhome community in Kissimmee, Florida (Orlando MSA) with mix of three- and four-bedroom units, featuring resort-style amenities.
• Texas Active Living Portfolio I, DST A 76-unit portfolio consisting of two boutique active-adult (55+) cottage communities located in McKinney and Waco, Texas, fully occupied build-for-rent offering.
• Texas Active Living Portfolio II, DST A 64-unit portfolio consisting of two boutique active-adult (55+) cottage communities located in Kerrville and Round Rock, Texas, 100% occupied as of June 2026.
• Colony at Centerpointe Apartments, DST A 255-unit, Class A garden-style apartment community located in Midlothian, Virginia (Richmond MSA) with one-, two-, and three-bedroom units.
• Aspen Vista BFR Housing, DST A new, 102-unit build-for-rent community in Reno, Nevada with mix of three- and four-bedroom homes built by D.R. Horton in 2022.
• Sidbury Station BFR Housing, DST A newly constructed, 113-unit build-for-rent community in Castle Hayne, North Carolina (Wilmington MSA) with mix of three-, four-, and five-bedroom detached single-family homes built by D.R. Horton in 2023.
• Blue Horizons BFR, LLC A 238-unit build-for-rent single-family rental community on approximately 20.86 acres in Buckeye, Arizona (Phoenix-Mesa-Chandler MSA) with 88 detached villas and 150 townhomes.

Quantifiable outcome

• 93%+ portfolio-wide occupancy rate
• +3 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

13 partnerships are on record, tiered core and minor.

• LIV DevelopmentcoreStrategic or Co-development Partner · 10 June 2026Capital Square partnered with LIV Development to develop Livano Knoxville, a 348-unit Class A multifamily community in a federally designated Opportunity Zone along the Tennessee River in Knoxville, Tennessee. The partnership received certificate of occupancy in October 2025.
• Sunstone Two TreecoreStrategic or Co-development Partner · 1 November 2025Capital Square partnered with Sunstone Two Tree to develop Blue Horizons BFR, a 238-unit build-for-rent single-family rental community on approximately 20.86 acres in Buckeye, Arizona, within the Phoenix-Mesa-Chandler MSA.
• Method Co.coreStrategic or Co-development Partner · 1 January 2025Capital Square co-developed The Nickel Hotel in Charleston, South Carolina with Method Co. The five-story boutique hotel features 50 units including two penthouse suites, with street-level retail space leased to Greyson Clothiers on historic King Street.
• May Riegler PropertiesminorStrategic or Co-development Partner · 1 September 2023Capital Square formed a joint venture with May Riegler Properties to develop Steamboat Basecamp, a 119-unit mixed-use property in Steamboat Springs, Colorado, funded by nearly $17 million raised from accredited investors.
• D.R. HortoncoreOthersD.R. Horton, the nation's largest homebuilder by volume, has built multiple build-for-rent communities for Capital Square including Sidbury Station (113 units in Castle Hayne, NC) and Aspen Vista (102 units in Reno, NV).
• WealthForge Securities, LLCcoreChannel Partner/ Reseller/ DistributorWealthForge Securities, LLC serves as the managing broker-dealer for Capital Square's DST offerings and member FINRA/SIPC. Securities are offered through WealthForge for all CS1031 offerings.
• VCUartsminorOthersCapital Square partnered with VCUarts to install a juried art exhibition in the Chasen building lobby as part of a broader community initiative in Richmond's Scott's Addition Opportunity Zone.
• USEAminorGTM or Marketing PartnerCapital Square is the official real estate partner of the USEA (United States Equestrian Federation), providing visibility and marketing partnership at equestrian events.
• FTI ConsultingminorOthersCapital Square partners with FTI Consulting for independent economic impact studies analyzing the fiscal impacts of Opportunity Zone developments in Virginia, North Carolina, South Carolina, and Tennessee.
• Good + West Residential and Montgomery Street PartnersminorStrategic or Co-development PartnerCapital Square partnered with Good + West Residential and Montgomery Street Partners to develop Denton BFR, a build-for-rent single-family rental community comprising 195 units on 18 acres in Denton, Texas.
• KASA ArchitectureminorOthersKASA Architecture serves as building architect for Steamboat Basecamp development project.
• Deneuve ConstructionminorOthersDeneuve Construction serves as general contractor for Steamboat Basecamp development project.
• JNS ArchitectureminorOthersJNS Architecture oversees interior design for Steamboat Basecamp development project.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CAI Investments: CAI Investments is a private real estate sponsor focused on multifamily development and DST offerings distributed through broker-dealer networks — overlapping with Capital Square on both product (DSTs) and asset class (multifamily).
• Inland Private Capital: Inland Private Capital is one of the largest sponsors of Delaware Statutory Trust (DST) and 1031 exchange offerings, competing head-to-head with Capital Square in sponsoring tax-advantaged real estate securities for accredited investors via broker-dealer networks.
• Bluerock Real Estate: Bluerock sponsors institutional-quality real estate investment programs, including DSTs and interval funds, distributed to RIAs and high-net-worth investors — a closely overlapping product mix with Capital Square's 1031 and OZ offerings.
• Passco Companies: Passco is a privately held sponsor of DSTs and private equity real estate offerings, focused on multifamily and commercial properties distributed through the financial advisor channel — directly comparable to Capital Square's DST platform.
• Crow Holdings Capital: Crow Holdings sponsors private real estate investment vehicles (REITs and closed-end funds) targeting institutional and high-net-worth investors with multifamily, industrial, and development strategies — directly comparable to Capital Square's sponsor-plus-development model.
• American Equity Investment Life / Brookfield Reinsurance DST Program: American Equity and successor entities have been among the largest issuers of Section 1031-eligible investment products including DSTs and REITs, competing directly with Capital Square for the same accredited investor pool.
• Lightstone Group: Lightstone is a diversified real estate sponsor that develops, owns, and manages multifamily and hospitality properties and has offered DST/private placement programs — directly comparable to Capital Square's vertically integrated multifamily + sponsor model.

Broad incumbents

• Blackstone Real Estate: Blackstone's BREIT and BREP are massive real estate vehicles including multifamily strategies; while primarily institutional, BREIT increasingly competes for the same wealth-channel and accredited-investor dollars as Capital Square's REIT and DST products.
• Hines: Hines is a global real estate developer, owner, and investment manager with active multifamily and Opportunity Zone strategies; a broad incumbent competing in the same development and fund-sponsor categories as Capital Square.
• Kayne Anderson Capital Advisors: Kayne Anderson is a large alternative investment manager with extensive real estate, private credit, and infrastructure funds; operates at materially larger scale but overlaps with Capital Square in real estate fund offerings to wealth channels.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/capitalsq
• LinkedInlinkedin.com/company/capitalsq
• Instagraminstagram.com/capitalsq_/?hl=en

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capital Square