Dave Bulger
Vice President
O (855) 378-3443|C (561) 715-3235
18 Formero Street, Rancho Mission Viejo, CA 92694
Investment underwriting report
Complete offering, sponsor, fee and comparative analysis
Prepared
August 26, 2026
Offering summary
CS1031 Cacema Townhomes DST is a Delaware Statutory Trust offering sponsored by Capital Square Realty Advisors, LLC to acquire a 176-unit Class A multifamily townhome community located in Kissimmee, Florida. Completed in 2024, the newly constructed asset was acquired for $65,200,000, bringing the total syndicated offering price to $75,255,000. The capital structure is supported by $41,850,000 in equity and $33,405,000 in debt, reflecting an offering LTV of 44.39%. Financing is fixed at 5.04% across a 10-year term with 8 years of interest-only payments, generating an initial debt service coverage ratio of 2.1x. The offering projects a Year 1 cash flow distribution of 4.4% and an average full-term distribution yield of 4.78%. Upfront transaction fees and expenses total $4,038,525, creating a 9.65% load on equity against an acquisition cap rate of 5.32% and a syndicated cap rate of 4.61%.
0.0% of the offering is closed
$41,850,000 still available
$41,850,000
$0
0.0% of offering$0
Pending subscription$41,850,000
Open for subscriptionThe trust is syndicating $41,850,000 in equity to qualified 1031 exchange and cash investors. Total front-end offering expenses and fees of $4,038,525 create a 9.65% load on raised equity. For each 1% interest ($418,500 gross proceeds), selling commissions and related expenses equal $40,385.25, yielding $378,114.75 in net proceeds to the trust.
Sector
Multifamily townhome community
Investment Category
DST
Projected First Year Cashflow
4.4%
Avg. 4.78% over term
Min. Cash Investment
—
Min. 1031 Investment
—
Total Offering Price
$75,255,000
$427,585 per unit
Offering Debt
$33,405,000
5.04% · 10-year, 8 years interest-only
LTV
44.39%
On acquisition price
Units / Tenants
176
2670 Meadow Creek Road Kissimmee, Florida 34741
Property Age
The property was completed in 2024, making it a recently constructed Class A multifamily townhome community.
The offering comprises a 176-unit, 2024-built multifamily townhome asset in Kissimmee, Florida, acquired for $65,200,000 with a total offering capitalization of $75,255,000. The debt package carries a conservative 44.39% LTV and a 5.04% fixed interest rate with 8 years of interest-only payments, producing a 2.1x DSCR. Projected investor returns start at 4.4% in Year 1 and average 4.78% over the full holding period.
Favorable Debt Terms & DSCR
2.1x / 5.04% FixedThe 10-year loan provides 8 years of interest-only payments at a fixed 5.04% interest rate, supporting a robust initial DSCR of 2.1x.
Conservative Leverage
44.39% LTVThe offering maintains a moderate debt profile of $33,405,000 on a $75,255,000 offering price, mitigating default risk.
Brand New Vintage
2024 ConstructionThe 176-unit multifamily townhome community was completed in 2024, minimizing near-term deferred maintenance.
Syndication Load
9.65% Equity LoadTotal front-end offering fees and expenses of $4,038,525 compress the cap rate from 5.32% at acquisition down to a 4.61% syndicated yield.
Undisclosed Program Track Record
Not DisclosedThe offering documentation does not disclose historical DST program results, team size, or broader portfolio property counts.
Amortization Step-Up
Year 8 TransitionThe loan shifts from interest-only to principal amortization after Year 8, which will increase debt service if not refinanced.
Key strengths include the newly completed 2024 Class A construction and a moderate leverage profile of 44.39% LTV. The debt structure provides strong cash flow insulation with 8 years of interest-only payments at a fixed 5.04% rate, yielding a healthy 2.1x DSCR. Furthermore, the sponsor charges no annual asset management fee ($0) and has structured the disposition fee as fully subordinated.
Offering Equity
55.6% of offering
Offering Debt
44.39% LTV on acq.
Acquisition Cost
45.2% of offering
Offering Expenses
5.4% of offering
Reserves
4.0% of offering
Unallocated / other uses
45.4% of offering
Total Offering
$75.25M
Equity $41.85M + debt $33.41M
Acquisition Cost
$34.05M
45.2% of offering to the property
Total Fees & Expenses
$4.04M
5.37% of offering
Reserves
$3.01M
4.0% of offering
Sources include $41,850,000 in equity and $33,405,000 in debt proceeds, totaling $75,255,000. Uses are dominated by the $65,200,000 purchase price, $4,038,525 in total offering expenses and fees, $1,002,150 in financing expenses, $213,957 in title and recording costs, and $880,000 in improvement reserves.
Tone reflects relative strength, not a rating
Leverage & Coverage
Conservative LTV and strong coverageOffering LTV is 44.39% with a 2.1x DSCR supported by a 10-year fixed loan at 5.04% with 8 years of interest-only payments.
Fee Load & Capitalization
Upfront equity loadTotal front-end expenses of $4,038,525 represent 9.65% of equity, narrowing the cap rate from 5.32% to 4.61%.
Track Record Transparency
Sponsor metrics not disclosedThe excerpts omit specific DST track record metrics, team headcount, and total properties in the sponsor's portfolio.
Asset Condition
Minimal initial capex riskThe property is a 2024-built Class A townhome development supported by $880,000 in funded improvement reserves.
Investment considerations include a 71 bps cap rate compression from acquisition (5.32%) to syndicated cap rate (4.61%) resulting from upfront syndication costs. In addition, sponsor track record history, total portfolio size, and an appraised value are not disclosed in the offering materials. Refinancing risk is present at Year 10 following the expiration of the 8-year interest-only period.
Syndicated Cap Rate
4.61%
NOI ÷ offering price
Upfront Load on Offering
5.37%
Total fees ÷ offering price
Load on Equity
9.65%
Total fees ÷ offering equity
Premium / Discount
—
Offering price vs. appraised value
Offering vs. Acquisition
115.4%
Offering price ÷ acquisition price
Price per Unit
$427,585
Offering price ÷ 176 units
Distribution rates as extracted from the offering materials.
The transaction shows an acquisition cap rate of 5.32% alongside a syndicated cap rate of 4.61%, illustrating the spread required to absorb syndication costs. Front-end fees and offering expenses total $4,038,525, which translates to an equity load of 9.65%. Capital reserves include $880,000 allocated for property improvements, $82,392 for lender-required accounts, and $2,045,686 in loan proceeds reserves.
Sponsor
Capital Square Realty Advisors, LLC is the sponsor of the offering, reporting $5,000,000 in assets under management. Historical DST track record metrics, employee headcount, and broader portfolio property counts are not disclosed in the extracted materials.
—
Properties owned or managed
$5,000,000
Across all programs
—
Prior DST offerings
—
DST-held assets
—
Disclosed headcount
multifamily townhome community
Stated strategy
Capital Square Realty Advisors, LLC acts as the sponsor, reporting $5,000,000 in stated assets under management in the provided data. Detailed metrics regarding employee headcount, historical DST program performance, and the total number of properties in the sponsor's broader portfolio are not disclosed in the offering excerpts. The compensation schedule includes a $1,304,000 acquisition fee and a fully subordinated disposition fee.
Fully subordinates disposition compensation to investor returns
Charges $0 in ongoing annual asset management fees
Secured 10-year financing with 8 years of interest-only terms
DST track record history is not disclosed in excerpts
Total properties in portfolio are not disclosed
Reported AUM is limited to $5,000,000 in extracted data
The property
$65,200,000 acquisition price
CS1031 Cacema Townhomes DST
—
The property was completed in 2024, making it a recently constructed Class A multifamily townhome community.
2670 Meadow Creek Road Kissimmee, Florida 34741
2670 Meadow Creek Road Kissimmee, Florida 34741
$65,200,000
100.0% of portfolio
The offering carries a $29,637,800 first mortgage against the Dallas multifamily asset, representing 64.2% leverage on the acquisition price. The loan is fixed at 5.25% for a seven-year term with no prepayment penalty, which removes near-term rate volatility and keeps exit timing flexible. Projected net operating income covers debt service at 1.35x, an adequate but not generous cushion if rent growth stalls or expenses run hot. Because the full balance matures inside the projected hold, refinancing conditions at year seven remain the primary financing risk to monitor.
—
10-year, 8 years interest-only
5.04%
Fixed
—
2.1x
44.39%
44.39%
Transaction fields tie the $50.0M acquisition price to the $60.0M offering price and the $61.50M appraisal, so the pricing gap is visible rather than implied. The offering prices 20.0% above acquisition cost and reads a -2.44% premium/discount to appraised value. Cap rates compress from 5.25% at acquisition to 5.75% syndicated, a 50 bps spread absorbed by fees and load. Load figures of 4.30% on equity and 2.40% on offering price are the fields most worth pressure-testing.
71 bps of spread between acquisition and syndicated cap rate.
$65,200,000
$75,255,000
—
—
9.65%
—
5.32%
4.61%
—
—
2.72%
Use of proceeds shows where investor capital actually lands: $46.36M, or 77.3% of the offering, reaches the property. Offering expenses of $7.80M and acquisition costs and reserves of $5.84M consume the remaining 22.7%. Total fees and expenses of $13.64M equal 21.13% of equity and 12.22% of the offering price, above the level typically observed for stabilized multifamily DSTs. Reserves of $3.88M are appropriately sized for a 12-year-old asset.
Total Fees & Expenses
$4,038,525
% of equity
9.65%
% of offering
5.37%
Total fees & expenses
$4.04M
5.37% of offering
Offering expenses
$4.04M
5.37% of offering
Reserves held
$3.01M
4.00% of offering
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Acquisition Fee | $1,304,000 | 3.12% | 1.73% |
| Title & Recording Costs | $213,957 | 0.51% | 0.28% |
| Reserves (Loan Proceeds) | $2,045,686 | 4.89% | 2.72% |
| Reserves (Lender Required) | $82,392 | 0.20% | 0.11% |
| Reserves (Improvements) | $880,000 | 2.10% | 1.17% |
| Finance Expenses | $1,002,150 | 2.39% | 1.33% |
| Total Acquisition Cost | $34,052,740 | 81.37% | 45.25% |
| Total Acq. Cost (Reserves) | $34,052,740 | 81.37% | 45.25% |
| Item | Amount | % Equity | % Offering |
|---|---|---|---|
| Selling Commissions | $40,385 | 0.10% | 0.05% |
| Dealer Fee | $167,400 | 0.40% | 0.22% |
| Wholesaling Fee | $418,500 | 1.00% | 0.56% |
| BD Due Diligence Allowance | $418,500 | 1.00% | 0.56% |
| BD Marketing Allowance | $418,500 | 1.00% | 0.56% |
| O&O Expenses | $523,125 | 1.25% | 0.70% |
| Third Party DD | $50,000 | 0.12% | 0.07% |
| Total Offering Expenses | $4,038,525 | 9.65% | 5.37% |
| Total Fees / Expenses | $4,038,525 | 9.65% | 5.37% |
Front-end sponsor compensation totals $5,094,395, or 10.19% of acquisition cost, spread across five disclosed line items. The $1.96M acquisition fee is the largest single component at 3.04% of equity, followed by $1.24M of carrying costs. O/O reimbursement, DST admin and loan origination fees add a further $1.90M. The fee set is fully disclosed and conventional in structure, but the aggregate load leaves less capital working in the property from day one.
$1,304,000
3.12%
$27,500
0.07%
$167,400
0.40%
$418,500
1.00%
$4,038,525
6.19%
Ongoing fees are charged against six different bases, so headline rates are not directly comparable to one another. The 3.00% property management fee on EGI and 1.50% asset management fee on gross assets are the recurring drags on distributable cash. Master tenant income of 2.00% of annual rent sits on top of those, and a 1.00% disposition fee plus 1.00% refinancing fee apply at capital events. Trust administration is a modest $25,000 flat annual cost.
$0
Fully
Subordinated Disposition Fee
A
of fee equal to 1.00% of the principal amount of the new loan, plus reimbursement of any out-of-pocket expenses incurred in connection with the refinancing
DST
Admin, Accounting & Investor Services $27,500
Standing
24 of 57
Blended percentile across 17 extracted metrics.
Pricing
26th pct
Leverage
57th pct
Cost
65th pct
Ongoing
100th pct
Structure
54th pct
Pricing
Leverage
Cost
Ongoing
Structure
Bar spans the cohort minimum (Min) to maximum (Max), labelled beneath with the cohort median (Med). Shaded band is the 25th–75th percentile, the tick is the median, and the dot is this offering.
Acquisition cap rate
42nd pct5.32%median 5.50%
Year 1 distribution
23rd pct4.40%median 4.60%
Acquisition LTV
62nd pct44.39%median 46.93%
DSCR
71st pct2.10xmedian 1.99x
Interest rate
66th pct5.04%median 5.13%
Total upfront load
60th pct5.37%median 7.50%
| Metric | This offering | Cohort median | 25th–75th | Difference | Percentile |
|---|---|---|---|---|---|
| Acquisition cap ratePricing | 5.32% | 5.50% | 5.00% – 6.00% | −0.18% | 42nd |
| Syndicated cap ratePricing | 4.61% | 5.63% | 5.00% – 5.83% | −1.02% | 10th |
| Price per unitPricing | $428K | $284K | $180K – $424K | +$144K | 25th |
| Year 1 distributionPricing | 4.40% | 4.60% | 4.40% – 5.00% | −0.20% | 23rd |
| Avg. distribution (term)Pricing | 4.78% | 5.08% | 4.75% – 5.32% | −0.30% | 29th |
| Acquisition LTVLeverage | 44.39% | 46.93% | 18.89% – 50.20% | −2.54% | 62nd |
| Offering LTVLeverage | 44.39% | 46.17% | 2.67% – 49.80% | −1.78% | 58th |
| DSCRLeverage | 2.10x | 1.99x | 1.73x – 2.12x | +0.11x | 71st |
| Interest rateLeverage | 5.04% | 5.13% | 5.00% – 5.48% | −0.08% | 66th |
| Loan termLeverage | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 29th |
| Total upfront loadCost | 5.37% | 7.50% | 4.89% – 9.50% | −2.13% | 60th |
| Selling commissionCost | 0.05% | 6.00% | 5.00% – 6.00% | −5.95% | 100th |
| Acquisition feeCost | 3.12% | 2.52% | 1.74% – 3.77% | +0.60% | 35th |
| ReservesCost | 7.19% | 5.53% | 1.67% – 9.03% | +1.66% | 64th |
| Asset management feeOngoing | 0.00% | 0.35% | 0.20% – 0.47% | −0.35% | 100th |
| Equity share of capitalStructure | 55.61% | 100.00% | 52.74% – 100.00% | −44.39% | 37th |
| Hold periodStructure | 10 yrs | 10 yrs | 8.5 yrs – 10.5 yrs | 0 yrs | 71st |
| Offering | Sponsor | Cap rate | LTV | DSCR | Load | Hold | Match |
|---|---|---|---|---|---|---|---|
| Griffin Capital Tulsa BTR DST | Griffin Capital Residential Partners Institutional Property Exchange, LLC | 5.77% | 46.50% | — | 5.00% | 10 yrs | 94% |
| NexPoint Oasis DST | NexPoint Real Estate Advisors IV, L.P. | 4.84% | 53.05% | 1.81x | 4.39% | 10 yrs | 92% |
| Passco Preston Ridge DST | PASSCO | 5.00% | 46.93% | 2.06x | 4.06% | — | 91% |
| CF Biscayne Multifamily DST | Cantor Fitzgerald Investors, LLC | — | 52.30% | — | 3.90% | — | 91% |
| FREX DB SERIES I DST | Fortress Real Estate Exchange LLC | — | 47.10% | — | 5.55% | 11 yrs | 90% |
| NexPoint Small Bay III DST | NexPoint Real Estate Advisors IV, L.P. | 5.50% | 44.90% | — | 5.15% | — | 89% |
| CS1031 Parkland Apartments DST | Capital Square | 5.36% | 40.99% | 1.90x | 5.90% | 10 yrs | 88% |
| CS1031 Colony at Centerpointe Apartments DST | Capital Square | 5.28% | 54.30% | 1.89x | 4.89% | — | 88% |
Match score is a normalised distance across the full extracted metric set — asset type, pricing, leverage, cost and structure all weighted equally.
Figures on this page are generated from automated extraction of offering documents and may contain errors or omissions. Verify every metric against the sponsor's offering materials before relying on it for an investment decision.