SAN ANTONIO, TX – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer and manager of housing communities, announced the acquisition of Woodland Cottages, a purposefully designed, build-for-rent community in the booming town of Fredericksburg, Texas. The 62-unit, active adult community was bought on behalf of CS1031 Texas Active Adult Living I, DST, which seeks to raise equity from accredited investors.
“Capital Square is bullish on various segments of housing for the Section 1031/DST platform,” said Louis Rogers, founder and co-chief executive officer of Capital Square. “First it was multifamily communities, Class A and B, then age-restricted manufactured housing communities in Florida, next conventional build-for-rent communities in the Southeast and now an active adult build-for-rent community in Texas. Our goal is to provide housing investments that generate both stable returns and strong capital appreciation.”
Located in historic Fredericksburg, at 161 Friendship Lane, Woodland Cottages features ADA-compliant rental homes tailored for active adults. The community has 20 one-bedroom residences, averaging 899 square feet, and 42 two-bedroom residences, averaging 1,355 square feet. Each home includes spacious, open-concept layouts with zero-threshold showers and other aging-in-place features. Community amenities include a 6,000-square-foot clubhouse, where weekly activities are hosted, as well as a swimming pool, fitness center and dedicated resident concierge to foster a vibrant and socially connected lifestyle.
Fredericksburg is one of the fastest-growing regions in the nation. Within a 50-mile radius, the area has had 18.8% population growth over the past five years, driven by its strong appeal among retirees and lifestyle-oriented residents. The region was recognized as a “Top Retirement Dream Area” in 2025 by Scout Report. Additionally, rents in Fredericksburg have increased by 12.2% annually, among the highest growth rates in the U.S.
“The launch of this offering highlights the increasing demand for purpose-built, active adult rental communities in lifestyle-driven markets like Fredericksburg,” said Whitson Huffman, co-chief executive officer and chief investment officer of Capital Square. “Fredericksburg offers exceptional regional demographics, rising rent trends and expansive regional growth, and we believe that this property is uniquely positioned to provide high-quality housing and the potential for long-term value to our investors.”
Home to over 80 wineries, Fredericksburg ranks as the second most visited wine tourism destination in the nation, just behind Napa Valley, CBS News reported in 2023. Situated 80 miles west of Austin and 70 miles north of San Antonio, Fredericksburg is also renowned for its Main Street historic district. The area has an unemployment rate of 2.7% as of April 2025, a full basis point below Texas’ 3.7% and 1.2 basis points below the national rate of 3.9%, reports Colliers. Approximately 33.9% of the city’s population is 65 or older. More than 1 million people visit Fredericksburg annually, generating $175 million in tourism revenue and supporting around 1,200 local jobs, according to the 2025 Fredericksburg, TX Convention & Visitors Bureau Economic Impact Report.

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SAN ANTONIO, TX – Cove Capital Investments Founding Partners, Dwight Kay and Chay Lapin, announced the Delaware Statutory Trust sponsor firm successfully completed the buy of a brand-new Build-to-Rent multifamily residential home community in San Antonio, TX. The buy completes the formation of the firm’s Cove Texas Build-to-Rent 97 DST, a Regulation D, Rule 506(c) offering that has a $27,223,181 equity raise.
The Cove Texas Build-to-Rent 97 DST features a community of 83 newly constructed single-family rental units featuring high-end, resort style amenities and located in the thriving city of San Antonio, TX.
“This DST offering offers prospective investors an exceptional opportunity to invest in a trophy asset in one of San Antonio’s most sought-after submarkets. The Cove Dallas Build-to-Rent 97 DST is in direct proximity to some of the city’s largest employers and top-ranked schools, along with offering an extensive amenity package that includes a resort-style pool and a bone idle river that continues to be a major attraction for current and prospective tenants,” said Kay.
The Cove Dallas Build-to-Rent 87 DST offering was constructed in 2024 and currently has an occupancy rate of 95% as of July 30,2025. Each of the 83 rental homes has an average square footage of 1,861 square feet. In addition, this DST offering has significant income potential for investors as there is room for potential rental rate increases as leases roll over in the coming months adding to the potential for growing revenue and Net Operating Income (NOI).
With homeownership becoming increasingly hard for young families due to rising home prices and mortgage rates, the Build-to-Rent or “BTR “real estate asset class has experienced strong demand from both tenants and investors.
For investors, the build-to-rent model delivers critically needed housing inventory to supply-constrained markets, providing for potentially strong demand fundamentals. In addition, because landlords can reset rents each year, the BTR model also provides investors a potential hedge against inflation.
Conversely, while tenants benefit from the flexibility of lease agreements, they are also shielded from the financial obligations typically associated with single-family homeownership such as rising insurance and maintenance costs.

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ANN ARBOR, MI – Landmark Properties, a fully-integrated real estate firm specializing in the development, construction, acquisition, investment management, and operation of high-quality residential communities, announced the delivery of The Legacy at Ann Arbor, a new, 521-bed student housing community at 616 E. Washington Street in Ann Arbor, MI.
Developed in a joint venture with Cerca Trova and designed by ESG Architecture & Design, The Legacy at Ann Arbor is comprised of two interconnected buildings – a 19-tale high-rise and mid-rise structure attached to the historic Michigan Theater. Landmark Construction served as the project’s general contractor. The Legacy at Ann Arbor is fully leased ahead of the 2025-2026 school year.
“We’re confident that this incredible project will exceed the expectations of our new residents who started moving in on August 1st,” said Jason Doornbos, Chief Development Officer at Landmark Properties. “Congratulations to our Landmark Construction team and vendor partners on bringing this project online well ahead of the academic year.”
The Legacy at Ann Arbor offers residents a mix of studios to five-bedroom apartments across 253 units. Well-appointed apartments come fully furnished and wired for high-speed internet and cable. Each unit features stainless-steel appliances, quartz countertops, hardwood-style floors, and in-unit laundry.
The development contains more than 9,700 square feet of amenities, including a rooftop pool deck and resident clubroom with outdoor grilling, a gaming lawn and firepit seating area, a comfortable academic lounge, fitness center and bike storage. The Legacy at Ann Arbor also has 4,150 square feet of ground-floor retail space and on-site gated resident parking. The building is immediately adjacent to the University of Michigan campus and a number of dining, entertainment and retail options in the heart of downtown Ann Arbor.
“When it comes to location, The Legacy is second to none,” says Howard Frehsee, principal of Michigan-based Cerca Trova, LLC, who co-developed the project. “The building is a one-minute walk to the Diag (i.e. the center of campus), less than 10 minutes on foot from Main Street and Kerrytown, and a five-minute walk to South University. Its proximity to campus and other well loved attractions not only makes Michigan’s winters more tolerable, but The Legacy’s unparalleled quality, comfort, space, and amenities are deserving of tomorrow’s leaders. Congratulations to our entire Landmark and Cerca Trova teams.”

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