Form D Raw Data - Electronic Filing Depository

EFDID: 568621EFD: Raw Data

Issuer: Capital Square Apartment Operating Partnership, L.P. (0001967843) - D

Accession: 0001967843-25-000003 () (EDGAR Files) (Form D)

Edgar Posted: Sep. 18, 2025
EFD Posted: Sep. 18, 2025

- < edgarSubmission >

< schemaVersion > X0708 </ schemaVersion >

< submissionType > D </ submissionType >

< testOrLive > LIVE </ testOrLive >

- < primaryIssuer >

< cik > 0001967843 </ cik >

< entityName > Capital Square Apartment Operating Partnership, L.P. </ entityName >

- < issuerAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ issuerAddress >

< issuerPhoneNumber > 18776261031 </ issuerPhoneNumber >

< jurisdictionOfInc > DELAWARE </ jurisdictionOfInc >

- < issuerPreviousNameList >

< value > None </ value >

</ issuerPreviousNameList >

- < edgarPreviousNameList >

< value > None </ value >

</ edgarPreviousNameList >

< entityType > Limited Partnership </ entityType >

- < yearOfInc >

< withinFiveYears > true </ withinFiveYears >

< value > 2020 </ value >

</ yearOfInc >

</ primaryIssuer >

- < relatedPersonsList >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > N/A </ firstName >

< lastName > Capital Square Apartment REIT, Inc. </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Louis </ firstName >

< middleName > J. </ middleName >

< lastName > Rogers </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

< relationship > Director </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Chairman of the Board of Directors and Chief Executive Officer of the General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Whitson </ firstName >

< middleName > A. </ middleName >

< lastName > Huffman </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > President and Chief Strategy & Investment Officer of the General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Jeffrey </ firstName >

< middleName > A. </ middleName >

< lastName > Gregor </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > General Counsel and Secretary of the General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > David </ firstName >

< lastName > Reiner </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Director </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Director of the General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Jay </ firstName >

< lastName > Olander </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Chief Financial Officer and Treasurer of the General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Mark </ firstName >

< lastName > Mercado </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Executive Vice President, Operations of the General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > Jacqueline </ firstName >

< lastName > Rogers </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Executive Officer </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Chief Marketing Officer of the General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

- < relatedPersonInfo >

- < relatedPersonName >

< firstName > David </ firstName >

< lastName > McKenney </ lastName >

</ relatedPersonName >

- < relatedPersonAddress >

< street1 > 4851 Lake Brook Drive </ street1 >

< city > Glen Allen </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23060 </ zipCode >

</ relatedPersonAddress >

- < relatedPersonRelationshipList >

< relationship > Director </ relationship >

</ relatedPersonRelationshipList >

< relationshipClarification > Director of the General Partner of the Issuer </ relationshipClarification >

</ relatedPersonInfo >

</ relatedPersonsList >

- < offeringData >

- < industryGroup >

< industryGroupType > REITS and Finance </ industryGroupType >

</ industryGroup >

- < issuerSize >

< revenueRange > Decline to Disclose </ revenueRange >

</ issuerSize >

- < federalExemptionsExclusions >

< item > 06b </ item >

</ federalExemptionsExclusions >

- < typeOfFiling >

- < newOrAmendment >

< isAmendment > false </ isAmendment >

</ newOrAmendment >

- < dateOfFirstSale >

< value > 2025-09-09 </ value >

</ dateOfFirstSale >

</ typeOfFiling >

- < durationOfOffering >

< moreThanOneYear > false </ moreThanOneYear >

</ durationOfOffering >

- < typesOfSecuritiesOffered >

< isEquityType > true </ isEquityType >

</ typesOfSecuritiesOffered >

- < businessCombinationTransaction >

< isBusinessCombinationTransaction > false </ isBusinessCombinationTransaction >

< clarificationOfResponse />

</ businessCombinationTransaction >

< minimumInvestmentAccepted > 34141 </ minimumInvestmentAccepted >

- < salesCompensationList >

- < recipient >

< recipientName > WealthForge Securities, LLC </ recipientName >

< recipientCRDNumber > 152550 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 3015 W. Moore Street, Suite 102 </ street1 >

< city > Richmond </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23230 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Cary Street Partners </ recipientName >

< recipientCRDNumber > 128089 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 901 East Byrd Street </ street1 >

< street2 > Suite 1001 </ street2 >

< city > Richmond </ city >

< stateOrCountry > VA </ stateOrCountry >

< stateOrCountryDescription > VIRGINIA </ stateOrCountryDescription >

< zipCode > 23219 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< value > All States </ value >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Dumaine Investments LLC </ recipientName >

< recipientCRDNumber > 306481 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 650 Poydras Street </ street1 >

< street2 > Suite 1010 </ street2 >

< city > New Orleans </ city >

< stateOrCountry > LA </ stateOrCountry >

< stateOrCountryDescription > LOUISIANA </ stateOrCountryDescription >

< zipCode > 70130 </ zipCode >

</ recipientAddress >

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< state > LA </ state >

< description > LOUISIANA </ description >

< state > NE </ state >

< description > NEBRASKA </ description >

< state > NH </ state >

< description > NEW HAMPSHIRE </ description >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > FNEX Capital, LLC </ recipientName >

< recipientCRDNumber > 166316 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > One Indiana Square </ street1 >

< street2 > Suite 2252 </ street2 >

< city > Indianapolis </ city >

< stateOrCountry > IN </ stateOrCountry >

< stateOrCountryDescription > INDIANA </ stateOrCountryDescription >

< zipCode > 46204 </ zipCode >

</ recipientAddress >

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< state > AL </ state >

< description > ALABAMA </ description >

< state > AK </ state >

< description > ALASKA </ description >

< state > AZ </ state >

< description > ARIZONA </ description >

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< description > ARKANSAS </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > CO </ state >

< description > COLORADO </ description >

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< description > CONNECTICUT </ description >

< state > DE </ state >

< description > DELAWARE </ description >

< state > DC </ state >

< description > DISTRICT OF COLUMBIA </ description >

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< description > FLORIDA </ description >

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< description > KENTUCKY </ description >

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< description > MAINE </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

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< description > MICHIGAN </ description >

< state > MN </ state >

< description > MINNESOTA </ description >

< state > MS </ state >

< description > MISSISSIPPI </ description >

< state > MO </ state >

< description > MISSOURI </ description >

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< description > MONTANA </ description >

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< description > NEVADA </ description >

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< description > NEW HAMPSHIRE </ description >

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< description > OREGON </ description >

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< description > PENNSYLVANIA </ description >

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< description > RHODE ISLAND </ description >

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< description > SOUTH CAROLINA </ description >

< state > SD </ state >

< description > SOUTH DAKOTA </ description >

< state > TN </ state >

< description > TENNESSEE </ description >

< state > TX </ state >

< description > TEXAS </ description >

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< description > WEST VIRGINIA </ description >

< state > WI </ state >

< description > WISCONSIN </ description >

< state > WY </ state >

< description > WYOMING </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > McDermott Investment Services, LLC </ recipientName >

< recipientCRDNumber > 154926 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 44 East Broad Street </ street1 >

< street2 > 2nd Floor </ street2 >

< city > Bethlehem </ city >

< stateOrCountry > PA </ stateOrCountry >

< stateOrCountryDescription > PENNSYLVANIA </ stateOrCountryDescription >

< zipCode > 18018 </ zipCode >

</ recipientAddress >

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< state > AL </ state >

< description > ALABAMA </ description >

< state > AK </ state >

< description > ALASKA </ description >

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< description > ARIZONA </ description >

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< description > ARKANSAS </ description >

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< description > CALIFORNIA </ description >

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< description > COLORADO </ description >

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< description > DELAWARE </ description >

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< description > DISTRICT OF COLUMBIA </ description >

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< description > FLORIDA </ description >

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< description > GEORGIA </ description >

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< description > ILLINOIS </ description >

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< description > INDIANA </ description >

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< description > IOWA </ description >

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< description > KANSAS </ description >

< state > KY </ state >

< description > KENTUCKY </ description >

< state > LA </ state >

< description > LOUISIANA </ description >

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< description > MAINE </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

< state > MI </ state >

< description > MICHIGAN </ description >

< state > MN </ state >

< description > MINNESOTA </ description >

< state > MS </ state >

< description > MISSISSIPPI </ description >

< state > MO </ state >

< description > MISSOURI </ description >

< state > MT </ state >

< description > MONTANA </ description >

< state > NE </ state >

< description > NEBRASKA </ description >

< state > NV </ state >

< description > NEVADA </ description >

< state > NH </ state >

< description > NEW HAMPSHIRE </ description >

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< description > NEW JERSEY </ description >

< state > NM </ state >

< description > NEW MEXICO </ description >

< state > NY </ state >

< description > NEW YORK </ description >

< state > NC </ state >

< description > NORTH CAROLINA </ description >

< state > ND </ state >

< description > NORTH DAKOTA </ description >

< state > OH </ state >

< description > OHIO </ description >

< state > OK </ state >

< description > OKLAHOMA </ description >

< state > OR </ state >

< description > OREGON </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > RI </ state >

< description > RHODE ISLAND </ description >

< state > SC </ state >

< description > SOUTH CAROLINA </ description >

< state > SD </ state >

< description > SOUTH DAKOTA </ description >

< state > TN </ state >

< description > TENNESSEE </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > UT </ state >

< description > UTAH </ description >

< state > VT </ state >

< description > VERMONT </ description >

< state > VA </ state >

< description > VIRGINIA </ description >

< state > WA </ state >

< description > WASHINGTON </ description >

< state > WV </ state >

< description > WEST VIRGINIA </ description >

< state > WI </ state >

< description > WISCONSIN </ description >

< state > WY </ state >

< description > WYOMING </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Metropolitan Capital Investment Banc, Inc. </ recipientName >

< recipientCRDNumber > 148820 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 9 East Ontario </ street1 >

< city > Chicago </ city >

< stateOrCountry > IL </ stateOrCountry >

< stateOrCountryDescription > ILLINOIS </ stateOrCountryDescription >

< zipCode > 60611 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AL </ state >

< description > ALABAMA </ description >

< state > AK </ state >

< description > ALASKA </ description >

< state > AZ </ state >

< description > ARIZONA </ description >

< state > AR </ state >

< description > ARKANSAS </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > CO </ state >

< description > COLORADO </ description >

< state > CT </ state >

< description > CONNECTICUT </ description >

< state > DE </ state >

< description > DELAWARE </ description >

< state > DC </ state >

< description > DISTRICT OF COLUMBIA </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > GA </ state >

< description > GEORGIA </ description >

< state > HI </ state >

< description > HAWAII </ description >

< state > ID </ state >

< description > IDAHO </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

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< description > INDIANA </ description >

< state > IA </ state >

< description > IOWA </ description >

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< description > KANSAS </ description >

< state > KY </ state >

< description > KENTUCKY </ description >

< state > LA </ state >

< description > LOUISIANA </ description >

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< description > MAINE </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

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< description > MICHIGAN </ description >

< state > MN </ state >

< description > MINNESOTA </ description >

< state > MS </ state >

< description > MISSISSIPPI </ description >

< state > MO </ state >

< description > MISSOURI </ description >

< state > MT </ state >

< description > MONTANA </ description >

< state > NE </ state >

< description > NEBRASKA </ description >

< state > NV </ state >

< description > NEVADA </ description >

< state > NH </ state >

< description > NEW HAMPSHIRE </ description >

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< description > NEW JERSEY </ description >

< state > NM </ state >

< description > NEW MEXICO </ description >

< state > NY </ state >

< description > NEW YORK </ description >

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< state > ND </ state >

< description > NORTH DAKOTA </ description >

< state > OH </ state >

< description > OHIO </ description >

< state > OK </ state >

< description > OKLAHOMA </ description >

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< description > OREGON </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > RI </ state >

< description > RHODE ISLAND </ description >

< state > SC </ state >

< description > SOUTH CAROLINA </ description >

< state > SD </ state >

< description > SOUTH DAKOTA </ description >

< state > TN </ state >

< description > TENNESSEE </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > UT </ state >

< description > UTAH </ description >

< state > VT </ state >

< description > VERMONT </ description >

< state > VA </ state >

< description > VIRGINIA </ description >

< state > WA </ state >

< description > WASHINGTON </ description >

< state > WV </ state >

< description > WEST VIRGINIA </ description >

< state > WI </ state >

< description > WISCONSIN </ description >

< state > WY </ state >

< description > WYOMING </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > MSC-BD LLC </ recipientName >

< recipientCRDNumber > 142927 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 5 Centerpointe Drive </ street1 >

< street2 > Suite 400 </ street2 >

< city > Lake Oswego </ city >

< stateOrCountry > OR </ stateOrCountry >

< stateOrCountryDescription > OREGON </ stateOrCountryDescription >

< zipCode > 97035 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > CO </ state >

< description > COLORADO </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > GA </ state >

< description > GEORGIA </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

< state > LA </ state >

< description > LOUISIANA </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > NY </ state >

< description > NEW YORK </ description >

< state > NC </ state >

< description > NORTH CAROLINA </ description >

< state > OR </ state >

< description > OREGON </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > WA </ state >

< description > WASHINGTON </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Realized Financial, Inc. </ recipientName >

< recipientCRDNumber > 22333 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 500 W. 13th Street </ street1 >

< city > Austin </ city >

< stateOrCountry > TX </ stateOrCountry >

< stateOrCountryDescription > TEXAS </ stateOrCountryDescription >

< zipCode > 78701 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > AL </ state >

< description > ALABAMA </ description >

< state > AK </ state >

< description > ALASKA </ description >

< state > AZ </ state >

< description > ARIZONA </ description >

< state > AR </ state >

< description > ARKANSAS </ description >

< state > CA </ state >

< description > CALIFORNIA </ description >

< state > CO </ state >

< description > COLORADO </ description >

< state > CT </ state >

< description > CONNECTICUT </ description >

< state > DE </ state >

< description > DELAWARE </ description >

< state > DC </ state >

< description > DISTRICT OF COLUMBIA </ description >

< state > FL </ state >

< description > FLORIDA </ description >

< state > GA </ state >

< description > GEORGIA </ description >

< state > HI </ state >

< description > HAWAII </ description >

< state > ID </ state >

< description > IDAHO </ description >

< state > IL </ state >

< description > ILLINOIS </ description >

< state > IN </ state >

< description > INDIANA </ description >

< state > IA </ state >

< description > IOWA </ description >

< state > KS </ state >

< description > KANSAS </ description >

< state > KY </ state >

< description > KENTUCKY </ description >

< state > LA </ state >

< description > LOUISIANA </ description >

< state > ME </ state >

< description > MAINE </ description >

< state > MD </ state >

< description > MARYLAND </ description >

< state > MA </ state >

< description > MASSACHUSETTS </ description >

< state > MI </ state >

< description > MICHIGAN </ description >

< state > MN </ state >

< description > MINNESOTA </ description >

< state > MS </ state >

< description > MISSISSIPPI </ description >

< state > MO </ state >

< description > MISSOURI </ description >

< state > MT </ state >

< description > MONTANA </ description >

< state > NE </ state >

< description > NEBRASKA </ description >

< state > NV </ state >

< description > NEVADA </ description >

< state > NH </ state >

< description > NEW HAMPSHIRE </ description >

< state > NJ </ state >

< description > NEW JERSEY </ description >

< state > NM </ state >

< description > NEW MEXICO </ description >

< state > NY </ state >

< description > NEW YORK </ description >

< state > NC </ state >

< description > NORTH CAROLINA </ description >

< state > ND </ state >

< description > NORTH DAKOTA </ description >

< state > OH </ state >

< description > OHIO </ description >

< state > OK </ state >

< description > OKLAHOMA </ description >

< state > OR </ state >

< description > OREGON </ description >

< state > PA </ state >

< description > PENNSYLVANIA </ description >

< state > RI </ state >

< description > RHODE ISLAND </ description >

< state > SC </ state >

< description > SOUTH CAROLINA </ description >

< state > SD </ state >

< description > SOUTH DAKOTA </ description >

< state > TN </ state >

< description > TENNESSEE </ description >

< state > TX </ state >

< description > TEXAS </ description >

< state > UT </ state >

< description > UTAH </ description >

< state > VT </ state >

< description > VERMONT </ description >

< state > VA </ state >

< description > VIRGINIA </ description >

< state > WA </ state >

< description > WASHINGTON </ description >

< state > WV </ state >

< description > WEST VIRGINIA </ description >

< state > WI </ state >

< description > WISCONSIN </ description >

< state > WY </ state >

< description > WYOMING </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

- < recipient >

< recipientName > Sera Capital </ recipientName >

< recipientCRDNumber > 120896 </ recipientCRDNumber >

< associatedBDName > None </ associatedBDName >

< associatedBDCRDNumber > None </ associatedBDCRDNumber >

- < recipientAddress >

< street1 > 1910 Towne Centre Blvd </ street1 >

< street2 > Suite 250 </ street2 >

< city > Annapolis </ city >

< stateOrCountry > MD </ stateOrCountry >

< stateOrCountryDescription > MARYLAND </ stateOrCountryDescription >

< zipCode > 21401 </ zipCode >

</ recipientAddress >

- < statesOfSolicitationList >

< state > MD </ state >

< description > MARYLAND </ description >

< state > TX </ state >

< description > TEXAS </ description >

</ statesOfSolicitationList >

< foreignSolicitation > false </ foreignSolicitation >

</ recipient >

</ salesCompensationList >

- < offeringSalesAmounts >

< totalOfferingAmount > 26537121 </ totalOfferingAmount >

< totalAmountSold > 16681315 </ totalAmountSold >

< totalRemaining > 9855806 </ totalRemaining >

< clarificationOfResponse />

</ offeringSalesAmounts >

- < investors >

< hasNonAccreditedInvestors > false </ hasNonAccreditedInvestors >

< totalNumberAlreadyInvested > 59 </ totalNumberAlreadyInvested >

</ investors >

- < salesCommissionsFindersFees >

- < salesCommissions >

< dollarAmount > 799485 </ dollarAmount >

</ salesCommissions >

- < findersFees >

< dollarAmount > 0 </ dollarAmount >

</ findersFees >

< clarificationOfResponse />

</ salesCommissionsFindersFees >

- < useOfProceeds >

- < grossProceedsUsed >

< dollarAmount > 0 </ dollarAmount >

</ grossProceedsUsed >

< clarificationOfResponse />

</ useOfProceeds >

- < signatureBlock >

< authorizedRepresentative > false </ authorizedRepresentative >

- < signature >

< issuerName > Capital Square Apartment Operating Partnership, L.P. </ issuerName >

< signatureName > /s/ Louis J. Rogers </ signatureName >

< nameOfSigner > Louis J. Rogers </ nameOfSigner >

< signatureTitle > Chief Executive Officer of the General Partner of the Issuer </ signatureTitle >

< signatureDate > 2025-09-18 </ signatureDate >

</ signature >

</ signatureBlock >

</ offeringData >

</ edgarSubmission >