WASHINGTON, DC – 1031 Capital Square, a leading sponsor of Delaware Statutory Trust (DST) offerings for 1031 Exchange and other accredited investors, announced the acquisition of SomerHill Farms, a 140-unit apartment building in Gainesville, Virginia, a suburb of Washington . DC The property was placed for CS1031 SomerHill Farms Apartments, DST, a Reg. D private placement.
"SomerHill Farms Apartments is the next in Capital Square's line of value-adding multi-family communities for 1031 stock exchanges and other investors seeking stable cash flow and capital appreciation," said Louis Rogers, Founder and CEO of Capital Square. "The community is located in a dynamic and rapidly growing suburb of Northern Virginia, just outside Washington DC, with robust population growth, sharp rental increases, high barriers to entry, and exceptional job opportunities within the commute, including the $ 2.5 billion HQ2 development from Amazon. ""
The community is located at 7351 Yountville Drive on 18.76 acres. SomerHill Farms was built in 2006 and has six three- and four-story residential buildings and a clubhouse. The parish includes one, two, and three bedroom units ranging in size from 786 average square feet to 1,446 average square feet. SomerHill Farms amenities include a clubhouse, outdoor pool, dog park, fitness center, grounds and communal gardens.
CS1031 SomerHill Farms Apartments, DST is attempting to raise $ 23.2 million in equity from accredited investors and has a minimum investment of $ 50,000.
"SomerHill is located in the ninth richest county in the country with projected average annual rental growth of 3.78% from fiscal 2022 through fiscal 2023.1," said Whitson Huffman, chief strategy and investment officer. "SomerHill Farms is a prime example of a multi-family community with value creation potential. By improving the community through lighter unit renovations and improvements in amenities, Capital Square can increase rent over time and increase property residual value."
Gainesville has 48.3 million square feet of retail space, including The Grove at Gainesville, a 1 million square foot planned mixed-use retail, retail, hotel and office development. The northern Virginia city offers most residents a 45-minute drive to surrounding employers, including the planned Amazon Headquarters 2 in Washington, DC.
Since the inception of the company, Capital Square has acquired 125 real estate assets for over 2,700 investors seeking high quality replacement homes that are tax deferred under Section 1031 of the Internal Revenue Code, as well as other investors seeking stable cash flow and capital appreciation.
