Capital Square 1031 Acquires Value-Add MF Property in Metro D.C.
Capital Square 1031 has acquired SomerHill Farms, a 140-unit multifamily community in Gainesville, VA. The property was acquired for CS1031 SomerHill Farms Apartments, DST, a Reg. D private placement.
Located at 7351 Yountville Drive, the community is situated on 18 acres of land. Built in 2006, SomerHill Farms features six three- and four-story residential buildings and one clubhouse. The community includes one-, two- and three-bedroom units ranging in size from 786 average square feet to 1,446 average square feet. Amenities at SomerHill Farms include a clubhouse, outdoor pool, dog park, fitness center and community garden.
“SomerHill is located in the ninth wealthiest county in the nation, with a projected 3.78% average annual rent growth from fiscal year 2022 to fiscal year 2023,” said Whitson Huffman, chief strategy and investment officer at Capital Square. “SomerHill Farms is a prime example of a multifamily community with value-add potential. By improving the community through light unit renovations and amenity upgrades, Capital Square is able to raise the rent over time and increase the residual value of the property.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.