GAINESVILLE, VA. — Capital Square 1031 has acquired SomerHill Farms, a 140-unit multifamily community in Gainesville, a suburb of Washington, D.C. Located at 7351 Yountville Drive, the community is situated on 18.8 acres.
Constructed 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 square feet to 1,446 square feet. Community amenities include a clubhouse, outdoor pool, dog park, fitness center, tot lot and community garden.
Capital Square 1031 acquired the property via an investment vehicle that seeks to raise $23.2 million in equity from accredited investors and has a minimum investment threshold of $50,000. The seller and sales price were not disclosed.
Capital Square 1031 is a national real estate firm specializing in real estate investments, including Delaware statutory trusts for 1031 exchanges and qualified opportunity zone funds for tax deferral and exclusion.