SomerHill Farms
Multifamily property in Gainesville, VA · sponsored by Capital Square
SomerHill Farms was a DST sponsored by Capital Square that owned a multifamily property in Gainesville, VA. Its last Form D was filed Mar 11, 2021.
How it ended
No outcome recorded · under 7 years
Last Form D filed Mar 11, 2021.
Key facts
- Minimum investment
- $50,000From the Form D
- Offering size
- $23,236,000Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Mar 11, 2021)Form D, Mar 11, 2021
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,033,150 · 8.7% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: SomerHill Farms. Top1031 is not a broker-dealer.What did SomerHill Farms own?
The community is at 7351 Yountville Drive in Gainesville, Virginia, which Capital Square described as a Washington, D.C. suburb. Capital Square said it was built in 2006 and holds 140 units across six residential buildings plus a clubhouse, and announced the acquisition for the Trust on March 8, 2021. 1 The sponsor described the deal as a value-add multifamily purchase. 2
- Reported location
- Gainesville, VA
How was it financed, and what did it cost to sell?
The Trust carries a loan on the property, so part of the purchase was funded with borrowed money rather than investor equity alone. For a 1031 exchange investor, mortgage debt held inside the Trust counts toward replacing debt that sat on the property being sold.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $2,033,150 · 8.7% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,151,540 · 4.9% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Wealthforge Securities, LLC · CRD 152550
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Not in the Form D
- Minimum investment
- $50,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind SomerHill Farms?
Capital Square sponsors Delaware statutory trust offerings for 1031 exchange investors alongside its other real estate programs. It announced the SomerHill Farms acquisition on March 8, 2021, presenting it as a value-add apartment purchase in the Washington, D.C. suburbs. 2 Capital Square also states that it has no obligation to contribute capital to the master tenant that operates the property. 3
- Sponsor
- Offerings on record
- 5 active / 30 total
What does the SEC record show?
The Offering's SEC paperwork is a Form D, the brief notice an issuer sends the SEC when selling securities without registering them. It was filed days after the acquisition announcement, under a rule that allows public advertising as long as every buyer is a verified accredited investor.
- Legal Trust name
- CS1031 SomerHill Farms Apartments, DST
- SEC CIK
- 1850866
- First Form D
- Mar 11, 2021
- Latest Form D
- Mar 11, 2021
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $23,236,000 | $0 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to SomerHill Farms?
- SomerHill Farms is a Historical offering. Last Form D filed Mar 11, 2021.
- What does CS1031 SomerHill Farms Apartments, DST own?
- It owns SomerHill Farms, a 140-unit apartment community at 7351 Yountville Drive in Gainesville, Virginia. Capital Square's March 8, 2021 announcement describes the property as built in 2006, with six residential buildings and a clubhouse.
- Who pays the rent at SomerHill Farms?
- Apartment residents pay the rent, under short residential leases rather than one long corporate lease. The Trust sits above a master tenant that operates the property and pays rent to the Trust, and Capital Square's offering page says that master tenant is capitalized solely by cash flow from the underlying leases.
- Is there a mortgage on the property?
- Yes. The Trust is leveraged, meaning a lender's loan sits alongside the equity raised from investors. Debt inside a Delaware statutory trust is treated as the investor's share of debt for 1031 exchange purposes.
- Who sponsors this Trust?
- Capital Square sponsors it. The sponsor announced the SomerHill Farms acquisition on March 8, 2021 and named the owning entity CS1031 SomerHill Farms Apartments, DST.
- What is the minimum investment?
- The Form D reports a minimum investment of $50,000 from each outside investor.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.