WASHINGTON, DC – Capital Square 1031, 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 multifamily community in Gainesville, Virginia, a suburb of Washington, D.C. The property was bought for CS1031 SomerHill Farms Apartments, DST, a Reg. D private placement.
“SomerHill Farms Apartments is next in Capital Square’s line of value-add multifamily communities for 1031 exchange and other investors seeking stable cash flow and capital appreciation,” said Louis Rogers, founder and chief executive officer of Capital Square. “The community is located in a dynamic and rapidly growing Northern Virginia suburb, just outside of Washington D.C., with robust population growth, strong rental increases, high barriers to entry, and exceptional job opportunities within commuting distance, including Amazon’s $2.5 billion HQ2 development.”
Located at 7351 Yountville Drive, the community is situated on 18.76 acres of land. Constructed in 2006, SomerHill Farms features six three- and four-tale 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, tot lot and community garden.
CS1031 SomerHill Farms Apartments, DST seeks to raise $23.2 million in equity from accredited investors and has a minimum investment of $50,000.
“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 2023,1” said Whitson Huffman, chief strategy and investment officer. “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.”
Gainesville is home to 48.3 million square feet of retail space, including The Grove at Gainesville, a 1-million-square-foot plotted mixed-use, retail entertainment, hotel and office space development. Located in Northern Virginia, the city offers most residents a 45-minute commute to surrounding employers, including the plotted Amazon HQ2 in Washington, D.C.
Since the company was founded, Capital Square has bought 125 real estate assets for over 2,700 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.

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AUSTIN, TX – Paving the path for continued aggressive growth in 2021, Austin, TX-based RPM (formerly known as Roscoe Property Management) and Atlanta-based CF (CF Real Estate Services) announced they have merged making a national multifamily footprint with over 84,000 units across 17 states.
The combined organization will have more than 1,800 employees with nine regional offices located in Charleston, Chicago, Dallas, Denver, Houston, Tampa, Phoenix, San Antonio, Washington D.C., a regional headquarters in Atlanta and its main headquarters located in Austin, Texas.
We are proud to merge the CF Real Estate Services brand with RPM to make one property management platform that will leave a lasting mark on the multifamily industry, said Jason Berkowitz, President and founder of RPM. We are forging a strong entrance into the Southeast and Midwest markets backed by an exceptional portfolio. This merger truly expands our geographic reach, strengthens our organizations, and provides significant opportunities for the future. While we will operate under the RPM brand nationally, leaders from both companies have formed a collective executive team that will guide the organization under our shared alignment of a ‘people-first culture . As one of the few firms operating in nearly all major US growth markets, we have become a powerhouse at the forefront of the multifamily industry.
CF Real Estate Services was founded in 2004 in Atlanta, Georgia by co-founders Byron Cocke and Brett Finkelstein. As a result of strategic mergers and organic growth over the last 17 years, their portfolio of institutional quality assets comprises over 26,000 units, including its student housing division, Campus First, which operates in major collegiate markets throughout the country.
Our combined operational scale and geographical presence will allow us to provide outsized value to our clients, investors and partners, said Finkelstein, CEO of CF.
Founded in 2002, RPM added over 19,000 units organically to its portfolio in 2020 expanding to over 58,000 units (prior to the CF merger) and had already grown into Arizona, Colorado, Wyoming and Florida. RPM is one of the largest multifamily management companies in Texas and is a NMHC Top 50 Manager in the nation.
Our growth has been a result of a focus on best practice and how to best serve our clients on a broader and deeper level while at the same time allowing tremendous opportunities for our associates across additional verticals and new markets, said Hank Farrell, Principal at RPM.

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HOUSTON, TX – Bodka Creek Capital has bought Terraces Apartments, a 240-Unit Class C Multifamily Complex in Texas City, Texas, for $17.6 million, marking the Houston-based real estate firm’s continued expansion.
Terraces@2602 is the first acquisition for Bodka in 2021, following the close of two complexes in 2020. Bodka currently manages a $24 million commercial real estate portfolio with over 300 multifamily units really nearly 300,000-square feet. The acquisition positions Bodka as the largest African American Woman owned real estate investment firm in Texasand among the Top 3 nationwide. The firm will pursue increasingly larger value-add opportunities across the Southeast with a Texas emphasis.
Located at 2602 21st Street N, the 164,614-square foot Terraces@2602 was 99 percent leased at closing. The property, one of the most desired in Texas City, features two sparkling swimming pools, onsite laundry facilities, a resident dog park, and reserved parking. With over 10.5 acres, the silent community has ample space for individuals and families to delight in.
While Bodka invests in urban and suburban markets, they were drawn to the attractive risk/reward fundamentals of this Houston submarket, according to Founder & Managing Partner Allyson M. Pritchett.
“Terraces is a stabilized multifamily property with several significant value-add opportunities in one of the fastest growing submarkets in Houston,” said Pritchett. “We were able to secure the asset at an attractive cap rate and at a price substantially below appraisal value. We look forward to buying as many deals with this kind of profile as there are opportunities to do so.”
Investment Partners included Pritchett’s brother, Theodore E. Pritchett III, as well as Daniel Hamann and Graham Crain, who also partnered on Gulfwind Apartments. Naval Sehgal, Ash Shah, and Brian Pope rounded out the partnership.
Jonathan Paine and Tom Fish of Walker & Dunlop’s Houston Office and David Kwitman of Ready Capital’s New York Office secured the debt. Matt Saunders of NKF’s Houston Office represented the seller.

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