CREC Real Estate, in partnership with McDowell Properties, has acquired Somerset at the Crossings Apartments, a 264-unit apartment community in the Atlanta suburb of Tucker. The sales price was not disclosed.
Built in 1987, the property consists of 28 two-story buildings and features 1, 2, and 3-bedroom apartments and was 98% occupied at the time of acquisition. CREC and McDowell intend to make value-add improvements, similar in scale to those completed at nearby properties, including amenity upgrades, common-area beautification, and unit-interior remodels. The interior improvements will involve upgrades such as stainless-steel appliances, washer and dryer installations, and new cabinets. The community is located at 100 Summerwalk Parkway.
“Somerset represents our second acquisition within the Atlanta metro over the past 12 months and a great addition to our value-add investment platform, which has experienced in excess of $200 million of transaction volume over the past year and a half,” said Joe Bergman, senior vice president of acquisitions at CREC. “Like many of CREC’s previous acquisitions, our strategy at Somerset is to enhance the marketability of the property through targeted capital improvements, which we believe will be well received by existing and prospective residents and supported by the demographics of the area. Tucker and the greater Atlanta metro, in general, continue to experience strong job and population growth, which we believe will continue to increase the demand for high-quality rental housing.”
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.
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