Columbus, Ohio-based CREC Real Estate LLC and San Francisco-based McDowell Properties intend to make value-add improvements to the property, which was built in 1987 and consists of 28 two-story buildings with one-, two- and three-bedroom apartments. The refresh will include upgraded amenities, common-area beautification and unit-interior remodels that include stainless-steel appliances, washer-dryer installations and new cabinets, CREC said in a press release.
“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 CREC Senior Vice President of Acquisitions Joe Bergman. “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.”
Somerset is located at 100 Summerwalk Parkway and straddles the border of Dekalb and Gwinnett counties.