CREC Real Estate acquires Somerset Apartments, a multi-family community in the Atlanta area

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COLUMBUS, OH, Jul 28, 2021 / PRNewswire / – CREC Real Estate, LLC (“CREC”) today announced a partnership with McDowell Properties to acquire Somerset in the apartment Crossings (“Somerset“), a class B apartment complex consisting of 264 apartments, located in the north-east of the country. Atlanta suburb Tucker, Georgia… Terms of the deal were not disclosed.

Constructed in 1987, the property, comprised of 28 two-story buildings and 1, 2 and 3 bedroom apartments, was more than 98% occupied at the time of acquisition. CREC and McDowell intend to make value-added improvements of a similar scale to those completed in nearby properties, including amenity upgrades, common area improvements and refurbishment. Internal improvements will include upgrades such as stainless steel appliances, washers and dryers, and new cabinets.

Somerset represents our second acquisition under Atlanta metro over the past 12 months and a great addition to our value-added investment platform that has experienced more than $ 200 million the volume of transactions over the past year and a half, “- said Joe Bergman, Senior Vice President Procurement CREC. “Like many of CREC’s previous acquisitions, our strategy for Somerset is to increase the competitiveness of real estate through targeted capital improvements that we believe will be well received by existing and potential residents and will be supported by the demographic situation in the area. Tucker and more Atlanta in the metro as a whole, there is still a significant increase in the number of jobs and population, which, in our opinion, will further increase the demand for high-quality rental housing. “

Located at 100 Summerwalk Parkway, the complex is 17 miles northeast of Atlantacrossing the border Gwinnett and DeCalb county. The two counties combined have experienced a 34% population growth over the past two decades, and Atlanta metro was recognized by RealPage as the country’s leader in apartment demand for the 12 months ended March 2021Somerset is in close proximity to employment centers, shopping centers and entertainment venues, including the North Royal Atlanta Business Park and the city center. Tucker, a place for boutiques and eateries.

About CREC
CREC Real Estate, LLC (CREC) is a private investor in commercial real estate. Founded in Columbus, Ohio, the firm invests through institutional funds and private placements and has more $ 1.2 billion real estate under management. Using a value-added strategy, the company specializes in multi-apartment buildings and targets acquisitions in secondary and tertiary cities around the world. United States… Since its inception in 2001, CREC has closed 53 investments in 18 states.

About McDowell Properties
McDowell is a leading multi-family company specializing in the acquisition, repositioning, asset management and construction management services of apartment projects nationwide. With offices everywhere United States, the firm has owned over 40,000 units since its founding in 2003. Within Georgia, the company currently owns and controls 11 properties, seven of which are in Atlanta metro area.

Contact
Caroline Loose
Lambert & Co.
203-656-2829
[email protected]

SOURCE CREC Real Estate, LLC

Related links

http://www.lambert.com

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