FOR IMMEDIATE RELEASE
CREC Real Estate Acquires Somerset Apartments, an Atlanta Area Multifamily Community
COLUMBUS, Ohio, July 28, 2021 – CREC Real Estate, LLC (“CREC”) today announced it has partnered with McDowell Properties to acquire Somerset at the Crossings Apartments (“Somerset”), a 264-unit, Class-B, multifamily community located in the northeast Atlanta suburb of Tucker, Georgia. Terms of the transaction were not disclosed.
Built in 1987, the property, which consists of 28 two-story buildings and features 1, 2, and 3-bedroom apartments, was over 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.
“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.”
Located at 100 Summerwalk Parkway, the complex is 17 miles northeast of Atlanta, straddling the border of Gwinnett and DeKalb counties. The two counties combined have experienced 34% population growth over the past two decades, and the Atlanta metro was ranked by RealPage as the national leader for apartment demand over the 12 months ending in March 2021. Somerset is in close proximity to employment centers, retail destinations, and entertainment venues, including the North Royal Atlanta Business Park and downtown Tucker, a destination for boutique shops and eateries.
About CREC
CREC Real Estate, LLC (CREC) is a private commercial real estate investor. Based in Columbus, Ohio, the firm invests through institutional funds and private placements and has more than $1.2 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in the multifamily space and targets acquisitions in secondary and tertiary cities throughout the United States. Since CREC’s inception in 2001, it has closed on 53 investments across 18 states.
About McDowell Properties
McDowell is a leading multifamily company that specializes in acquiring, repositioning, asset managing, and performing construction management services on apartment projects across the country. With offices throughout the United States, the firm has owned over 40,000 units since its 2003 inception. Within Georgia, the company currently owns and oversees 11 properties, seven of which are in the Atlanta metro area.