TUCKER, GA – CREC Real Estate announced that it has partnered with McDowell Properties to acquire Somerset at the Crossings Apartments, a 264-unit, class B, apartment building in northeast Atlanta in the suburb of Tucker, Georgia. The terms of the transaction were not disclosed.
The property, which was built in 1987 and consists of 28 two-story buildings and comprises 1, 2 and 3 bedroom apartments, was over 98% let at the time of acquisition. CREC and McDowell intend to make value enhancements similar in scope to those made in nearby properties, including interior improvements, public area beautification and unit interiors. The interior improvements include upgrades like stainless steel appliances, washer and dryer installations, and new cabinets.
"Somerset represents our second acquisition within the Atlanta metro in the last 12 months and is a great addition to our value-add investment platform that has seen over $ 200 million in deals over the past year and a half." said Joe Bergman, CREC senior vice president of acquisitions. "As with many previous CREC acquisitions, our Somerset strategy is to improve the property's marketability through targeted capital improvements that we believe will be well received by existing and potential residents and supported by the demographics of the area. Tucker and the Greater The The Atlanta Metro in general continues to see strong employment and population growth, which we believe will further increase the demand for quality rental apartments. "
The complex is located at 100 Summerwalk Parkway, 17 miles northeast of Atlanta, on the border of Counties Gwinnett and DeKalb. The two counties combined have seen 34% population growth over the past two decades, and the Atlanta subway was ranked the nationwide leader in housing demand by RealPage for the twelve months ending March 2021. Somerset is in close proximity to business centers and retail destinations and entertainment including the North Royal Atlanta Business Park and downtown Tucker, a destination for boutiques and restaurants.
Source: CREC real estate