Since 2002, the firm has completed seven acquisitions to assemble a $175-million, 3,000-unit portfolio made up of properties in markets such as Atlanta, Oklahoma City, Cincinnati, Little Rock, AK, Tulsa, OK and Wichita, KS. "We're targeting markets with diverse tenant demand, supply constraints and exit liquidity," explains principal Marshall Allan. "We focus on generating returns for our investors through strategic investments in real estate assets whose fundamentals are under priced, and by implementing a proven business plan to capture that value." Somerset Partners' Philip Welch says the fund was well received in the marketplace and that the firm has "already deployed half the fund" to build growing portfolio.

In April, Somerset acquired the Conservatory at Deerfield, a 498-unit class A multifamily property in Mason, OH for $43 million. It was part of a portfolio MetLife placed on the market. "We are long-term owners and are looking to add several thousand units this year, including individual assets and select portfolios," Allan adds. Another recent asset was Deep Deuce, a 294-unit, class A urban infill property in the Bricktown area of Oklahoma City. Somerset Partners is owned and managed by Allan, Welch and Keith Rubenstein.