Somerset Closes $100M Fund, Continues Acquisition Drive

NEW YORK CITY-Supporting its $400-million acquisition effort, Somerset Partners LLC has closed its $100-million Somerset Multi-Family Fund I. The private investor, which is acquiring class A multifamily properties throughout the Southwest and Southeast, has completed two acquisitions totaling nearly 1,000 units in the last five months.

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.