Property Type: Multifamily
Location: Cary, NC
Acquired: March 2010
Purchase Price: $40,700,000
Sold: May 2013
Sale Price: $55,700,000
IRR: 36.9%
Somerset purchased these two adjacent assets, totaling 788 units, in March 2010 from Equity Residential with our partner Starwood Capital. These properties, built in the late 1980’s – early 1990’s benefit from an excellent location within the desirable Cary submarket of Raleigh, NC. Somerset overhauled the amenity package at the properties, as well as implemented a capital improvement program to update and refresh these well located assets.