The private real estate investment group paid joint-venture partners Atlanta-based Wood Partners and AIG $43.5 million, or $87,349 per unit, for the Cobb County asset. The deal was done in 14 days, including financing with Wachovia Securities in three business days. CB Richard Ellis Inc. brokered the transaction, representing buyer and seller.
"We were able to purchase the asset at a favorable price based upon its current economic occupancy," says Somerset Partners managing partner Philip Welch. "This will enable the firm to realize a tremendous upside as the Atlanta market continues to improve."
Marshall G. Allan, another Somerset managing partner, calls the acquisition "a terrific addition to the portfolio we are building for long-term ownership, representing class A multifamily housing in a city that has a healthy growing economy."
Allan adds, "When we find an asset like this, we move decisively. With Alta Green, we pulled together and directed an excellent team for the fast-tracked due diligence, financing and closing of this transaction." Allan says his group plans to acquire at least another 4,000 multifamily units in 2005.
Somerset Partners acquired the 424-unit Glen Eagles Apartments in Tulsa, OK and the 294-unit Deep Deuce Apartments in the redeveloped Bricktown area of Oklahoma City for a total $36 million in 2004.
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