Subject: RLE
Drucker + Falk Closes $26.7MM Deal Sommerset Place Apartments in North Carolina
RALEIGH, N.C., Dec. 30, 2021 /PRNewswire-PRWeb/ -- DF Ventures, a business unit of Drucker + Falk (DF), one of the nation's most prominent multifamily management companies, acquired Sommerset Place Apartments in Raleigh, NC for $26.7MM in November 2021.
A garden-style community built in 1983, Sommerset Place features a mix of apartment homes with open floor plans, a resort-style pool, clubhouse with free wi-fi, resident grilling and gathering area, and two dog parks. The property provides convenient access to employment, top rated schools and entertainment centers throughout the Triangle region due to its strategic location along Six Fork Road and access to I-540 and I-440.
DF Ventures has an ambitious value-add strategy for Sommerset Place, including adding a pet spa, enhancing curb appeal, and updating the resort-style pool area. Drucker + Falk, one of the most respected property management companies in the country and designated as one of the "Best Places to Work in Multifamily" three years in a row, also plans to institute professional management practices and a more targeted approach to marketing.
"The acquisition of Sommerset Place was an opportunity to purchase a well-located, quality apartment community within the strong and growing Raleigh market. Since DF Multifamily had successfully managed the community for the prior three years, we were intimately familiar with the property and were able to move quickly and close in 45 days from contract execution in order to meet the timeline requested by the seller. We would like to thank our client and the seller, Investors Management Group, for the opportunity to partner with them as their third-party management company to successfully achieve their investment objectives, and for the opportunity to purchase the community when they chose to sell," said Kellie Falk, Managing Director of Drucker + Falk.
ABOUT DRUCKER + FALK
Founded in 1938, Drucker + Falk is a full-service real estate and investment firm managing a diverse portfolio of more than 40,000 apartment homes and approximately 3,000,000 square feet of office, retail, and industrial space in twelve states. In addition to managing a broad range of properties, including class A+ to affordable apartment communities, mixed-use and all types of commercial properties, Drucker + Falk offers commercial leasing and sales services and partners with clients on developing new properties, renovating and repositioning assets, converting historic properties to unique, upscale apartment homes. For more information visit Drucker + Falk.
Media Contact
Amanda McCrowell, Drucker + Falk, 757-406-1187, [email protected]
SOURCE Drucker + Falk
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