Somerset Village is a 486-unit property that is comprised of a modern unit mix of 1-bedroom, 2-bedrom, and 3-bedroom units which are well suited to capture a wide range of rental demand. This property fits TruAmerica’s value-add strategy, as the unit interiors are in need of modest upgrades to achieve solid rent premiums. With a thoughtful renovation program and strong management, solid revenue upside can be achieved, which is well within the affordability range of the local population. Upgrades would include upgraded kitchen appliances and countertops, light fixtures, flooring, cabinet faces and hardware. Additional exterior and common-area amenity upgrades include: swimming pool area enhancements, outdoor kitchen space, and outdoor activity recreation areas.
The local market is ripe for repositioning well-located properties, and many properties have been slow to undergo renovation due to less institutional ownership. By implementing the renovation program and bringing market rents to appropriate levels, TruAmerica should be able to meet its business plan and generate favorable returns for its investors.
486 one, two, and three-bedroom apartment homes with large floor plans ranging from 720 to 1500 square feet and resort-like amenities. Charming 2-story construction and beautiful landscaping are combined to create a friendly village setting.
- Indoor and outdoor pool
- Clubhouse with fitness center
- Lush landscaping