New Jersey Firm Acquires Somerset Park in Troy

811

TROY — The Solomon Organization, based in Summit, N.J,. today acquired Somerset Park, a community of 2,226 apartments with a 9-hole golf course in Troy. The company plans to renovate apartment interiors and upgrade common areas including the recreational facilities.

Somerset Park was developed in the mid-1970s just off Big Beaver Road and is adjacent to the Somerset Collection as well as the Somerset Hotel, a Whole Foods grocery store and several notable office buildings.

“Somerset Park fits perfectly into our long-term strategy of identifying properties in excellent locations that can be improved for this generation’s selective apartment dwellers,” says Marc Solomon, founder of the 38-year-old company.  “Detroit’s recovering economy and excellent prospects proved very appealing to us and we are fortunate to add this excellent property to our portfolio.” 

- Advertisement -

 The Solomon Organization has acquired more than $500 million of residential property in the last two years, including 5,391 total apartment units:  a 3-community portfolio of 1,439 units in Rochester, N.Y.; a 598-unit garden apartment campus in suburban Philadelphia; a 498-unit mid-rise outside of New Haven, Conn.; and 630 total new-construction units in three separate transactions in suburban NYC and Harrisburg, Pa.  The firm now owns more than 12,700 apartments, all of which it manages, in five states.

Facebook Comments