Our newest acquisition in the Cincinnati market is a property we’re incredibly familiar with. Today we purchased Somerset at Deerfield for $115.25 million. It’s our sixth acquisition of the year and the second time we’ve owned this property.
When partner and VP of Acquisitions, Dispositions, Debt and Analytics Brock Wright toured the 498-unit luxury apartment community, he immediately knew we could knock this one out of the park. It’s an A+ property in an A+ location and has been extremely mismanaged since we sold it in 2018.
Partner and region head Sal Gracia looked over Somerset’s financials and agreed with Brock’s analysis. The previous owners drove roughly $30 in rates and other income per year. We are confident we’ll drive $430 in rates over the next 12 months, achieving $1 million in monthly revenue in record time.
“We’re so excited to hit the ground running,” partner and senior director Tiffany Montoya said. “Brock challenged us to the $1 million in revenue within 12 months. He doesn’t believe we can hit it, so we’re looking forward to proving him wrong.”
The CapEx team starts landscaping and exterior painting within 24-72 hours of closing. They’re also working to improve signage, install a dog park, pickleball court and update the fitness center.
“It’s going to be fun to meet the residents, make improvements to the property so quickly and drive the excellent customer service they deserve,” Tiffany said. “We’re going to kill it.”
Our Somerset at Deerfield team includes:
- Tiffany Montoya, partner, senior director
- Maria Policastro, manager in training
- Tommy Genna, partner, lead sales
- Nina Galbraith, sales
- Victoria Lane, sales
- Dave Peacock, partner, regional service trainer
