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.”
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.