Our Portfolio




Year built: 1983
Purchase price (2017): $14.3 million
Equity invested: $6 million
CapEx budget: $1.2 million
Sale price (2021): $26.7 million

  • Investor IRR: 28.4% 
  • Equity multiple: 2.5x

In the News

Raleigh and Durham collectively rank #2 Best Place to Live - U.S. News & World Report, July 2021

Where are STEM jobs? Raleigh No. 5 in new index - WRAL TechWire

West Coast group seeks investors to complete $14M apartment complex buy in Raleigh - Triangle Business Journal, Oct 2017

Investment Highlights

Sommerset Place sits in an education epicenter in North Raleigh surrounded by four world-renowned Tier 1 research universities. At the time of sale (November 2021), the submarket posted 18% annual rent growth driven by the region's thriving tech scene. According to IMG CEO Neil Schimmel, “Corporate expansions close to Sommerset, like Apple's billion-dollar East Coast Hub, will result in long-term stability for this asset for years to come.”

ULI’s 2022 Emerging Trends in Real Estate Report named Raleigh a standout “Supernova” city among its top Magnet markets. It ranked as the No. 2 “U.S. Real Estate Market to Watch” Overall. Raleigh-Durham recently claimed another 'top two' spot on the 2021-22 U.S. News & World Report Best Places to Live list.

“Raleigh's reputation as a world-class tech hub has been growing steadily for years,” notes Schimmel. "Infrastructure and high-quality lifestyle amenities are keeping pace, compounding the lower cost of living benefit."

Constructed in 1983, Sommerset Place boasts open-concept one- and two-bedroom floor plans. Community amenities include a resort-style swimming pool with sundeck, grilling centers and a dog park. Its low density of sixteen units per acre gives it an exclusive feel, while the easy access to interstates 440 and 540 from Six Forks Road allow a simple commute to Research Triangle Park or the prestigious North Hills retail district.