TUCKER, GA – CREC Real Estate announced it has partnered with McDowell Properties to buy Somerset at the Crossings Apartments, a 264-unit, Class-B, multifamily community located in the northeast Atlanta suburb of Tucker, Georgia. Terms of the transaction were not told.
Built in 1987, the property, which consists of 28 two-tale buildings and features 1, 2, and 3-bedroom apartments, was over 98% occupied at the time of acquisition. CREC and McDowell intend to make value-add improvements, similar in scale to those completed at nearby properties, including amenity upgrades, common-area beautification, and unit-interior remodels. The interior improvements will involve upgrades such as stainless-steel appliances, washer and dryer installations, and new cabinets.
“Somerset represents our second acquisition within the Atlanta metro over the past 12 months and a fantastic addition to our value-add investment platform, which has experienced in excess of $200 million of transaction volume over the past year and a half,” said Joe Bergman, Senior Vice President of Acquisitions at CREC. “Like many of CREC’s previous acquisitions, our strategy at Somerset is to enhance the marketability of the property through targeted capital improvements, which we believe will be well received by existing and prospective residents and supported by the demographics of the area. Tucker and the greater Atlanta metro, in general, continue to experience strong job and population growth, which we believe will continue to increase the demand for high-quality rental housing.”
Located at 100 Summerwalk Parkway, the complex is 17 miles northeast of Atlanta, straddling the border of Gwinnett and DeKalb counties. The two counties combined have experienced 34% population growth over the past two decades, and the Atlanta metro was ranked by RealPage as the national leader for apartment demand over the 12 months ending in March 2021. Somerset is in close proximity to employment centers, retail destinations, and entertainment venues, including the North Royal Atlanta Business Park and downtown Tucker, a destination for boutique shops and eateries.

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SAN JOSE, CA – Urban Catalyst, Silicon Valley’s premier Opportunity Zone Fund, announced it has submitted its Site Development Permit and Vesting Tentative Tract Map for its Icon/Echo project, slated to bring new office space and residential units to downtown San Jose.
Located at 147 E Santa Clara Street in the heart of downtown, Icon/Echo will make more than 300 multifamily apartment units and 420,000 square feet of Class-A office space. The development encompasses about two acres of land and is catty-corner with City Hall and within one block of a future BART station. The two towers will include over 50,000 square feet of outdoor amenities, including rooftop gardens, as well as state-of-the-art interior common areas.
The transit-oriented development is part of the federal Opportunity Zone tax relief program, and Urban Catalyst–a Qualified Opportunity Zone Fund–is currently accepting investments for the project.
Building high-density development near transit is Urban Plotting 101, said Erik Hayden, Founder and CEO of Urban Catalyst. This project is located on Santa Clara Street, the main drag of the central business district. Once completed, this community could be home to more than 500 residents and over 2,000 employees.
In addition to this key milestone, Urban Catalyst has completed the conforming rezone process for the project to align with the City s General Plot, and has received approval of the initial Tentative Map for the project land. Urban Catalyst has bought two of the four parcels needed for the development and is under contract to buy the remaining two.
The Icon/Echo development will complete the key intersection of 4th & Santa Clara Street, while breathing new life to Saint James Park for a truly balanced work/life environment, said Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst.
The project is being designed by WRNS Architecture in coordination with Studio Current, and once completed, will be managed by Greystar, one of the largest apartment and commercial operators in the United States.

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CHICAGO, IL – Trilogy Real Estate Group, a Chicago-based real estate investment, property management and development firm, announced the acquisition of Park 205, a luxury apartment community in the Park Ridge, IL, a suburb of Chicago.
“Our investment experience across multiple cycles, combined with the span of our platform enables us to uniquely identify opportunities like Park 205,” said Trilogy Chief Investment Officer Jesse Karasik. “Strong suburban nodes like Park Ridge are of keen interest. Park 205 is a boutique property that is highly amenitized, providing for long term differentiation.”
The property is located at 205 Touhy Avenue and offers 115 one-, two- and three-bedroom apartment homes. The spacious units are stylishly appointed with hardwood or vinyl plank-style flooring, granite countertops, eat-at kitchen islands, in-unit washer and dryer and walk-in closets. Residents delight in top-notch community amenities including a fitness center, a heated pool and sundeck, poolside grills, a communal firepit, access-controlled gates and temperature-controlled indoor parking.
Park 205 is strategically located adjacent to a Whole Foods and within walking distance of the vibrant Uptown district with its numerous shopping, dining, cultural and recreational amenities. Commuting residents delight in access to the Park Ridge Metra which provides direct, efficient access to downtown Chicago employment. The community’s attractiveness is further punctuated by its proximity to Maine South High School, which U.S. News and World Report ranks in in the top 4% of all high schools on a national basis.
Trilogy Residential Management, Trilogy’s top-rated management company for eight consecutive years, will manage the property.
Since 2002, the principals of Trilogy have completed over $4 billion in transaction volume, including $670 million of acquisition and financing activity in 2020. In addition to Park 205, Trilogy also owns a multifamily property in nearby Skokie.

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