By Joshua Burd
The Solomon Organization, a Summit-based multifamily owner and investor, is touting a major expansion of its portfolio after more than $1 billion worth of activity over the past two years.
The company announced that it has acquired, sold or refinanced 8,000 units since January 2017, equating to roughly $1.1 billion in transaction value. As a result of its expansion in both existing markets and new markets, its portfolio currently spans 15,000 units in 10 states.
“We cater to renters in metropolitan areas that offer vast educational and skilled employment opportunities,” said Zach Solomon, managing director for The Solomon Organization. “We often buy communities from the original owners, so they have been well-cared for but in need of the modern touches that we are happy to make with capital investments.”
In the Southeast, Solomon has added rental communities in Charlotte to a portfolio of existing properties Greensboro and Raleigh, North Carolina, along with new acquisitions in Roanoke, Virginia. The company has also moved into South Carolina with two communities in Charleston.
Meantime, the firm has made new acquisitions in the Detroit area and Pittsburgh to bolster its Midwest portfolio, along with purchases in the Columbus and Cincinnati areas of Ohio, including one community in Northern Kentucky.
Solomon said it began its portfolio in New York and New Jersey and has since expanded to a footprint that also includes Connecticut, Pennsylvania, Ohio, Kentucky, Michigan, Virginia, North Carolina and South Carolina.