Somerset Park at Union Sells for $17 Million

A group of California-based investors have paid $17 million for the Somerset Park at Union Apartments, 9416 E. 65th St.
The 424-unit complex, which was built in 1984, was purchased from Somerset Partners of New York. Somerset, with an occupancy rate of 98 percent, contains 16 buildings, two swimming pools and a playground with picnic area.
Somersets’ rents range from $460 for one-bedroom units to $659 for two-bedroom apartments. Each unit includes vaulted ceilings and fans, wood-burning fireplaces, washer and dryer connections, walk-in closets and private patios and balconies. The community contains 240 one-bedroom units and 187 with two bedrooms.

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