Partners have Civic responsibility.

MEMPHIS: Somerset Partners, LLC has purchased Civic Center Apartments, a 392-unit Class A multifamily community located in Southaven, Mississippi, a suburb of Memphis, Tennessee.

Somerset is also under contract to purchase Phase II of Civic Center in 2007. Construction on the 384 unit Phase II was completed in December 2005, and new units are leasing briskly.

With the acquisition of Civic Center, Somerset Partners is continuing its effort to build a high quality portfolio of multi-family assets in the southeastern and southwestern U.S. Southaven is an attractive sub-market that offers high quality of life as a suburb of Memphis, Tennessee, and it is conveniently located to major freeways and geographically attractive to a variety of employment and retail nodes in the surrounding areas. Civic Center Apartments is adjacent to the Civic Center Auditorium in DeSoto County, one of the fastest growing counties in the U.S.

"This acquisition adds a quality asset that will surely add value to our growing portfolio," said Philip Welch, Director of Multi-family Investments, Somerset Partners, LLC. "We're actively looking at our assets and identifying the best opportunities to expand our portfolio. In fact, we're currently evaluating several multi-family opportunities in greater Atlanta."