Somerset Pacific, founding in July 2003, is a professional asset management firm specializing in the management of multi-family and senior housing with an emphasis on properties financed through the Low-Income Housing Tax Credit Program (LIHTC), UDA RD 515 Program, HUD and HOME, Section 202 and 811 Programs. Somerset Pacific’s corporate office is located in Caldwell, Idaho.
Somerset’s current portfolio consists of 2,415 units and is under contract to manage an additional 244 units which are currently under construction. These properties are located throughout Idaho, Montana, Utah, Nevada, Arizona, Wyoming, Alaska, South Dakota, North Dakota, Nebraska and Louisiana.
Somerset Pacific gives special emphasis on marketing and pre-leasing of properties which are under construction. Its marketing techniques have led to numerous successful lease-ups in a time frame of less than 30 days.
Somerset Pacific’s staff has extensive education and experience in fair housing laws, ADA, the required compliance issues that govern the LIHTC, RD, HOME, and the HUD Programs. The staff is very knowledgeable and experienced with the reporting requirements for owners, syndicators, lenders and the state and federal agencies.
Somerset operates in a decentralized environment with an operations manager and seven district managers. Each district manager is accountable for the properties in their respective portfolio. They are charged supervision of all staff, financial success of the properties and resolving all tenant complaints, violations and other issues as they arise. Somerset has a full service accounting department and compliance team which interacts daily with site managers, vendors, state agencies, investors and owners.