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| Property Types |
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| Apartments |
| Projects in metropolitan infill locations with ability to boost proforma through operational and physical enhancements. |
| Hotels |
| Franchised or boutique, upscale and mid-priced hotels. Prefer locations with a combination of strong business and leisure demand generators, strong barriers to entry, and properties that can be repositioned for value creation. |
| Office |
| Class A and B buildings are considered. Prefer properties with upside potential such as lease up-risk, near-term lease rollover and/or repositioning. |
| Retail |
| Redevelopment or repositioning opportunities of traditional anchored or unanchored strip retail properties at dominant intersections with high barriers to entry. Prefer properties with an in-place income component and value creation opportunities through rolling below-market leases, capital investment and improved management. |
| Industrial/Flex |
| Single-tenant or multi-tenant properties in “A” locations. Will consider properties with vacancy or short term leases, particularly if current tenants have below-market rental rates. |
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| Location |
| Investments are considered in the 48 contiguous states and Hawaii with preference to major metropolitan markets, major adjacent markets and secondary markets with high barriers to entry. Current portfolio consists of properties in the states of California, Hawaii, Maine, Texas, Maryland, Tennessee, South Carolina, Georgia, Florida, Louisiana, Arizona, Missouri, and Colorado. |
| Transaction Size |
| Preferred equity placement range is between $3 million and $10 million in equity per transaction. Recently closed transactions have ranged from $15 million to $50 million. |
| Yield Targets |
| Investments that produce to Somera an 8-9% average annual cash-on-cash return and a Gross Internal Rate of Return of 18% or greater based on a 4-5 year hold period. |
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| Past Acquisitions |
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| LEGACY KEY APARTMENTS |
| Dunwoody, GA |
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| OFFICES AT THE PROMENADE |
| Greenwood Village, CO |
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| HAMPTON INN |
| Camarillo, CA |
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