SUMMIT, N.J., January, 2022—The Solomon Organization continued expansion of its portfolio throughout the COVID Pandemic purchasing 11 properties since March 2020 in a transactional cycle comprised of 6,682 units and $1,004,952,780 in acquisitions, sales, and refinancing.
The company increased its holdings in each of its portfolios in the Southeast and Midwest Regions, with special focus on additions to its suburban Detroit portfolio and established a new presence in the Metro-Cleveland market.
“We continue to purchase properties from their original builders as we have through our history, but several recent acquisitions have been larger-scale portfolios acquired from institutional owners,” said Zach Solomon, Principal of The Solomon Organization. “But we feel that our greatest achievement during this challenging time was recognizing the needs of our staff and our tenants, whether it was leveraging technology for remote work or virtual leasing, our staff’s dedication to our company and our residents was paramount to our success. We closed the deals we had under contract that spanned the pandemic and never took our foot of the gas in acquiring properties throughout 2020 and 2021. Opportunistically, we sometimes sell select existing holdings – but more and more, we love our assets, continue to improve them and are expanding without trading out of what we have.”
Solomon’s strategy of focusing on the “biggest part of the market – the middle,” saw its original Northeast holdings to expand into the Southeast, Mid-Atlantic and Midwest marketplaces over the past decade. It internally manages all of its units.
“When COVID hit we were concerned about lasting impact on rent collection, but because of our team’s ability to adapt and work with residents who needed help during the crisis we were able to not only maintain, but surpass top- and bottom-line financial expectations across our portfolio,” says Andrew Rosen, Principal of the Solomon Organization. “Our strong occupancies, combined with the millions that the company gave back to the residents, have been rewarding, by generating strong morale among our regional and site teams. We make it a point to develop a culture of service to our residents – and our teams’ performance during the crisis speaks volumes to their character.”
The Company’s staff also has expanded to accommodate and manage its new scale, now counting more than 600 employees, including senior management in each region.
Founded in 1977, The Solomon Organization, LLC has been a leader in providing affordable luxury apartments to the biggest part of the market—the middle. The Solomon Organization currently owns, operates, and manages more than 19,000+ residential units in New York, New Jersey, Pennsylvania, Ohio, Kentucky, Michigan, Virginia and North Carolina. The company was founded by principals Marc Solomon who was later joined by long-time partner Mark Rosen. They both remain active as the company’s senior principals.