In 2001, Somerset embarked on a strategy of purchasing multi-family assets in the southeastern and southwestern United States to exploit market inefficiencies in this asset class and region. Somerset focused on specific markets and properties where occupancy rates were below normal averages due to both over building and increased home ownership. We utilized a combination of fixed and floating rate debt in order to minimize risk while allowing enough flexibility to divest assets prior to anticipated holding periods. More recently, in 2009, as capitalization rates became more attractive, Somerset reactivated its acquisition program concentrating on select U.S. markets.