URS Capital Partners Nabs Distressed Apartment Community
The company plans to invest $4 million in the property's renovation, crucial to an extensive rebranding process that will include renaming the community as The Flats at East Atlanta.
Multifamily real estate investment company URS Capital Partners has purchased Gresham Arms, an apartment community located in Decatur, Ga. The highly distressed community was acquired in an off market transaction with a combination of private equity sourced though URS’s extensive network of accredited investors and bridge financing.
As pointed out by URS’s Managing Partner, Christopher Urso, the property will now operate under the name of The Flats at East Atlanta. The company intends to invest $4 million in property improvements, including a complete overhaul to the exterior, full unit refurbishment, as well as the addition of a new outdoor kitchen, fitness center and leasing office space. “These upgrades will make The Flats at East Atlanta a best-in-class apartment community that will cater to those that want large floors at a good value and be a short drive away from downtown and East Atlanta Village,” Urso said in prepared remarks.
URS acquires value-add apartment communities throughout the Southwest and Midwest, providing investors geographic and asset diversity. The company has purchased more than $110 million worth of multifamily assets in the last several years. “The fundamentals continue to be strong in multifamily as a whole and specifically in the B&C workforce space. We are targeting an additional $50 million-$100 million of acquisitions in this space over the next 24 months,” Urso added in a prepared statement.
Image courtesy of URS Capital Partners