Huntington, N.Y.-based URS Capital Partners has closed its first acquisition of 2017. Gresham Arms is a highly distressed 140 unit complex that was acquired off market through URS's strong network. URS acquired the property with a combination of private equity sourced through their robust network of accredited investors and bridge financing.
URS has built its portfolio of 1,800 plus units by proving its ability to reposition operationally and physically challenged multifamily communities. "As value-add buyers, Gresham is our ideal project, it allows us to keep our all in basis significantly below replacement cost and deliver a quality product upon completion," says Christopher Urso, Managing Partner.
"Gresham, to be rebranded The Flats at East Atlanta, is a very well located asset in a rapidly growing sub market. The East Atlanta market shows dynamic growth with both strong employment and population numbers.
We have a $4,000,000 improvement plan in place that includes a complete overhaul to the exterior, full unit renovations, the addition of a new outdoor kitchen, fitness center and leasing office, using a bold, modern palette and premium finishes. 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," says Urso.
URS Capital Partners has acquired over $110,000,000 of multifamily assets over the last several years and continues to seek additional opportunities throughout the Southeast and Midwest.
"The fundamentals continue to be strong in multifamily as a whole and specifically in the B & C workforce space. We are targeting an additional $50,000,000 -$100,000,000 of acquisitions in this space over the next 24 months," says Christopher Urso.