URS Capital Partners, a Huntington-based multifamily real estate investment company, has made its first purchase of the year, buying a distressed apartment complex in Atlanta for $5.5 million.
The company plans to invest an additional $4 million in improvements to Gresham Arms, a 140-unit “highly distressed” complex, it said. Improvements include a redesign of the buildings’ exteriors, unit renovations, and the addition of a fitness center and outdoor kitchen.
URS, which purchased the property with a combination of private equity and bridge financing, will rename the site The Flats at East Atlanta.
The Long Island firm has a portfolio of more than 1,800 units of apartment housing across the country.
The company said it has acquired more than $110 million in multifamily properties over the last few years, and is looking for more opportunities to buy apartments in the Midwest and Southeast.
“We are targeting an additional [$50 million to $100 million] of acquisitions in this space over the next 24 months,” Christopher Urso, managing partner of URS Capital, said in a statement last week.