URS Capital buys ‘distressed’ Atlanta complex for $5.5 million
Gresham Arms, a 140-unit apartment complex in Atlanta, was purchased for $5.5 million by Huntington-based URS Capital Partners. Credit: URS Capital Partners
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.
'Democrats say this is a misuse of taxpayer funds' Nassau Republicans awarded over $1 million in taxpayer-funded legal contracts to the one-man law firm of Sheharyar Ali, a longtime GOP ally. Ali's father is an adviser to Nassau County Executive Bruce Blakeman. NewsdayTV's Ken Buffa and Newsday Nassau County politics reporter Bahar Ostadan have the story.
'Democrats say this is a misuse of taxpayer funds' Nassau Republicans awarded over $1 million in taxpayer-funded legal contracts to the one-man law firm of Sheharyar Ali, a longtime GOP ally. Ali's father is an adviser to Nassau County Executive Bruce Blakeman. NewsdayTV's Ken Buffa and Newsday Nassau County politics reporter Bahar Ostadan have the story.
