CHATTANOOGA TN
100 UNITS
Purchase Price: $3,000,000
Renovations: $400,000
Financing: $2,471,000
Equity: $1,176,000

This is a clean working class community that is located in a growing tertiary market that was acquired in August 2012. URS saw an opportunity to acquire a stable community and enter a new market utilizing Fannie Mae financing and private capital to acquire.

URS was able to sell themselves as a qualified buyer by leveraging their past experience and this being a logical next acquisition for them in terms of size. Within the first six months the property experienced significant turnover and delinquency. URS quickly replaced management and brought in a new management company to take over and stabilize operations.

This was URS’s first acquisition utilizing private capital and Fannie Mae Financing, making URS a Fannie Mae approved borrower.