East Atlanta, GA
140 UNITS
Purchase Price: $5,500,000
Renovation: $4,200,000
Financing: $7,600,000
Equity: $3,650,000

URS had invested over a year to understand the Atlanta market. Always focusing on fundamentals, Atlanta is impossible to ignore; 70,000 jobs have been added in the last 12 months alone. This off-market opportunity was acquired through a long-term broker relationship. URS got the call and was able to step in quickly when a prospective buyer could not source the necessary equity.

A complete scope of work was created for this project. The plan was to start leasing completely renovated units within 4 -6 months of closing, with a target of 90%+ occupancy between 18 – 24 months. Our institutional property management partner that manages over 1,000 units with URS conducted successful the lease-up process.

After efficiently managing $5,000,000 renovation, URS took this property from a dilapidated vacant apartment community to a beautiful Class B community. At the time of sale,  it was over 95% occupied and it sold within 24 months.

URS was able to achieve a 67% average return for our investors and in the process of identifying potential opportunities to utilize a 1031 Exchange.