Boston, MA – UC Funds is pleased to announce the funding of an $11 million equity investment on two Class A multifamily assets totaling 536 units in Atlanta, GA. The investment was used to facilitate the purchase of the properties and to provide funds for renovations.
UC is teaming up with a repeat partner on the transaction, to implement a targeted renovation program and capitalize on below market rents. The renovation plan includes unit interior upgrades, amenity improvements and new exterior paint.
The properties are located in Northeastern Atlanta, situated in the neighborhoods of Doraville and Norcross respectively. Doraville and Norcross represent two of the strongest apartment submarkets in the Atlanta MSA, featuring strong year over year rent growth and limited supply expansion. Moreover, the neighborhoods will benefit over the next five years from the proposed Atlanta Media Campus, as well as, the General Motors Site Redevelopment, and various multi-billion dollar mixed-use projects that will further invigorate the area.
Ricardo Alburez, UC Funds Chief Credit Officer, said, “We are excited to team up again with our local partner on a terrific value-add opportunity in the Atlanta MSA. Moreover, Doraville and Norcross represent some of the most appealing locations for multifamily investment in Atlanta.”
UC Funds is a national balance sheet provider of both debt and equity capital solutions. UC Funds has provided over $1 billion dollars of capital solutions in 2015. For more information about UC Funds’ commercial real estate platform, please visit (www.ucfunds.com).
UC Funds provides quick financial solutions throughout the entire capital stack, including joint venture equity. UC Funds is one of the nation’s most entrepreneurial lending institutions, focused on Multifamily, Retail, Office, Hotel, Industrial/Warehouse, Adaptive Reuse and Construction assets nationwide.