Glen Lake Apartments
Multi-Family Residential
Atlanta, Georgia
Euram has acquired this existing, stabilized apartment complex on behalf of a Dutch investor. This "off market" deal was brought to Euram by one of their long-term partners in the Atlanta real estate community.
Located in North Atlanta, this complex consists of 270 units. The project has been substantially renovated over the last couple of years, and was sold due to the distressed financial situation of its owner. This allowed for a purchase price at a substantial discount to replacement value resulting in immediate and substantial cash flow for the new owner.
As part of this transaction, the Dutch investor required a local partner who was willing to take a 20% equity and ownership position while also providing management and leasing services for the project. Through their extensive network, Euram was able to identify the ideal resource to meet the needs of their investor.
The Dutch investor sees this project as an excellent, long term hold with the opportunity to grow cash flow when the economical situation improves. The total transaction volume is in excess of $30,000,000.