A JV between New York-based Atlas Real Estate Partners and Novel Property Ventures have acquired Urban Style Flats Apartments, a 481-unit high-rise apartment community located in downtown St. Petersburg, FL. The Property is located within 1 block of the popular ‘EDGE District’, a vibrant neighborhood characterized by hip bars and restaurants, art galleries, and museums.
Atlas/Novel intends to implement a value-add renovation program and rebranding. “We’re very excited about unlocking what we think is some incredible potential in the property. Urban Style Flats perfectly fits our investment strategy of acquiring class B apartment communities at a significant discount to replacement cost and can be repositioned to create additional value” said Arvind Chary, Managing Partner at Atlas. “We’ve engaged a great team and we’re excited to execute our value-add strategy,” said Andrew Miller Principal at Novel.
“We believe there are numerous opportunities to create value and improve operations. Our business plan is to take care of all deferred maintenance, create new amenities, renovate the common areas, upgrade unit interiors, and re-brand the Property, with the goal of offering residents a newly renovated property at a value price point.” “Downtown St. Petersburg is vibrant submarket that attracts young professionals seeking a live/work/play environment,” said Bennat Berger Principal at Novel. “The walkable location, community focus, and high-quality amenities will make Urban Style Flats attractive to lifestyle focused residents.” “We’re excited to establish a presence in such a vibrant submarket and look forward to partnering with the community and city to create a property that enhances the Downtown St. Pete lifestyle,” said Alex Foster, Managing Partner at Atlas. Atlas/Novel will begin the renovation program and roll out the rebranding in early 2018. Read more on Multihousing News.
