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AmeriSouth Bets $3.2M on 176-Unit Repositioning

DALLAS-The repositioning expert spends just under $2 million for the deed to an

By Connie Gore | Updated on October 24, 2002

DALLAS-A shuttered multifamily property in Dallas has been acquired in a plan to change the name, pump $1.2 million into renovations and re-tenant in early 2003.

Getting a second chance is the 176-unit Casa Nueva, a 21-building complex positioned on about 6.7 acres at 7621 Ferguson. AmeriSouth Realty has taken title for just under $2 million, ending four months of legal maneuvers to get the deed. The City of Dallas has a lawsuit pending in an urban nuisance case. But, Ruel Hamilton, AmeriSouth’s general partner, tells GlobeSt.com, “We’re fine with that.” Hamilton is well-known in Dallas circles for taking over blighted properties, settling any outstanding litigation against the holdings and repositioning the assets into income-producers.

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