UCASU acquires Historical Landmark Property Rufus Rose House in Downtown Atlanta

Rhea-AI Summary

UC Asset LP (OTCQX: UCASU) has successfully acquired the historic Rufus Rose House in downtown Atlanta for $1.65 million. This Victorian mansion, built in 1901, is a notable landmark and the only standing Victorian structure in the area. UC Asset plans to restore the property to preserve its legacy while engaging with local leaders to promote Atlanta’s diverse future. The house was previously sold for $1 million in 2019 and was listed for $2.5 million in early 2020. Atlanta is a key economic hub with a GDP exceeding $324 billion.

Positive

• Acquisition of the historic Rufus Rose House could enhance UCASU's portfolio.
• Strategic location in Atlanta, attracting 50-60 million visitors annually.
• Plans to restore the property may increase future revenue potential.

Negative

• None.

ATLANTA, June 30, 2021 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) announces the company went under contract on the Rufus Rose House, the oldest historical building and cherished landmark in downtown Atlanta, for a consideration of $1.65 million. The acquisition was performed through UCASU's wholly-owned subsidiary, Atlanta Landsight LLC.

The Rufus Rose House is one of the oldest buildings in metropolitan Atlanta, and currently the only standing Victorian mansion in the central district. Known as the "Rose on Peachtree", the property is a late Victorian Queen Anne style home built in 1901 and nestled in the heart of the city. The stunning image of the late Victorian red-brick house stands out against a backdrop of modern steel-concrete skyscrapers on Atlanta's busiest and most famous street, Peachtree Rd. The refurbished Rose on Peachtree is posed to attract the attention of the 50-60 million visitors/tourists to Atlanta every year.

Named after its builder, Dr. Rufus Mathewson Rose (1836-1910), who some people believe is the true founder of famous whiskey brand Four Roses, the house boasts the original architecture by Emil Charles Seiz. The 5200 square foot Rose house has five bedrooms, three baths and 7-9 fireplaces. It was commissioned as a museum by the Atlanta History Center up until 1998, containing furniture belonging to Margaret Mitchell(the renowned author of "Gone with Wind"), and the throne of Ethiopian Emperor Haile Selassie among other historical pieces.

Rufus Rose house is listed on the National Register of Historic Places (since 1977) and is designated as a Landmark Building Exterior (since 1989) by the City of Atlanta.

UCASU plans to fully refurbish and restore the Rose on Peachtree to preserve its historic legacy, and to work alongside city leaders and influencers to promote the diverse and socially inclusive future of Atlanta.  Atlanta claims the 10th largest economy in the country; 18th in the world with an estimated gross domestic product of over $324 billion dollars. The airport of Atlanta is the busiest airport in the world, hosting over 110.5 million travelers per year, with 50-60 million identified as visitors to the city. 

"We have been engaging the previous owner for months and are very happy we finally reached a price acceptable to both parties." Says Greg Bankston, managing partner of UCASU. The building was last sold at $1 million in 2019, and was asked for $2.5 million in early 2020.

About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate for development and redevelopment, concentrating in metropolitan areas of Atlanta, GA and Dallas, TX. For more information about UC Asset, please visit: www.ucasset.com

Disclaimer: 
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.

For More Information Contact: 
Christal Jordan | Investor Relations Director, UC Asset LP 
cjordan@ucasset.com | 678-499-0297

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SOURCE UC Asset LP

FAQ

What did UCASU acquire?

UCASU acquired the Rufus Rose House, a historic landmark in downtown Atlanta.

How much did UCASU pay for the Rufus Rose House?

The acquisition cost was $1.65 million.

What historical significance does the Rufus Rose House hold?

The Rufus Rose House is one of the oldest buildings in Atlanta and is listed on the National Register of Historic Places.

What are UCASU's plans for the Rufus Rose House?

UCASU plans to fully refurbish and restore the property to preserve its historic legacy.

Why is the acquisition of the Rufus Rose House important for UCASU?

This acquisition enhances UCASU's real estate portfolio and is strategically located to attract significant tourist traffic.