HUNTINGTON, N.Y., Jan. 3, 2017 /PRNewswire/ -- Headquartered in New York, URS Capital Partners is a private real estate investment firm that focuses on acquiring value add apartment communities throughout Southeast and Midwest. URS has organically built its portfolio by working with private investors and proving its ability to reposition operationally challenged and/or undermanaged multifamily communities.
The second half of 2016 was an active six months for URS Capital Partners with the sale of three assets and the acquisition of three assets.
URS Capital Partners sold the three assets outlined below between August and November of 2016:
- Reserve at Ashley River: $12,500,000 for 280 Units in North Charleston SC
- Ashley Village Townhomes: $16,380,000 for 260 Units in North Charleston SC
- Southside Square: $5,200,000 for 108 Units in Jacksonville FL
"Each property had undergone various levels of renovations and we had completed our business plans ahead of schedule. As a result we felt an opportunistic exit was the right decision for us and our investors. These sales allowed us to realize significant value ahead of proforma and redeploy capital into new value add opportunities within our targeted markets," said Christopher Urso, Managing Partner.
In addition to the above noted sales URS Capital Partners acquired three additional assets between August and December 2016.
- Urban Flats (formerly Worthington Apartments): 66 Units in Downtown Louisville KY
- Northlake Townhomes: 76 Units in North Charleston SC
- Moss Pointe: 278 Units in Savannah GA
Per Christopher Urso: "We are very excited to have acquired a diverse combination of assets over the last six months. Each asset represents a compelling value add through a combination of operational and capital improvement programs. Each property will receive anywhere from $5,000 -$10,000/unit of improvements including exterior, amenity and unit upgrades. The most notable achievement in the recent acquisitions was our expansion into Louisville and Savannah both of which have been target markets for several years and we hope to expand in the coming year."
URS Capital Partners acquires properties that have a compelling value add component and can be acquired an attractive basis relative to competing properties.
"We believe the fundamentals in the B & C rental market will remain strong for the next several decades and we will continue to focus on assets that are well located within their respective market and have a compelling value add component. We believe that the combination of deliberate market selection, intense deal scrutiny, and aggressive execution of our business plan are essential to creating value and maximizing each investment's potential," said Urso.
URS Capital Partners has closed over $100,000,000 of multifamily acquisitions and is targeting $50M of new acquisitions throughout the Southeast and Midwest in 2017.
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SOURCE URS Capital Partners