HUNTINGTON, N.Y., April 30, 2020 /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. URS has organically built its portfolio by working with private investors and proving its ability to reposition undermanaged and/or distressed multifamily communities.
2019 and Q12020 was an active time for URS Capital Partners with the sale of four assets, the ground breaking of their first development, and the acquisition of two value add multifamily assets.
- Pinnacle on Pleasant: $18,900,000 for 228 Units in Cincinnati OH
- Flats at East Atlanta: $16,800,000 for 140 Units in Atlanta GA
- 2800 Capital Square: $19,200,000 for 232 Units in Savannah GA
- Latitude 30: $12,969,000 for 131 Units in Valdosta GA
"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 re-position our portfolio towards a longer-term strategy," said Christopher Urso, Managing Partner.
In addition to the above noted sales URS Capital Partners acquired three assets between 2019/2020.
- Latitude at Richmond Hill: 192 Units in Richmond Hill GA
- Latitude South Portland: 256 Unit Opportunity Zone Development in Portland ME
- Nova Ridge: 288 Unit Redevelopment in Charlotte NC
Christopher Urso: "We have intentionally rebalanced our portfolio over the last 2.5 years to be in a position of offense when the inevitable slowdown was to hit our macro economy. I am extremely happy with the acquisitions that we have made as they fit our longer-term strategy given the quality of the assets and underlying markets. The most notable achievements in the recent acquisitions was our expansion into Portland ME via our Opportunity Zone Development and Charlotte via our redevelopment project which has been a market of focus for quite some time."
URS Capital Partners currently has 2,000 units across 8 multifamily assets and has another 232 unit Opportunity Zone development under contract in Rock Hill SC via a joint venture with Charlotte based Catalyst Capital Partners. "We are in unprecedented times as we speak and the health of our residents and team members is our top priority. We started our business in 2008 and understand that while there is tremendous uncertainty and tough times ahead there will also be opportunity. We have positioned our portfolio very well to sustain itself during tough times, allowing us to be prepared to capitalize on new opportunities as they arise in the coming months."
Since 2009, URS Capital Partners has acquired more than 3,800 units valued at more than $300 million and has plans to add another 1,500 plus units to their portfolio over the next 24 months.
SOURCE URS Capital Partners