CHARLESTON, SC - Summit Place represents the 10th apartment purchase for URS and brings their portfolio to over 1,300 units. 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.
URS Capital Partners acquired the property in an "off market" transaction utilizing a combination of Fannie Mae debt and equity sourced through URS's intimate network of private high net worth partners.
"Summit Place is a very well located asset that has been exceptionally maintained over the years and is the perfect candidate for our renovation and reposition program. We have a $2,000,000 upgrade plan in place that includes interior upgrades, a complete overhaul to the grounds, clubhouse, fitness center, pool area and the addition of an outdoor kitchen and party room. We believe in the future of North Charleston and intend on making Summit Place, which will be renamed Plantation Flats, a lifestyle community that will cater to the growing employee base in North Charleston," says Christopher Urso, Managing Partner URS Capital Partners.
URS Capital Partners has a unique asset management style and works very closely with their local management partners to ensure the success of their communities. "Summit Place is a great asset for URS. We have, over the last three years, become very familiar with North Charleston and built strong, local relationships that enable us to successfully implement the kind of asset transformation we envision at Plantation Flats. As with all of our acquisitions, prior to closing we formulated a detailed strategic plan for the asset to ensure success. Our team has already started executing the repositioning plan. With its robust economy and growing population, North Charleston is a market we truly believe in and hope to continue to expand in," said Janet Silverman, Managing Partner URS Capital Partners.
"This transaction again proves our ability to source both the equity and debt needed to close deals under strict timelines. We look forward to our growth in 2015 as we continue to pursue value add opportunities that are well located within our targeted markets," says Urso and Silverman of URS.
The acquisition of Summit Place was completed by URS with the services of Chris Kinder of CK Realty Partners, a debt placement and investment advisory firm based in New York, Ryan Duff of Arbor Commercial Funding, LLC, a full service multi-family lending firm and Village Green Management Company LLC, a national property management firm.
URS Capital Partners has closed over $70,000,000 of acquisitions since their first apartment purchase in 2010 and is targeting $50M of new acquisitions throughout the Southeast and Midwest.