Source: URS Capital Partners / #Apartments #Multifamily
HUNTINGTON, NY - Real estate investment company URS Capital Partners has entered the South Carolina market with its recent acquisition of St. James Crossing, a 280-unit apartment complex in North Charleston, one of the state's major industrial cities.
URS Capital is a private real estate investment company that has built its portfolio by working with private investors to acquire distressed or value-add multifamily assets. Based out of New York, the company is focused on acquiring midsize apartment communities throughout the Midwest, Mid-Atlantic and Southeast. The current acquisition is its fifth and largest apartment purchase in the last three years.
Each property investment is evaluated on the basis of location, tenant profile and growth potential. St James Crossing is less than a mile from a Boeing facility. Since Boeing has announced plans to continue expansion, URS Capital will be renovating and positioning the apartment complex as an affordable option for the facility's entry-level workers and middle management.
"This is a true example of the type of deals we target at URS. It's an asset that is well placed in a market that's growing in terms of both employment opportunities and population, but was under managed and in need of repositioning," said URS Capital Managing Partner Janet Silverman.
The company's unique asset management style involves working very closely with their management partners to ensure the success of their communities. To acquire St. James Crossing, URS Capital used bridge financing and joint venture equity provided by DJ Capital in New York. "We expect the success of this investment to lead to similar investments aligned with our long-term goal of building a significant multifamily property portfolio," said DJC Managing Partner Donald Direnzo Jr.
The company plans to acquire additional multifamily assets in 2013 and 2014, focusing primarily on B and C assets with a value-add component in the $5 million to $15 million range.
"St. James Crossing represents our company's future direction, and we're very excited to be in the Charleston market," said URS Capital Managing Partner Christopher Urso. "We plan on repositioning the asset and implementing a robust capital improvement plan to take advantage of the asset's excellent location within the submarket."