JACKSONVILLE, FL - Real estate investment company URS Capital Partners has entered the Florida market with its recent acquisition of South Point Place Apartments, a 108-unit apartment complex in Jacksonville, one of the state's fastest growing economies.
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.
Each property investment is evaluated on the basis of location, tenant profile and growth potential. South Point Place is extremely well located within the Southside Submarket and is less than a mile from the area’s largest employment center, South Point Business Park. "This asset has great visibility but much like our previous acquisitions is in need of a capital injection and new management to maximize its potential." Said Chris Urso, Managing Partner of URS Capital Partners.
URS Capital will be rebranding the property as South Side Square Apartment Homes. They plan on enhancing the curb appeal and updating unit interiors, which will position the apartment complex as an affordable option for the entry-level and middle management employees of the local business park.
"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. URS acquired asset with a combination of private investor equity and bridge financing structured through Berkadia Mortgage.
After three years of tepid employment growth, the Jacksonville metro is poised to create 12,500 new jobs before year's end—amounting to a 2.1 percent increase, with even more expected in 2014.
"We are very excited to be entering the Jacksonville market, the fundamentals are positive and South Point Place is poised to take advantage of the robust economic recovery taking place here," said Christopher Urso Managing Partner of URS.
The company plans to acquire additional multifamily assets in 2014, focusing primarily on B and C assets with a value-add component in the $5 million to $15 million range.