Source: URS Capital Partners / #Apartments #Multifamily
CHARLESTON, SC - URS Capital Partners is excited to announce its second acquisition in Charleston, SC in less than 12 months. URS recently acquired Pepperhill & Palmetto Apartments (soon to be Ashley Village), a 266 Unit Townhome Complex located in the growing North Charleston submarket.
This acquisition represents the 7th apartment purchase for URS in the last 4 years and brings their portfolio to nearly 800 units. URS Capital Partners is a private real estate investment firm headquartered in New York that is focused on acquiring value add apartment communities throughout the Midwest, Mid Atlantic and Southeast. 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 utilizing Fannie Mae financing, arranged through Chris Kinder of CK Realty Partners and private equity capital sourced through URS's strong investor network. "This asset is the perfect compliment to our existing property in the market, The Reserve at Ashley River, which is just winding down a $2,000,000 renovation and has, in just 8 months since takeover, largely completed its repositioning and is now stabilized with over 90% occupancy. The timing couldn't be better for us to start a new repositioning project in the market; we are seeing a great response to our management style and look forward to replicating this success at Ashley Village," says Chris Urso, Managing Partner of URS.
URS Capital Partners has a unique asset management style and works very closely with their management partners to ensure the success of their communities. "Ashley Village is a great example of the type of deals we target at URS… a well located asset in a market that is expanding in both employment and population but is under managed and in need of repositioning. Our hands on approach, insures execution of our business plan which is conceived well before closing in effort to turn the community around quickly and enhance cash flow," says 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 continuing our growth in 2014 and 2015 as we continue to pursue value add opportunities that are well located within our targeted markets," says Urso and Silverman of URS.
URS Capital Partners has closed nearly $35,000,000 of acquisitions since their first apartment purchase in 2010 and is targeting $65M of acquisitions within the next 12-24 months.