HUNTINGTON, NY - This acquisition represents the 9th apartment purchase for URS in the last 5 years and brings their portfolio to over 1,100 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 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 utilizing a combination of bridge financing and equity sourced through URS's strong network of private investors.
"Palmetto Point is a very well located asset in a rapidly growing market and is the perfect complement to our other two communities in Charleston. We have a $2,000,000 upgrade plan in place that includes full unit renovations, the addition of a brand new pool, sundeck, outdoor kitchen and various outdoor amenities that will take advantage of the amazing views. We believe in the future of Charleston and intend on making Palmetto Point, which will be renamed Oasis @ West Ashley a best in class apartment community that will cater to those that want to be a short drive away from downtown and the beaches," says Christopher Urso, Managing Partner.
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. "Palmetto Point is a great asset for URS. We have, over the last three years, become very familiar with Charleston and built on the ground relationships that enable us to take on the kind of asset transformation we envision at Oasis @ West Ashley. As with all of our acquisitions, we have a detailed plan built before closing to ensure success. Our team has already started executing the repositioning plan, only 3 days after closing. Charleston, with its vibrant economy and growing population, is a market we truly believe in and hope to continue to expand in. Additionally, we are very excited to be in the tony West Ashley submarket," 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.
URS has also recently announced the newest member of their team, David Woodruff. David has joined URS as the firm's Director of Asset Management. David brings nearly 20 years experience in property and asset management to URS and will be responsible for the management and operation of URS's multifamily portfolio.
URS Capital Partners has closed over $55,000,000 of acquisitions since their first apartment purchase in 2010 and is targeting $50M of new acquisitions within the next 12 months.