SAVANNAH, GA - URS Capital Partners, a private real estate investment firm located in Huntington, NY, makes second acquisition in Savannah, GA in less than 12 months.
URS recently acquired Oglethorpe Square Apartments, 160 units located in Pooler, GA. The property was acquired through a combination of Fannie Mae financing through Berkadia and 1031 proceeds from the recent sale of 226 Units in North Charleston, SC.
Oglethorpe Square Apartments was built by a local developer over the last 9 years and will be rebranded "Pooler Station". Pooler Station was an off-market opportunity brought to URS by a strong local broker relationship. Pooler Station is well-positioned to take advantage of the exploding retail and employment growth that is all within a 12-minute drive of the property.
Christopher Urso, the Managing Director of URS Capital Partners: "We are very excited to add Pooler Station to our growing Savannah portfolio. Despite the fact that the asset is relatively newer in vintage, there is a tremendous opportunity to enhance the grounds, amenities, fitness center and interiors, making Pooler Station one of the best value propositions in the market for future residents. Our upgrades in addition to the announced growth in our immediate area of South Pooler Parkway will allow Pooler Station to benefit from continued demand for many years to come. We plan on holding this asset for the long term as the area continues to mature." URS also owns Moss Pointe, 278 units in Savannah.
Pooler Station is currently a combination of two and 3 bedroom units that include 2 bathrooms and washer dryer connections, the property has a pool, leasing office and fitness center.
"We believe the fundamentals in the B & C rental market will remain strong for the next several decades and will continue to focus on assets that are well located within our markets and have a compelling value add component. We believe that the combination of deliberate market selection, intense deal scrutiny, and aggressive execution of our business plan are essential to creating value and maximizing each investment's potential," said Urso.
URS Capital Partners has closed over $138,000,000 of multifamily acquisitions, and is targeting $50M of new acquisitions throughout the Southeast and Midwest in 2017.
Source: URS Capital Partners / #Apartments #Multifamily