URS Capital Partners Closes Out 2018 With 3 Acquisitions and 2 Dispositions
HUNTINGTON, N.Y., Dec. 14, 2018 /PRNewswire/ -- Headquartered in New York, URS Capital Partners is a private real estate investment firm that focuses on acquiring value add apartment communities throughout 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.
The second half of 2018 was an active six months for URS Capital Partners with the sale of two assets and the acquisition of three assets.
Christopher Urso, Managing Partner, URS Capital Partners
URS Capital Partners sold two assets outlined below between August and December of 2018:
Pinnacle on Pleasant: 228 Units in Cincinnati Ohio
Northlake Townhomes: 76 Units in North Charleston SC
"Each property had undergone various levels of renovations and we had completed our business plans well ahead of schedule. As a result, we felt an opportunistic exit was the right decision for our investors. These sales allowed us to realize significant value ahead of proforma and redeploy capital via 1031 into new value add opportunities within our targeted markets," said Christopher Urso, Managing Partner.
In addition to the above noted sales URS Capital Partners acquired three additional assets between June and December 2018.
Forty Three 75 Apartments: 260 Units in Atlanta GA
Latitude 30 Apartments: 131 Units in Valdosta GA
Latitude at West Ashley: 312 Units in West Ashley SC
Per Christopher Urso: "We are very excited to have acquired a diverse combination of assets over the last six months. Each asset represents a compelling value add through a combination of operational and capital improvement programs. Each property will receive anywhere from $5,000 -$10,000/unit of improvements including exterior, amenity and unit upgrades. The assets are very well located within their respective submarkets and will cater to growing workforce with in each metro area."
URS Capital Partners acquires workforce housing that has a compelling value add component and can be acquired an attractive basis relative to new construction.
"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 their respective market and have a compelling value add component. The combination of deliberate market selection, intense deal scrutiny, and aggressive execution of our business plan are essential to creating value and will allow us to maximize each investment's potential throughout the holding period," said Urso.
URS Capital Partners has closed over $200,000,000 of multifamily acquisitions and is targeting $50-100M of new acquisitions throughout the Southeast in 2019.
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URS Capital Partners
Dec 14, 2018, 08:45 ET