Acquiring a Sought-After Community
- Jul 22, 2015
Charleston, S.C.—New York-based private real estate investment firm URS Capital Partners has acquired Summit Place, a multifamily property in Charleston, S.C. The property was acquired in an off-market transaction utilizing a blend of Fannie Mae debt and equity sourced through its network of private high net worth partners. The property will be repositioned as Plantation Flats.
Both well situated and extraordinarily well maintained, Summit Place is the type of property sought by URS Capital Partners for its renovation and reposition program. The company plans a $2 million upgrade program for the property.
That program will include interior upgrades, a complete overhaul of the grounds, clubhouse, fitness center and pool area and an addition of a party room and outdoor kitchen.
“We believe in the future of North Charleston and intend on making Summit Place, which will be renamed Plantation Flats, a lifestyle community that will cater to the growing employee base in North Charleston,” said Christopher Urso, managing partner with URS Capital Partners. He noted the advantages of his firm‘s unique asset management style and its ability to work in close cooperation with its local management partners to ensure success of acquired properties.
Added Janet Silverman, managing partner with URS Capital Partners: “Summit Place is a great asset for URS. We have, over the last three years, become very familiar with North Charleston and built strong, local relationships that enable us to successfully implement the kind of asset transformation we envision at Plantation Flats. As with all of our acquisitions, prior to closing we formulated a detailed strategic plan for the asset to ensure success.”
The URS team has already begun implementing the repositioning plan. Given the strong economy and a surging population, North Charleston is a market in which URS anticipates significant future expansion, she added.
URS Capital Partners drew on the services of Chris Kinder of CK Realty Partners, a debt placement and investment advisory firm based in New York. Ryan Duff of full-service multifamily lending firm Arbor Commercial Funding LLC and national property management firm Village Green Management Company LLC, also provided services that made the acquisition a success.
Since its first apartment purchase in 2010, more than $70 million in acquisitions has been closed by URS Capital Partners. The firm is aiming at $50 million in new acquisitions across the Midwest and Southeast.
The acquisition of Summit Place is the 10th apartment purchase for URS Capital Partners and brings its portfolio to more than 1,300 units.