URS Capital Partners Buys 228-Unit M-F Community in Fairfield
- Nov 06, 2014
On Tuesday, Nov. 4, URS Capital Partners announced the acquisition of Creekside Village in Cincinnati’s Fairfield submarket.
Located at 5001 Pleasant Ave., Creekfield Village features 228 one-, two- and three-bedroom apartments, each with brand-new kitchens, wall-to-wall carpeting and spacious walk-in closets. The apartment community also offers numerous amenities, including tennis and basketball courts, a clubhouse, swimming pool and off-street parking. According to its website, units rent for between $625 and $875 per month.
In a statement, Chris Urso, Managing Partner of URS Capital Partners, said that Creekside Village recently underwent an $8 million renovation. ”We are acquiring this property prior to it achieving its maximum potential and intend on enhancing the amenity package and grounds with a landscape makeover, new outdoor kitchen and volleyball court, in addition to other upgrades,” he said. The new owners plan to change the apartment community’s name to Pinnacle on Pleasant.
According to the Cincinnati Business Courier, URS paid $12.7 million to buy Creekside Village from Penklor Properties L.L.C. It purchased the property using CMBS debt, arranged through Chris Kinder of Iron Hound Management and sourced through URS’ network of private-equity investors. With the acquisition of Creekside Village, the company’s portfolio now includes more than 1,000 units.
Creekside Village is URS’ second acquisition in the past six months,and the eighth since its launch in 2010. Since then, URS has closed over $45 million worth of acquisitions. The company plans to invest more than $60 million during the next 12 to 18 months in assets throughout the Midwest and Southeast.
Photo credit: www.creeksidevof.com