URS Capital Trades 3 Assets, Nabs 3 More
- Jan 04, 2017
North Charleston, S.C.—Private real estate investment firm URS Capital Partners recently announced the sale of two properties in North Charleston, S.C., and one in Jacksonville, Fla., for a combined total of $34 million. At the same time, the firm acquired three other assets in Louisville, Ky., Savannah, Ga., and North Charleston, which will all undergo capital improvement programs.
Between August and November 2016, URS traded the 280-unit Reserve at Ashley River for roughly $13 million and the 260-unit Ashley Village Townhomes for $16 million (both in North Charleston), as well as the 108-unit Southside Square in Jacksonville. According to Yardi Matrix data, the second property was sold in September to Scottsdale, Ariz.-based PEM Real Estate Group.
“Each property had undergone various levels of renovations and we had completed our business plans ahead of schedule. As a result, we felt an opportunistic exit was the right decision for us and our investors. These sales allowed us to realize significant value ahead of proforma and redeploy capital into new value-add opportunities within our targeted markets,” said Christopher Urso, managing partner at URS Capital, in prepared remarks.
During the last six months of 2016, URS Capital Partners purchased three additional assets. The firm added Urban Flats (formerly known as Worthington Apartments), a 66-unit community in downtown Louisville, Ky., to its portfolio last year. Northlake Townhomes, a 76-unit asset in North Charleston and Moss Pointe, a 278-unit property in Savannah, are also among URS’s latest acquisitions. Formerly owned by TPA Group, Moss Pointe traded for $21 million in December 2016.
“Each asset represents a compelling value add through a combination of operational and capital improvement programs. Each property will receive anywhere from $5,000 to $10,000 per unit of improvements, including exterior, amenity and unit upgrades. The most notable achievement in the recent acquisitions was our expansion into Louisville and Savannah, both of which have been target markets for several years and we hope to expand in the coming year,” said Urso.
URS Capital Partners focuses on acquiring value-add apartment communities and is targeting $50 million of new acquisitions throughout the Southeast and Midwest in 2017.
Images courtesy of Yardi Matrix