South Point Place Apartments recently changed hands. URS Capital Partners acquired the 108-unit Jacksonville apartment complex. Officials stated that the company intends to update and rebrand the property.
The transaction signals URS’ first purchase in the Sunshine State. The New York based private real estate investment company is involved in acquiring distressed or value-add midsize apartment multifamily communities throughout the Midwest, Mid-Atlantic and Southeast. Their strategy is built upon working with private investors and the most recent transaction is no exception, as URS acquired South Point Place Apartments using a combination of private investor equity and bridge financing structured through Berkadia Mortgage.
Location, tenant profile and growth potential are the most important features of an asset, regarding the company’s strategies. Located in one of the state’s fastest growing economies, Jacksonville’s Southside submarket, South Point Place proves to be a promising investment as it is just minutes of walking distance from the area’s largest employment center, South Point Business Park. According to a statement, Chris Urso, managing partner of URS Capital Partners, said that the property needs some attention in terms of management and capital investments.
The new owners plan on rebranding the property as South Side Square Apartment Homes, as well as updating unit interiors, thus positioning the property as an affordable option for employees of the nearby business park. The company has no intention to stop with this acquisition. For 2014, URS plans to acquire more, mainly B and C, assets with a value-add component in the $5 million to $15 million range.
Photo credits: URS Capital Partners