URS Capital Acquires Charleston-Area Luxury Apartments
The community features a manmade lake.
URS Capital Partners has completed a $58.5 million purchase of The Palms at Edgewater, a 288-unit Class A multifamily community located in Summerville, S.C., a suburb of Charleston. H&H Homes was the asset’s seller and previous owner, seeing a transaction that took less than 60 days to close. URS secured a five-year fixed agency loan at a 4.77 percent interest rate.
“Our timeline on this transaction was very tight, less than 60 days, [and] given the seller’s upcoming loan maturity, the property was not quite fully stabilized,” Christopher Urso, managing partner and founder of URS Capital Partners told Multi-Housing News.
“Being vertically integrated, we were able to deploy our operations team to complete full diligence in less than five days from LOI acceptance, allowing us to feel comfortable to move very quickly. Simultaneously, we engaged our lender (with whom) we have an over (decade-long) relationship.”
The firm also succeeded in raising $25 million in needed equity for the investment inside of the same 60-day timeframe, according to Urso.
Investment thesis
According to Yardi Matrix, the The Palms at Edgewater was built in 2023. Located at 1005 Sonoran Circle, the community spans 13 three-story buildings spread over 24 acres. The community is sectioned into one- and two-bedroom apartments ranging in size from 778 to 1,200 square feet. Interiors include washer-dryer hookups, digital locks, microwave ovens, above-standard ceiling heights and high-speed internet access. Select units feature private patios or balconies. Common-area amenities include a business center, clubhouse, tennis and pickleball court, playground and a man-made lake.
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Downtown Charleston is approximately 20 miles to the southeast of the community, accessible via the nearby Dorchester Road.
The 288-unit property had an 85.4 percent occupancy at time of sale.
Several months ago, The Michaels Organization and several joint venture partners announced plans to develop a $44 million affordable property in Charleston. The community will be built to exclusively serve homeless families and individuals.
