URS Capital Snags 2nd Savannah Property
The company acquired Oglethorpe Square Apartments, which was bought through a combination of Fannie Mae financing through Berkadia and 1031 proceeds.
By IvyLee Rosario
URS Capital Partners acquired Oglethorpe Square Apartments, a community in the Pooler submarket of Savannah, Ga. This purchase marks the company’s second in the area in less than a year. The property was bought through a combination of Fannie Mae financing through Berkadia and 1031 proceeds from the recent sale of a 226-unit community in North Charleston, S.C.
Located at 1001 Oglethorpe Drive, Oglethorpe Square Apartments will be rebranded as Pooler Station. The 167-unit community features two- and three-bedroom floorplans ranging from 1,000 to 1,500 square feet. Comprising 18 two-story buildings, the 2007-built property gives residents access to amenities such as a waterscape, swimming pool, fitness center, 340 parking spaces, detached garages, private balcony/patios and washer/dryer hookups in each unit. According to Yardi Matrix, the community is currently 98 percent occupied.
“We are very excited to add Pooler Station to our growing Savannah portfolio. Despite the fact that the asset is relatively newer in vintage, there is a tremendous opportunity to enhance the grounds, amenities, fitness center and interiors, making Pooler Station one of the best value propositions in the market for future residents,” said Christopher Urso, managing director of URS Capital Partners. “Our upgrades in addition to the announced growth in our immediate area of South Pooler Parkway will allow Pooler Station to benefit from continued demand for many years to come. We plan on holding this asset for the long term as the area continues to mature.”
In April, the company purchased Gresham Arms in Decatur, Ga., in which it intends to invest $4 million in property improvements, including a complete overhaul to the exterior and full unit refurbishment.
Image courtesy of Yardi Matrix