Jun
12

URS Acquires Charleston Apartments

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URS Capital Partners has announced its second acquisition in Charleston, SC in less than 12 months. URS recently acquired Pepperhill & Palmetto Apartments (soon to be Ashley Village), a 266 Unit Townhome Complex located in the growing North Charleston submarket.

URS Capital Partners acquired the property utilizing Fannie Mae financing, arranged through Chris Kinder of CK Realty Partners and private equity capital sourced through URS’s strong investor network. “This asset is the perfect compliment to our existing property in the market, The Reserve at Ashley River, which is just winding down a $2,000,000 renovation and has, in just 8 months since takeover, largely completed its repositioning and is now stabilized with over 90% occupancy. The timing couldn’t be better for us to start a new repositioning project in the market; we are seeing a great response to our management style and look forward to replicating this success at Ashley Village,” says Chris Urso, Managing Partner of URS.

URS Capital Partners has a unique asset management style and works very closely with their management partners to ensure the success of their communities. “Ashley Village is a great example of the type of deals we target at URS a well located asset in a market that is expanding in both employment and population but is under managed and in need of repositioning. Our hands on approach, insures execution of our business plan which is conceived well before closing in effort to turn the community around quickly and enhance cash flow,” says Janet Silverman, Managing Partner URS Capital Partners.

 

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