HUNTINGTON, N.Y., May 17, 2024
/PRNewswire/ -- URS Capital Partners, a private real estate
investment firm headquartered in Huntington, New York, specializing in
value-add apartment communities, has completed the acquisition of
Belmont Heights Apartments and Townhomes in Belmont, NC, and the successful sale of
Latitude at Richmond Hill in
Richmond Hill, GA.
Belmont Heights, previously known as Residences at Belmont, comprises 176 units and is situated
in Belmont, a flourishing suburb
of Charlotte. This acquisition
aligns with the firm's strategy of repositioning undermanaged
and/or distressed multifamily properties.
Concurrently, URS Capital Partners finalized the sale of Latitude
at Richmond Hill, a 192-unit
multifamily community located in Richmond
Hill, GA. This sale yielded a 29% IRR and 2.69x equity
multiple with a 4.5 year holding period.
Chris Urso, Managing Partner at
URS Capital Partners, stated, "Despite the challenging economic
landscape, we remain committed to identifying value-driven
opportunities. The acquisition of Belmont Heights aligns with our
long-term strategy, while the sale of Latitude at Richmond Hill is consistent with the dozen
sales we have completed over the last 4 years in an effort to
harvest gains and rebuild the portfolio with new acquisitions at a
more attractive basis in today's market."
Since their first apartment acquisition in 2009, URS has gone on
to acquire 4,374 units and developed 1,092 units with over
$830,000,0000 in total
capitalization on acquisitions and development.
Looking ahead, URS Capital Partners plans to continue adding to
its portfolio within their targets markets throughout the Southeast
and Midwest. "While the current environment has its share of
challenges, we believe the mid to long term fundamentals in
multifamily remain very positive and we are prepared to act quickly
and swiftly to acquire well located assets at an attractive basis
to hold for the next 5-10 years. Everything thing we have done over
the last 15 years has been in preparation for the next 5 years."
Chris Urso, Managing
Partner.
URS Capital Partners focuses on repositioning underperforming
assets with a quantifiable value-add component, generating
above-average returns for its investors and creating best-in-class
communities for its residents.
For inquiries or further information, please contact:
Rebecca Windsor, Lead Investor
Relations
Phone: 631-683-5176 ext. 103
Email: 377812@email4pr.com
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SOURCE URS Capital Partners