N. CHARLESTON SC
260 Units
Purchase Price: $9,500,000
Renovation: $1,600,000
Financing: $8,2000,000
Equity: $3,369,000

SOLD $16,380,000

The property was being sold by a large national company that acquired it as part of a portfolio, this was their only asset in Charleston SC, as a result the asset was being run very poorly with high levels of delinquency. URS originally offered on the asset in November 2013 and was not selected. URS was able to step in and secure it in May 2014 for $500,000 less than their initial offer.

URS leveraged their management relationships in the market to execute their reposition plan quickly and swiftly upon take over. Within 12 months of takeover property was above 90% occupancy and within less than 24 months rents have increased on average $100 since takeover and occupancy at the time of sale was 99%.

URS was able to complete the turnaround ahead of schedule and significantly under budget. Ashley Village sold in under three years, achieving a deal IRR of 63%.