SOUTH PORTLAND, ME
256 UNITS
Acquisition Date: 4/19
Purchase Price: $8,000,000
Construction Costs: $44,800,000
Project Completion: 24 Months
Amenities: Clubhouse, Fitness Center, Resident Lounge, Package/Mail Room

Through an established relationship, URS was able to acquire the shovel-ready parcel. Latitude at South Portland will be 256-unit multifamily development located in South Portland, ME. A short 5-mile commute to downtown Portland, URS plans that Latitude at South Portland will become a best-in-class asset, offering the amenities of the properties in the city center of Portland at an attractive price point only 10 minutes away from downtown.

The Project will serve both the middle and upper-middle market of tenants who are located in the greater Portland geographic area. URS looks to be in lease-up mode within 18 months. The project will cater to a large demographic reach and looks to maximize the 95-98% occupancy rate in Portland. The business plan is to hold the asset for 10 years to maximize the Opportunity Zone benefits.

Current Status: Under Construction
Hold Period: 10 Years
Projected IRR: 17.07%
Projected Equity Multiple: 2.71x