CHARLESTON SC
312 UNITS
Purchase Price: $28,500,000
Sold Price: $51,792,000
Hold Time: 36
Project Level IRR: 28.07%
Project Level EM: 2.08x

Latitude at West Ashley (formerly Ashley Grove) was acquired through a competitive bid process brokered by Cushman & Wakefield November of 2018.

URS has owned and operated an asset in West Ashley for almost 4 years (Oasis at West Ashley), and Latitude at West Ashley represented a perfect sister property in the sub-market poised for continuous growth in Charleston.

In just 36 months, we were able to complete a $3M+ renovation and virtually re-tenant the entire property, selling it at 96% occupied with average rents increased by over $200/month. The turnaround of this property is a testament to our site team’s commitment to our business plan during COVID-19 to manage the asset as URS saw fit.

URS was able to achieve a Project Level 28.07% IRR and an EM of 2.08x for our investors.