Charleston, SC 76 Units
Purchase Price: $5,050,000
Renovation: $750,000
Financing: $3,787,000
Equity: $2,350,000

URS won this off-market deal because of their substantial presence in the Charleston market. These large townhouse style units are rare at this price point, and URS knew that this style unit leads to reduced turnover.

URS was able to bring the property from a C to a clean, efficient C+. This deal was owned by the original developer who had become less than aggressive with their management style.  URS identified the gap in rents and was able to move quickly and confidently to be able to get the deal under agreement.

URS was able to take advantage of an opportunistic sale in July of 2018, resulting in a 15.2% IRR and a project multiple of 1.40 for our partners. They were able to roll their proceeds into one of our larger Charleston projects, Latitude at West Ashley utilizing a 1031 exchange.