Charlotte, NC
288 Units
Purchase Price: $14,025,600
Sold Price: $49,104,000
Hold Time: 20 months
Project Level IRR: 102%
Project Level EM: 3.25x

Nova Ridge, formerly Lake Arbor was a deeply distressed property located in Northwest Charlotte, NC, built in 1974. Although badly neglected, the bones of the property, along with its location, made it ripe for an URS reposition. Nova Ridge was the perfect opportunity for URS to enter the Charlotte market; the location of this property is less than two miles away from a new Amazon distribution center, and less than two miles away from uptown Charlotte.

This project was a major accomplishment. In just over 18 months the URS team completed a nearly $10MM renovation and took a blighted vacant property to over 95% leased and sold.

The combination of our investors commitment to closing during COVID, URS’ intense oversight, Buckhaven’s execution on construction and the FCM team’s ability to lease up this property has made it a tremendous success, providing our investors a Project Level IRR of 102% with an EM of 3.25x.