CINCINNATI OH
228 Units
Purchase Price: $12,400,000
Financing: $9,800,000
Renovation: $550,000
Equity: $3,920,000

TOTAL RETURN: 110% or 25.7% per year

This opportunity was brought to URS pre-market as a result of the firm’s extensive relationships. The seller had recently completed an $8,000,000 renovation to the property and was in lease up mode, but was managing the lease up poorly

URS acted very quickly in securing the deal in October 2014 while the property was just approaching 90%. URS believed they were buying value. Within the first 12 months URS and their management team were able to reduce monthly concessions from over $10,000 to less than $5,000 per month. Collections averaged about 100% while maintaining occupancy between 93-95%.

URS sold Pinnacle on Pleasant in December 2018 for $18,900,000, which exceeded 7-year sale price by 25% in year 4. URS Exceeded return projections by nearly 100% 3 years earlier than projected, and increased Net Operating Income by nearly $400,000 a year since 2014/15