N. CHARLESTON SC
216 Units
Purchase Price: $14,040,000
Renovation: $1,500,000
Financing: $10,850,000
Equity: $5,750,000

This was an estate situation whereby the family of the deceased owner was looking to do a simple and quiet transaction; due to URS’s credibility within the market they were able to secure the deal in June 2015 through a lender relationship.

The property was exceptionally maintained but had not been updated in over 20 years and was poised to benefit from an upgrade program due to its excellent location and proximity to growth within the submarket. URS was able to maintain 92%++ occupancy during the reposition.

URS was able to navigate a complex TIC structure to accommodate a 1031 exchange for 3 high net worth partners. This transaction solidified URS’s reputation in the market as the only firm to acquire 4 assets in Charleston within a 24 month period.