Louisville, KY   66 Units
Purchase Price: $4,757,000
Renovation: $456,000
Financing: $3,385,845
Equity: $2,425,873

With the growth of the job market since 2012, Louisville ticked all of the boxes that we look for, including diverse employers. URS recognized with Urban Flats excellent location, and an opportunity to reposition Urban Flats from C+ to a Class B property.

Strategic unit upgrades and an amenity package will take advantage of the property’s unique courtyard, heated parking area and roof top deck, targeting the large Millennial renter base. URS always works from the outside in: this creates media interest about the exterior improvements and a swift change in perception.

URS was able to acquire this property as a result of a debt assumption, a sometimes arduous transaction that other firms are reluctant to consider. URS believes this deal will reflect a true value add for its small group of investors, assessing sale or refinance between year 6 and 7.