COVINGTON KY
37 UNITS SOLD
Purchase Price: $1,030,000
Renovation: $220,000
Total Equity: $1,300,000

Being ideally situated in close proximity to downtown URS saw an opportunity to reposition Westshore from a C class to a B class asset and compete with downtown rents.

The property was 85% occupied and had not been updated since it was constructed in the mid 70’s. URS was able to step in quickly with an all cash offer and secure the property for nearly 30% off the original listing price. Acquired November 2011.

Within 18 months of takeover all 37 Units vacated, renovated and released at $150 rent premiums. URS demonstrated end to end execution returning investor principal with a significant gain on sale within two years. The property was sold within 25 months of takeover netting an unleveraged 21% IRR.