Newly acquired 228-unit community takes URS Capital Partners over 1,000 units
HUNTINGTON, N.Y., Nov. 4, 2014 /PRNewswire/ — URS Capital Partners is excited to announce its second acquisition in the last six months. URS recently acquired Creekside Village (soon to be renamed Pinnacle on Pleasant), a 228 Unit Apartment Community located in one of Cincinnati's strongest submarkets, Fairfield Ohio.
Logo – http://photos.prnewswire.com/prnh/20141104/156465LOGO
This acquisition represents the 8th apartment purchase for URS in the last 4.5 years and brings their portfolio to over 1,000 units. URS Capital Partners is a private real estate investment firm with offices in Long Island, New York and Miami, Florida. Their core focus is on acquiring value add apartment communities throughout the Midwest, Mid Atlantic and Southeast. URS has organically built its portfolio by working with private investors and proving its ability to reposition operationally challenged and/or undermanaged multifamily communities.
URS Capital Partners acquired the property utilizing CMBS debt, arranged through Chris Kinder of Iron Hound Management and private equity sourced through URS's strong investor network.
"We are very excited to be back in the Cincinnati Market and specifically the Fairfield submarket. This asset is an excellent addition to our portfolio; having just completed a $8,000,000 renovation by its previous owners this property has the ability to be best in class within the Fairfield market. We are acquiring this property prior to it achieving its maximum potential and intend on enhancing the amenity package and grounds with a landscape makeover, new outdoor kitchen and volleyball court in addition to other upgrades. Our interior package includes: New cabinets, granite countertops, appliances, flooring, and central air amongst other upgrades. This coupled with best in class property management will make Pinnacle on Pleasant one of the best apartment communities in all of Fairfield, says Chris Urso, Managing Partner of URS.
URS Capital Partners has a unique asset management style and works very closely with their management partners to ensure the success of their communities. "Creekside Village is a great example of the type of deals we target at URS…a well located asset in one of the area's strongest sub markets that is under managed and in need of repositioning. Our hands on approach, insures execution of our business plan which is conceived well before closing in effort to quickly improve the community's operations and enhance cash flow," says Janet Silverman, Managing Partner URS Capital Partners.
"Due to the major renovation the property recently underwent and lack of historical occupancy this was a challenging deal to get closed. However, this transaction again proves our ability to source both the equity and debt needed to close challenging deals," said Urso and Silverman of URS.
URS Capital Partners has closed over $45,000,000 of acquisitions since their first apartment purchase in 2010 and is targeting $60M+ of acquisitions throughout the Midwest and Southeast within the next 12-18 months.
Contact:
Christopher Urso, Managing Partner
Janet Silverman, Managing Partner
www.urscapitalpartners.com
Email
631.683.5176