DESTINATION AT UNION
Gastonia, NC 174 Units
Purchase Price: $19,500,000
Sale Price: $30,500,000
Hold Time: 21 months
Project Level IRR: 74%
Project Level EM: 2.41x
THE OPPORTUNITY
URS Acquired this 174 unit community in the thick of Covid-19. Destination at Union is a 174-unit community located in Gastonia, NC, the second-largest satellite city of Charlotte, NC, located 20 miles west from the city center. Destination is a well-maintained property built in 1997.
URS realized significant rent growth and were able to exit well ahead of proforma, realizing a Project Level 50% IRR and 2X Equity Multiple in just 22 months.