OASIS AT ASHLEY RIVER

CHARLESTON SC
116 UNITS
Purchase Price: $7,076,000
Sale Price: $19,550,000
Hold Time: 74 months
Project Level IRR: 23%

Project Level EM: 2.90x

THE SITUATION

The property is located in one of Charleston’s strongest submarkets with beautiful views. It was being sold by a long-term owner that had not invested the necessary capital to modernize the community and achieve today’s market rents. URS was not the highest bidder, however with a strong track record and their performance with the listing broker, the seller awarded the deal to URS in April 2015.

Acquired in March of 2015, we vacated 100% of the property and executed a $2,000,000++ renovation program that included renovations to all units, amenities, grounds and a brand new pool. As a result, we saw average rents increase by over $400/month which created significant value. Since stabilization, Oasis has been an excellent performer, proving out our vision and business plan that was established upon takeover. The property was held for just over six years.

URS achieved a fantastic sale price of $19,550,000 that resulted in significant returns for our investors well ahead of our proforma.

The project level IRR exceeded 25% with an equity multiple of 3.0X+.