N. CHARLESTON SC
280 Units
Purchase Price: $7,224,000
Renovation: $2,200,000
Financing: $6,501,600
Equity: $3,050,000

SOLD $12,500,000

URS had been targeting Charleston SC for nearly 12 months prior to acquiring Reserve at Ashley River. The property was very well located within the major growth corridor of North Charleston however was in severe disrepair.

URS acquired the property in August 2013 with occupancy in the low 80% range and in need of a major overhaul to bring the property to market standards. URS assembled and managed a team of local and regional professionals to execute an in depth operational and renovation plan.

Within 24 months the property achieved over 90% occupancy with rental increases of $122 on average from take over. Property was sold within three years and generated an IRR of 25%