#United States #Summerville #URS Capital Partners #Summerville SC #The Palms

URS Capital Partners Acquires The Palms at Edgewater

In a significant move within the real estate market, URS Capital Partners recently completed the acquisition of The Palms at Edgewater, a high-end multifamily community comprising 288 units, located in the booming Charleston suburb of Summerville, South Carolina. The firm finalized the transaction for a substantial $58.5 million, managing to close the deal in under 60 days, a testament to their operational agility and efficiency.

Strategic Execution in a Dynamic Market

This acquisition marks URS's eighth deal since the beginning of 2024, illustrating their strategic focus on navigating complex market conditions. Chris Urso, the Managing Partner at URS Capital Partners, emphasized the firm's capability to respond to market challenges with precision. “In a volatile rate environment, we were able to secure a five-year fixed agency loan at 4.77%—a rarity in today's climate—which highlights our strong lending relationships and disciplined approach to underwriting,” he noted.

Features of The Palms at Edgewater

Completed just last year in 2023, The Palms at Edgewater offers modern construction featuring top-quality finishes and a plethora of contemporary amenities. It boasts a robust occupancy rate from day one, ensuring immediate cash flow, which is critical for maintaining investor confidence.

The property was acquired with advantageous terms that allow URS to benefit from positive leverage. Its strategic location in Summerville offers not only a growing resident base but also promises substantial long-term value.

Insights from URS Leadership

Commenting on the acquisition's significance, Chris Gorman, Managing Director of Investments at URS, shared his enthusiasm about re-entering the Charleston market. Gorman stated, “Acquiring this 2023 vintage asset provides us with strong in-place cash flow at an attractive basis. It’s a perfect illustration of our capability to remain patient while decisively acting when the right opportunity surfaces.”

According to URS, the acquisition reflects their ongoing strategy to capitalize on market disruptions, seeking assets with solid fundamentals and clear potential for value enhancement.

Conclusion

As URS Capital Partners progresses with this acquisition, they extend their gratitude to both long-standing investors and new partners for their support in finalizing this deal. The firm continues to focus on acquiring and repositioning multifamily assets in promising southeastern markets, and the Palms at Edgewater serves as a prime example of their approach to enhancing community value while also securing attractive returns for their stakeholders.

In conclusion, URS Capital Partners not only demonstrates an impressive ability to execute complex transactions but also underscores its commitment to growth, strategy, and community enhancement in a challenging real estate landscape.