URS Capital Partners Q1 Highlights: Acquisition of Belmont Heights and Sale of Latitude at Richmond Hill

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May 17, 2024, 08:31 ET

HUNTINGTON, N.Y., May 17, 2024 /PRNewswire/ -- URS Capital Partners, a private real estate investment firm headquartered in Huntington, New York, specializing in value-add apartment communities, has completed the acquisition of Belmont Heights Apartments and Townhomes in Belmont, NC, and the successful sale of Latitude at Richmond Hill in Richmond Hill, GA.

Belmont Heights, previously known as Residences at Belmont, comprises 176 units and is situated in Belmont, a flourishing suburb of Charlotte. This acquisition aligns with the firm's strategy of repositioning undermanaged and/or distressed multifamily properties.
Concurrently, URS Capital Partners finalized the sale of Latitude at Richmond Hill, a 192-unit multifamily community located in Richmond Hill, GA. This sale yielded a 29% IRR and 2.69x equity multiple with a 4.5 year holding period.

Chris Urso, Managing Partner at URS Capital Partners, stated, "Despite the challenging economic landscape, we remain committed to identifying value-driven opportunities. The acquisition of Belmont Heights aligns with our long-term strategy, while the sale of Latitude at Richmond Hill is consistent with the dozen sales we have completed over the last 4 years in an effort to harvest gains and rebuild the portfolio with new acquisitions at a more attractive basis in today's market."

Since their first apartment acquisition in 2009, URS has gone on to acquire 4,374 units and developed 1,092 units with over $830,000,0000 in total capitalization on acquisitions and development.

Looking ahead, URS Capital Partners plans to continue adding to its portfolio within their targets markets throughout the Southeast and Midwest. "While the current environment has its share of challenges, we believe the mid to long term fundamentals in multifamily remain very positive and we are prepared to act quickly and swiftly to acquire well located assets at an attractive basis to hold for the next 5-10 years. Everything thing we have done over the last 15 years has been in preparation for the next 5 years." Chris Urso, Managing Partner.

URS Capital Partners focuses on repositioning underperforming assets with a quantifiable value-add component, generating above-average returns for its investors and creating best-in-class communities for its residents.

For inquiries or further information, please contact:
Rebecca Windsor, Lead Investor Relations
Phone: 631-683-5176 ext. 103
Email: [email protected]

SOURCE URS Capital Partners