HUNTINGTON, NY – URS Capital Partners, a multifamily real estate investment company headquartered in Huntington, NY that buys value-add apartment complexes as well as Opportunity Zone projects throughout the Southeast and Northeast, announced it has bought 7+ acres of land in a Qualified Opportunity Zone to build 256 units in South Portland, Maine. 

URS was able to utilize a combination of private equity sourced through URS’ private network of high net worth investors combined with a construction loan from Bar Harbor Bank in ME.

Christopher Urso, the Managing Partner of URS Capital Partners states, “The South Portland market is severely underserved with the occupancy rate hovering around 95%.  We will break ground in May, anticipating a 2- month construction period, with stabilization at 36 months. With carefully selected finishes and attention to attractive floor plans, we plot on Latitude at South Portland becoming a best in class asset, offering the amenities of the properties in the city center of Portland at an attractive price point only 10 minutes away from downtown. Our business plot is to hold the asset for 10 years to maximize the OZ benefits.”  

“URS’ total acquisitions to date are over $250M and we are looking to continue our growth in 2019 as we pursue additional more traditional value-add opportunities as well as Opportunity Zone projects that are well located within our targeted markets,” said Urso.

URS Capital Partners is a real estate investment firm focused on acquiring and managing value add multifamily real estate in strategic markets throughout the Southeast and Midwest, providing its investor partners with above market cash returns, significant upside potential and limited downside.

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LOS ANGELES, CA – TruAmerica Multifamily, in partnership with an institutional partner, has bought a two-property, 608-unit apartment portfolio of assets in the Las Vegas and Atlanta metros in an off-market transaction valued at $96.8 million.

TruAmerica in joint venture with its institutional capital partners has invested nearly $500 million this year in value-add apartment communities in Florida, Georgia, Nevada and Colorado. This is its second investment with this partner, after making a joint venture in January 2018 that bought a 635-unit portfolio of assets located in the Denver and Seattle metros for $127 million.  

“We continue to see positive signs that the economic demand drivers for multifamily investment in our target markets are strong and will remain so for the foreseeable future,” said TruAmerica Multifamily Head of Acquisitions and Co-Chief Investment Officer Matthew Ferrari.   “Both of these markets exhibit strong job growth, stable occupancy projections, and a demonstrable supply/demand imbalance and we will continue to look for value add investment opportunities in these and other target markets throughout the United States.”

The acquisition of the 368-unit Vintage Pointe in Las Vegas and the 240-unit Sweetwater Creek in the Atlanta suburb of Lithia Springs are the most recent examples of TruAmerica’s commitment to those markets.  With the acquisition of Vintage Pointe, TruAmerica has grown its portfolio in the Silver State to approximately 4,000 units since entering the market in 2016. After making its first investment in Atlanta earlier this year TruAmerica now owns four properties totaling nearly 1,400 units. 

While well maintained, neither Vintage Pointe, built in 1994 nor Sweetwater Creek built in 2003, have benefitted from significant physical renovations providing the TruAmerica joint venture with strong value-add upside, according to Ferrari. The new ownership will invest in a multi-million dollar capital improvement program across the portfolio to reposition both properties on par with the competitive set in those markets. 

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages an $8.5 billion portfolio of approximately 40,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida and Georgia.

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LOS ANGELES, CA – Ascenda Capital, in partnership with American Landmark Apartments, has arranged the acquisition of a six-property portfolio of apartment communities across Texas consisting of 2,284 units. The rental communities, located in five of the Lone Star State’s fastest-growing markets — Austin, San Antonio, Houston, Irving and The Woodlands – were bought from Provident Realty Advisors. Ascenda invested as a Limited Partner in the transaction. 

Ascenda dealt directly with the sellers in this off-market acquisition. The acquisition represents Ascenda’s ninth investment in multifamily assets since its founding last year. It is evidence of the company’s continuing commitment to building its multifamily portfolio.

The firm with which Ascenda partnered, American Landmark, is among the fastest-growing multifamily owner-operators in the U.S. The company owns approximately 25,000 apartments throughout the Southeast and Texas. It plans to add another $2 billion in properties to its growing multifamily portfolio this year.

“At Ascenda Capital, we use our innovative strategies in identifying opportunities to buy real estate with long-term financial upside,” said Matthew Avital, founder of the Los Angeles, Calif.-based firm. 

“We focus on primary and secondary markets throughout the U.S. We specialize in value-add, core-plus and LIHTC multifamily properties.”

The portfolio consists of: The 320-unit Hyde Park at Lake Wyndemere, 2109 Sawdust Rd., The Woodlands, renamed Artisan at Lake Wyndemere. Occupancy is 96.8%; The 476-unit Hyde Park at Enclave, 12951 Briar Forest Dr., Houston, renamed Hayden at Enclave. Occupancy is 95.1%; The 306-unit Manor at Castle Hills, 1835 Lockhill Selma Rd. San Antonio, renamed Alon at Castle Hills. Occupancy is 97.7%; The 350-unit Hyde Park at Ribelin Ranch, 9900 McNeil Dr., Austin, renamed Asten at Ribelin ranch. Occupancy is 96%; The 576-unit Hyde Park at Wells Branch, 2801 Wells Branch Pkwy., Austin, renamed Beck at Wells Branch. Occupancy is 93%; The 256-unit Lakepointe at Las Colinas, 5353 W. Las Colinas Blvd., Irving, renamed The Blvd. Occupancy is 96.8%.

Ascenda Capital is a privately-held real estate investment and lending firm focused on the strategic acquisition and financing of U.S. multifamily assets.

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