Huntington Firm Acquires Land for New Construction Opportunity Zone Deal in South Portland, ME
HUNTINGTON, N.Y., May 9, 2019 /PRNewswire/ — URS Capital Partners is a multifamily real estate investment company headquartered in Huntington, NY that acquires value-add apartment complexes as well as Opportunity Zone projects throughout the Southeast and Northeast.
In April, URS acquired 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 plan 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 plan 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.
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SOURCE URS Capital Partners