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URS Capital Partners Acquires First Multifamily Asset in Florida

Real estate investment company URS Capital Partners in Huntington, NY, has entered the Florida market with its recent acquisitio

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Real estate investment company URS Capital Partners in Huntington, NY, has entered the Florida market with its recent acquisition of South Point Place Apts., a 108-unit complex in Jacksonville, FL, one of the state’s fastest growing economies.

South Point Place is in jacksonville’s Southside submarket near the area’s largest employment center, South Point Business Park.

‘This asset has great visibility, but much like our previous acquisitions is in need of a capital injection and new management to maximize its potential,’ said Chris Urso, managing partner of URS Capital Partners.

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URS Capital will be rebranding the property as South Side Square Apartment Homes. The new owner plans to update unit interiors and reposition the property as an affordable option for the entry-level and middle management employees of the local business park.

URS Capital is a private real estate investment company that raises money from private investors to acquire distressed or value-add multifamily assets. The company is focused on acquiring midsize apartment communities throughout the Midwest, Mid-Atlantic and Southeast. The company plans to acquire additional multifamily assets in 2014, focusing primarily on mid and lower-quality assets with a value-add component in the $5 million to $15 million range.

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