A New York real estate company has bought a North Charleston apartment complex, its second acquisition in the city since last summer.
URS Capital Partners said it recently purchased Pepperhill Palmetto Apartments off Ashley Phosphate Road. It plans to change the name of the 266-unit complex on Mountainbrook Avenue to Ashley Village. The sale price was not immediately available Tuesday.
URS said it focuses on buying and turning around "operationally challenged and/or undermanaged multifamily communities."
"Ashley Village is a great example of the type of deals we target at URS a well-located asset in a market that is expanding in both employment and population but is undermanaged and in need of repositioning," Janet Silverman, one of the firm's managing partners, said in a statement.
It's the second local acquisition for the Huntington, N.Y.-based investment firm. It bought the 280-unit St. James Crossing on Dorchester Road in August for $7.3 million.
That property is now called The Reserve at Ashley River and is undergoing a $2 million renovation, privately held URS said.
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