A New York real estate investment firm has purchased a North Charleston apartment complex, its fourth such deal in the region in the past two years.
URS Capital Partners said Monday it bought Summit Place oat 2181 Dunlap St., south of Ashley Phosphate Road between Interstate 26 and Rivers Avenue. Affiliates of the Huntington, N.Y.-based company paid about $14.7 million for the 226-unit property, Charleston County land records show. The seller was a New Jersey company that had owned Summit Place since 2002.
URS, which said it focuses on turning around “operationally challenged” and “undermanaged” apartment communities, will invest $2 million in renovations at Summit Place, including construction of an outdoor kitchen and party room.
It will rename the 31-year-old property Plantation Flats.
“Summit Place is a very well-located asset that has been exceptionally maintained over the years and is the perfect candidate for our renovation and reposition program,” Christopher Urso, managing partner URS, said in statement.
“We believe in the future of North Charleston and intend on making Summit Place ... a lifestyle community that will cater to the growing employee base in North Charleston.”
In April, the firm recently acquired a 116-unit Palmetto Point at 1751 Dogwood Road in Charleston and renamed it Oasis at West Ashley. URS owns two other rental complexes in the local area: Ashley Village Townhomes and The Reserve at Ashley River, both in North Charleston.