URS Capital acquires 280-unit apartment prop.

Real estate investment company URS Capital Partners has acquired St. James Crossing, a 280-unit apartment complex. "This is a true example of the type of deals we target at URS. It's an asset that is well placed in a market that's growing in terms of both employment opportunities and population, but was under managed and in need of repositioning," said URS Capital managing partner Janet Silverman. The company's unique asset management style involves working very closely with their management partners to ensure the success of their communities. To acquire St. James Crossing, URS Capital used bridge financing and joint venture equity provided by DJ Capital in New York. "We expect the success of this investment to lead to similar investments aligned with our long-term goal of building a significant multifamily property portfolio," said DJC managing partner Donald Direnzo Jr. The company plans to acquire additional multifamily assets in 2013 and 2014, focusing primarily on B and C assets with a value-add component in the $5 million to $15 million range. "St. James Crossing represents our company's future direction, and we're very excited to be in the Charleston market," said URS Capital managing partner Christopher Urso. "We plan on repositioning the asset and implementing a robust capital improvement plan to take advantage of the asset's excellent location within the submarket."