SUMMERVILLE, SC - URS Capital Partners has successfully acquired The Palms at Edgewater, a 288-unit Class A multifamily community located in the rapidly growing Charleston suburb of Summerville, South Carolina. The $58.5 million transaction closed in under 60 days, showcasing URS's ability to execute efficiently in a time-sensitive environment.
Built in 2023, The Palms at Edgewater features a high-quality construction profile with modern amenities, strong in-place occupancy, and day-one cash flow. The property was acquired at an attractive basis with positive leverage and long-term upside.
"We're proud of the speed and precision our team demonstrated on this deal," said Chris Urso, Managing Partner of URS Capital Partners. "In a volatile rate environment, we were able to secure 5-year fixed agency debt at 4.77%—a rare win, with timing on our side. That speaks to the strength of our lending relationships and discipline in underwriting."
"Uncertainty creates windows of opportunity," Urso continued. "We're not retreating—we're growing strategically, with great partners by our side."
Chris Gorman, Managing Director of Investments, added: "We're excited to re-enter the Charleston market with a 2023 vintage asset that offers strong in-place cash flow at an attractive cost basis. It's a great example of our ability to stay patient yet move decisively when the right opportunity emerges."
This acquisition is URS's eighth since the beginning of 2024 and further reflects the firm's continued strategy of leaning into market dislocation to capture long-term value.
Source: URS Capital Partners