URS Capital Partners said on Monday that it has acquired Summit Place, a multi-family community in Charleston.
URS specializes in real estate investment and continues to work with private investors to reposition communities that had been under-managed or that had operational challenges.
“Summit Place is a great asset for URS," Janet Silverman, managing partner of URS Capital Partners, said. "We have, over the last three years, become very familiar with North Charleston and built strong, local relationships that enable us to successfully implement the kind of asset transformation we envision at Plantation Flats. As with all of our acquisitions, prior to closing, we formulated a detailed strategic plan for the asset to ensure success. Our team has already started executing the repositioning plan. With its robust economy and growing population, North Charleston is a market we truly believe in and hope to continue to expand in.”
The company said it will be implementing a $2 million upgrade plan for the facility that includes renovations of the grounds and public areas of the complex, as well as the interiors of all units. URS will be adding a new outdoor kitchen and party room.
Following upgrades and renovations, the community will be renamed Plantation Flats and will cater to the growing working population of the northern part of Charleston.