UC Asset to Put $4 MM Properties on Market for Spring Sale
ATLANTA--(BUSINESS WIRE)--Jan 29, 2020--
UC Asset (OTCQX: UCASU) announces that it will put residential properties worth of approximately $4 million back on the market in the Spring of 2020, in an attempt to comply with the seasonal trend of the real estate market.
“One element of our investment strategy is seasonal arbitrage,” says Greg Bankston, managing partner of UC Asset’s GP.
“While deals can be found throughout the year, we often acquire properties in the winter season when the market tends to slow down. We then spend 12 to 18 months completing the cycle of redevelopment before putting those properties back on the market the following spring or summer, when the market is more active,” Bankston explains.
Even without redevelopment, Bankston estimates the price difference between winter season and spring/summer season can often be as high as 5-10 percent in certain areas, for certain properties.
“Among the planned $4 million properties to sell, we expect that $2 million will be put on market by the end of this week with the intent of staying ahead of the market curve. The remaining $2 million will be listed on the market in the coming weeks,” Bankston shares.
Total cost of acquiring these properties were approximately $1.7 million. The properties are acquired, owned and developed by UC Asset’s wholly owned subsidiary, Atlanta Landsight LLC, which operates in Atlanta, GA.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate for development and redevelopment, concentrating in metropolitan areas of Atlanta, GA and Dallas, TX. For more information about UC Asset, please visit: www.ucasset.com
View source version on businesswire.com:https://www.businesswire.com/news/home/20200129005657/en/
CONTACT: Christal D. Jordan
UC Asset, Director, Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE URBAN PLANNING CONSTRUCTION & PROPERTY REIT
SOURCE: UC Asset LP
Copyright Business Wire 2020.
PUB: 01/29/2020 01:07 PM/DISC: 01/29/2020 01:07 PM