Spruce Properties, an owner and operator of multifamily rental properties nationally, and New Urban Residential, an owner and operator of multifamily assets in the Carolinas, have announced that they will form a multifamily partnership.
Spruce Properties owns and manages 4,000 rental units in Indiana, Iowa, Kansas and Missouri while New Urban Residential owns and operates 550 rental units in North and South Carolina.
Spruce Properties, along with S3 Capital, is part of Spruce Capital Partners, a privately-held, New York-based real estate investment firm founded by Robert Schwartz and Joshua Crane. Spruce is well capitalized and positioned to grow the combined portfolio with best-in-class properties.
In 2018, Seth Wolfman launched Wolf Multifamily Investments to acquire workforce and affordable housing in the Carolinas. Shortly thereafter, Wolfman created New Urban Residential to property and asset manage its portfolio and recently rebranded the entire company as New Urban Residential.
New Urban Residential will be headquartered in New York and led by Wolfman. Its Leadership Team has expertise in investments, lender relationships, asset management, property management and capital projects. The role of the New Urban Residential will vary based on the investment plan of each individual acquisition. The company’s regional office in Raleigh, NC, will cover the Mid & South Atlantic, and an office in Kansas City, MO, will cover Midwest markets.
“We are excited to combine forces with New Urban Residential at a critical juncture for the nation’s residential housing market,” said Schwartz. “The partnership will create numerous synergies as we expand acquisitions and jointly grow our portfolio in the sun belt and throughout the country.”
“We have confidence in the continued appreciation of multifamily rental assets in growth markets throughout the United States,” said Crane. “We deploy patient capital and we will continue to execute a conservative, long-term business plan to deliver superior risk-adjusted returns.”
“I’m excited to work with the Spruce team on our existing portfolios and jointly pursue acquisitions. Our team is eager to replicate a portfolio of similar scale in the Mid & South Atlantic to the one Spruce has built in the Midwest,” said Wolfman. “It’s our expectation that by combining operations, we will strengthen our ability to deliver value to existing and new investors.”
