UC Asset acquired 10-unit property for SHOC Airbnb in historical downtown district of Atlanta
April 19 2021 - 09:38AM
InvestorsHub NewsWire
UC
Asset acquired 10-unit property for SHOC
Airbnb in historical downtown district of Atlanta
ATLANTA, GA
-- April 19, 2021 --
InvestorsHub NewsWire -- UC Asset (OTCQX:
UCASU), an Atlanta-based real estate investment firm, is
excited to announce that its subsidiary, SHOC Holdings LLC, went
under contract on last Friday to acquire its first Shared
Home-Office Cluster (SHOC) property located in the historical
district of downtown Atlanta. This property may be developed
into about 10 units for short-stay rental, through online platforms
such as Airbnb or Vrbo.
"This is a thrilling deal
for us," says Greg Bankston, the CEO of
SHOC Holdings LLC. "The property is located in
the heart of Atlanta, right off a major exit of intersecting
highways known as the "Downtown Connector". It is also
directly
across the street from ML King Jr., memorial; nestled in
the
neighborhood where he was born, grew up, preached
and ultimately
fought for civil rights. We believe this unique location makes it a
perfect match for our investment of Shared Home-Office
Cluster."
SHOC is a disruptive new
concept for real estate investment.
SHOC Holdings defines the concept as a residential property with
each bedroom designed as an individual business lodge equipped with
office capabilities. These home-office spaces can be rented out
individually, mostly targeting business travelers. The company plans
to sell those spaces on platforms such as Airbnb,
Vrbo
or through
corporate partnerships.
"SHOC combines the merits of
home stays (such as Airbnb) with conventional business hotels, and
is an improvement to both," boasts Bankston.
"SHOC offers business
conveniences that current home stays lack, and provides a lifestyle
charm that current business hotels fail to
provide."
For this specific
property, total acquisition cost is approximately $750 000.
Bankston estimates an
additional $300,000 to $400,000
will be invested to remodel and renovate the property into
about 10
units,
including 2 executive suite units with private patio, 1 unit as a
common meeting area, and 1 basement unit which may provide
additional lodging for an onsite manager.
Bankston suggests
that as
an alternative to conventional business hotels in downtown Atlanta,
a standard unit at a SHOC property may be sold at over $100 per
night and an executive suite at $250 per night. "In the year of 2019,
business hotels in downtown Atlanta recorded close
to 90% of
occupancy. If our SHOC property reaches a similar occupancy rate,
our gross revenue may reach $350,000 per year."
"UC
Asset is an innovation-driven investment entity,"
shares
Larry Wu, founding partner of UC Asset. "We
invest into real estate companies which have high-growth potential,
particularly those with revolutionary and disruptive business
models such as SHOC. We are researching into a number of other real
estate investment
models which may also yield high return."
About UC Asset:
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. For
more
information about UC Asset, please visit: www.ucasset.com
Disclaimer:
This News Release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause
our actual results, performance or achievements, or
industry results, to differ materially from any these statements.
You are cautioned not to place undue reliance on any those
forward-looking statements. Except as otherwise required by the
federal securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements after the
date of this News Release. None of such forward-looking statements
should be regarded as a representation by us or any other person
that the objectives and plans set forth in this News
Release will be achieved or be executed.
For More
Information Contact:
Christal Jordan | Investor Relations Director, UC Asset LP
cjordan@ucasset.com |
678-499-0297
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