Our Story
Urban Land Co. is a venture founded by managing partners, Nick Harpster and Chase Miller, to pursue multi-family real estate. Our firm is focused on the acquisition and development of naturally occurring affordable housing. We’re driven by our belief that returns are measured in more than just dollars and stability and opportunities to grow should be available to everyone.
Aquisition & Value-Add
ULCo. most often pursues market-rate multi-family real estate with a focus on naturally occurring affordable housing in secondary and tertiary markets. Within a three-year period, ULCo. raised a total of $130 million to acquire and reposition 2,100 units within various Ohio and Florida markets. To date, the value of the ULCo. portfolio has increased 65% from acquisition.
ULCo. has partnerships with various debt and equity providers, creating a variety of capital structure options. Additionally, we’ve formed partnerships with non-profit organizations supporting the affordable housing initiative, such as the Affordable Housing Trust (AHT). AHT is a non-profit lender with a focus on affordable housing opportunities within the Columbus market.
Acquisition Strategy Highlights
Our acquisition strategy targets market-rate, multi-family assets to provide quality, affordable housing options. Specifically, Class B and C assets in need of capital improvements and professional management. This strategy is often referred to as value-add.
In order to fully capitalize on operating efficiencies, target assets will typically be 200 units or more and located throughout the Midwest and Southeast. Target markets are generally considered secondary and tertiary markets with an MSA population of 250,000 or greater.
Secondary and Tertiary markets
Midwest and South East
250,000 + MSA population
200 Units or More
Opportunity for Capital Improvements
Opportunity to Implement Professional Management
Primarily Class B and C Assets
TARGET AQUISITIONS
Development
ULCo. completed our first development project in 2019. The project consists of residential townhouse units located in Merion Village, Ohio, an up-and-coming urban neighborhood south of downtown Columbus. Our second development project, Flats on East Gay, consisted of twenty-five multi-family apartment units and was completed in 2023. The project is located in the King Lincoln District, an Opportunity Zone east of downtown Columbus. Collectively, ULCo. raised $6 million of capital for the projects.
The Numbers
2017
YEAR FOUNDED
2,100
UNITS IN PORTFOLIO
$130M
CAPITAL RAISED
65%
INCREASE IN PORTFOLIO VALUE
Our Vision
As a prominent player within the housing industry, we know hold a unique position to positively impact the lives of those we serve. We believe opportunities to grow should be available to everyone. Having a place to call home is a key piece to building stability and creating opportunities. But we also know its not the only piece. So we seek to build partnerships with like-minded investors, community organizations, businesses and leaders.
We envision a world where everyone has the opportunity and stability they need to grow. And we’re committed to using our resources to create a stable space to foster growth, in any way it may be needed by those we serve. We are committed to meeting the needs of everyone influenced by our business and never at the expense of any.
