What We Do
We acquire and manage multifamily and in some cases student housing assets, with a focus on the southeastern United States. Our geographic bias favors large, state university communities, state capitals and other cities which benefit from a stable, anchor industry or activity.
We fund our acquisitions with equity from a diverse group of supportive investors and with debt from or arranged by financial institutions, which include banks, government agencies, insurance companies and non-bank lenders.
We primarily self-manage, and we manage buildings for other owners who share our values. Whereas we are amenable to using third-party property managers, we believe we have a formula for customer engagement, leasing, rent optimization, maintenance and capital spending, which contributes favorably to the value proposition we offer to both our investors and our residents.
our founding
We commenced operations in 2017 as UP National Holdings LLC and made our first acquisitions in Richmond, VA, near Virginia Commonwealth University. We subsequently expanded into North Carolina.
HRX Capital Partners and UPNH have benefited from the support of a core group of sophisticated investors who collaborated with our founder since prior to our legal formation and who then participated in our first private equity offering. As our logo suggests, our investing partners provide the foundation for our company and for our collective success.
The UP in UPNH stands for University Propertyᵀᴹ , which is a retail name we use in connection with marketing certain of our buildings, typically those that offer close-proximity housing to universities.
HRX Capital Partners, UPNH and certain of our other affiliates are headquartered in Richmond, VA.
historic Preservation
We have a distinctive expertise acquiring and managing adaptive reuse, historic preservation buildings. Seven buildings in our portfolio were converted to apartments consistent with historic preservation principles. These buildings include a former brewery, a former textile plant and a former furniture factory.
Preserving and maintaining historic preservation buildings requires unique skills and artisanship, as well as an overarching dedication to the value of maintaining the character-defining features of these buildings which contribute to their significance as cultural resources.
In addition to the communal benefits of historic preservation, character-rich buildings that blend historic features with modern amenities are interesting and desirable places to live, with favorable consequences for both residents and investors.
Multi-family vs Student Housing
Although we are significantly invested in state university communities and expect to continue to implement our investment thesis related to these communities, we invest primarily in multifamily format assets. We do have student housing assets in our portfolio, have acquired student housing assets and converted them to a multifamily format, and expect to invest in student housing assets in the future.
What’s the difference? Student housing is typically characterized by dormitory-style living formats, rent-by-the-room leases, the necessity for parent /guardian guarantees, and more amenities and shared living spaces than is generally the case with non-student housing.
Multifamily housing follows a rent-by-the-unit format with residents typically responsible for payment of utilities. Residents in our multifamily buildings in state university communities tend to be significantly comprised of post-graduate professionals, graduate students, university affiliated healthcare professionals and other service providers.