ATLANTA, April 19, 2021 /PRNewswire/ -- 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
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
email@example.com | 678-499-0297
SOURCE UC Asset LP
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