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, are forming a multifamily partnership to create value for investors at their existing properties and partner on new acquisitions.
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.
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, North Carolina, will cover the Mid- and South Atlantic, and an office in Kansas City, Missouri, will cover Midwest markets.
