Atlanta, Sept. 01, 2022 (GLOBE NEWSWIRE) -- UC Asset LP (OTCQX: UCASU) announced today that the company has entered an exclusive partnership to develop properties specifically designed to be operated as “short rentals”, most likely via online platforms such as Airbnb and Vrbo. The first project aims to develop 10 to 50 such units, for a total value up to $50 million.
The new project will be pursued under an exclusive partnership between UC Asset and a renowned local non-for-profit, with headquarters in Atlanta, Georgia, with nation-level exposure. One of the missions of the non-for-profit is to increase home ownership among disadvantaged groups, including ethnical minorities, returning citizens, economically challenged families, and young people with limited credit history.
“Airbnb, and other short-term home rentals, have been blamed for lower home ownership in certain areas, because people believe that short rentals are responsible for driving up rental prices and reducing the availability of houses, particularly affordable houses,” explains Larry Wu, founder of UC Asset. “But there is no reason that Airbnb and affordable housing options should conflict with one other. We have created an innovative business model, that will increase homeownership among disadvantaged groups, while providing more properties into the short-term rental market.”
UC Asset has been developing its investment strategy surrounding short rental properties since the end of 2020. Its first short-rental property, also located in downtown Atlanta, has been under development by its wholly-owned subsidiary SHOC Holdings LLC, and is expected to be put into operation by the end of this year.
The new partnership with the Atlanta-based nonprofit, Wu believes, will expand the resources accessible to the company, and is projected to lead to greater success with its new Airbnb-based property investment.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA. For more information about UC Asset, please visit: www.ucasset.com
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