UCASU announces exclusive partnership for Airbnb-based project up to $50 million

Rhea-AI Summary

UC Asset LP (OTCQX: UCASU) has formed an exclusive partnership to develop 10 to 50 short rental units valued up to $50 million, aiming to enhance homeownership for disadvantaged groups. This initiative, in collaboration with a local nonprofit in Atlanta, seeks to address the perceived conflict between short-term rentals and affordable housing. UC Asset's investment strategy in short rentals dates back to late 2020, with its first property set to launch this year. The partnership is expected to provide additional resources for success in the Airbnb market.

Positive

• Formation of an exclusive partnership to develop short rental properties.
• Investment value projected up to $50 million.
• Focus on increasing homeownership among disadvantaged groups.
• First short-rental property expected to operate by end of 2022.
• Collaboration with a reputable nonprofit expands resource access.

Negative

• None.

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

Disclaimer:

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: IR@UCasset.com

FAQ

What is the recent announcement by UC Asset LP regarding short rentals?

UC Asset LP announced a partnership to develop 10 to 50 short rental units valued at up to $50 million.

How does UC Asset LP plan to help disadvantaged groups?

The partnership aims to enhance homeownership opportunities for disadvantaged groups, including minorities and economically challenged families.

When is UC Asset LP's first short-rental property expected to launch?

The first short-rental property is expected to operate by the end of 2022.

What is the total investment value for UC Asset LP's short rental project?

The total investment value for the short rental project is projected to be up to $50 million.

Who is UC Asset LP partnering with for the short rental project?

UC Asset LP is partnering with a local nonprofit organization based in Atlanta.