– UC Asset, a real estate investment and redevelopment company, projects a profitable 4th Quarter of the year 2020, after listing another property for sale at $1.35 million.
“We had a slow start in 2020 due to the COVID-19 pandemic and took a loss in both revenue and book value for the first half of the year, however, our team quickly made adjustments and turned things around. We claimed gross profits on two sales in third quarter and closed our Dallas farmland sale at a significant margin of profit at the beginning of fourth quarter,” explains Greg Bankston, UC Asset’s managing partner.
According to the official records, UC Asset acquired the Dallas farmland in 2016 at the price of $805,216, and sold in 2020 for $1.3 million. After taking in account the other costs of about $50,000, the gross margin on this sale for UC Asset is approximately 55%.
On Friday, November 27, UC Asset listed an additional property for sale, asking for $1.35 million (link to the listing: https://matrix.fmlsd.mlsmatrix.com/Matrix/Public/Portal.aspx?ID=DE-154754775999). The firm acquired the property in 2017 at the price of $355,000, and tore down and rebuilt it.
“If we close on this property by year’s end it will further increase our 4th quarter profit,” says Greg Bankston, “If not, we are confident that this property will sell at a satisfying price in the first quarter of 2021.”
If the new sale realized, it will further improve UC Asset’s cash position. Right now, the company has approximately $700,000 of cash in hand, and another $700,000 in short term debt instruments.
“We intentionally hold on to our cash because we realize the real estate market is experiencing a structural change, expediated by the COVID-19 pandemic,” states Larry Wu, UC Asset’s founding partner. “We believe that, while workers are shifting from conventional office space to home offices, business travelers will also shift from conventional hotels to home-office style shared accommodations from conventional hotels. We see a $60 billion market with this new trend, so we have coined a new business model to claim our share on this $60 billion new market. By saving our cash capital in 2020, we have position ourselves in a favorite situation to pursue our new business model and achieve great profits in the coming year.”
About UC Asset LP
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 and Dallas, TX. 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
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