DEAL MAP

29th Street Capital (29SC), a privately-held real estate operator, has acquired Limestone Apartments, a 1999 vintage, 438-unit multifamily community located in West Houston. 29SC plans to implement a capital plan which will include Interior upgrades, new granite countertops, modern paint, black appliances, and new cabinets. Exterior renovations will focus on landscaping, signage and amenity improvements.
 
“This is a newer, high-quality asset in a growing submarket,” said Doug Burt, Vice President of Acquisitions in Houston. “Limestone will benefit from the expected population growth of 9% within a five-mile radius over the next five years, and lack of new supply coming to the market.”
 
Houston’s Class A apartment market is now experiencing improved fundamentals after experiencing declining occupancies and increased concessions due to the development pipeline. The U.S. Census Bureau ranked the Houston metro area second in the U.S. for population growth in 2018. It leads the nation in employment growth.
 
“Houston is expected to receive its lowest number of new units in nearly a decade,” Burt added. “We feel that the market has finally leveled out allowing a clear runway over the next few years.” 
 
Limestone Apartments is close to the Shell Technology Center, which has approximately 2,000 scientists, technologists, engineers, consultants, sales and support personnel. The property is about five miles south of the Houston Energy Corridor via Interstate 6. By 2030, the corridor is expected to reach 45.2 million square feet of office/mixed-use space.
 
This is 29th Street Capital’s second acquisition in the Houston area in the past six months and ninth in the past five years. Over the past 12 months, 29SC has also acquired 18 conventional multifamily assets throughout the U.S.  and continues to actively pursue additional opportunities. 
 
The transaction closed March 11. The sale price and seller were not disclosed.
 
Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. 
 
29SC’s conventional multifamily portfolio currently consists of more than 8,450 units having acquired over 14,800 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms. Learn more about 29SC at https://29thstreetcapital.com.

29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Park at Avilla and The Park at Pienza Apartments, a two property, 200-unit multifamily portfolio in Brandon, Florida.

 

29SC plans to make cosmetic improvements to unit interiors, including adding high-quality laminate countertops, vinyl plank flooring, modern paint schemes and stainless steel appliances. The firm also plans value-creating improvements to the clubhouse, fitness center, grilling area, roofing, exterior staircases, landscaping and more. It will also implement plans to catch up on overdue maintenance issues.

The Tampa Bay area is experiencing strong population and employment growth. The average working age population growth in Tampa over the last two years is almost twice the national average.

 

“29SC feels that the strong market fundamentals in the Tampa Bay area will continue for the foreseeable future and help drive renter demand,” said Ryan Smyth, Vice President of Acquisitions for Florida. “The properties have easy access to several employment hubs in the Tampa Bay area as well as retail centers,” Smyth added. “Plus, more than 50 million square feet of office space, which is continuously growing, is within a 30 minute drive.”

 

The communities, which are two miles apart, are within 20 miles of downtown Tampa. Each has several restaurants and shopping centers nearby. The Park at Pienza is close to daily conveniences such as a Publix Super Market, Office Depot, PetSmart and several banks. The Park at Avilla is close to the J.C. Handly Sports Complex, Paul Sanders Park and Kings Row Shopping Center, which features an Xtreme Fit, post office and salon.

 

29th Street Capital closed on the purchase of the portfolio February 28. The sale price was not disclosed.

 

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months, 29th Street Capital has also acquired 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.

 

29SC’s conventional multifamily portfolio currently consists of more than 8,000 units having acquired over 14,400 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms. Learn more about 29SC at https://29thstreetcapital.com.

29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Shekinah Home, a community for seniors in Norcross, Georgia. The new owner plans to improve the quality of life and increase activities for the residents of the assisted living community. In addition, 29SC plans cosmetic upgrades including modern flooring, new lighting and plumbing, and bathroom enhancements. Exterior improvements will include paint, landscaping, branding/signage and upgraded amenities. 

“Shekinah Home is the perfect opportunity for 29SC to enter the senior housing market,” said Erik Kolacinski, Senior Vice President of Acquisitions for Senior Housing. “We are excited to leverage 29SC’s outstanding track record to grow this new investment platform.”

The Atlanta metro area continues to exhibit strong economic vitality with steady job growth year over year. Figures show that the metro area had about 325,000 more jobs at the end of 2018 than it did before the recession.

Shekinah Home is a 25-unit assisted living facility located in the rapidly-growing Norcross suburb of Atlanta, which is near other highly-desirable northern suburbs including Sandy Springs, Dunwoody and Brookhaven. Population growth within a three-mile radius of the property is expected to be approximately 13% over the next five years.

There are very few assisted living facilities within Gwinnett County according to 2018 data from the National Investment Center; none are in the area surrounding Shekinah. Three hospitals are within 10 miles and a pharmacy is directly across the street. 

“Senior housing is about to experience a demand shock as the baby boomers enter the market over the next decade,” Kolacinski added. “29SC will offer high quality yet still affordable senior housing in a market with limited supply.” 

The transaction closed February 28. The sale price was not disclosed.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 

29SC’s conventional multifamily portfolio currently consists of more than 8,000 units having acquired over 14,400 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms. 

Learn more about 29SC at https://29thstreetcapital.com.

 

29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Calais Park Lofts Apartments, a 261-unit multifamily community in St. Petersburg, Florida. 29SC plans to make cosmetic improvements to unit interiors, including new granite countertops, stainless-steel appliances and backsplashes, and re-facing the cabinets. Exterior projects will focus on clubhouse and fitness center improvements, refreshing the landscaping and updating the signage. A new system will notify residents when packages are delivered and keep them secure till they’re picked up. 

“We are thrilled to enter a new metro market and grow our footprint in the region,” said Ryan Smyth, Vice President of Acquisitions for Florida. “The Tampa Bay area is consistently near the top in job growth nationally in the past decade and has strong projected population growth.”

Economic growth, primarily in the finance sector, has helped boost the region’s rapid recovery following the recession. The Florida Chamber of Commerce said the state’s gross domestic product exceeded $1 trillion in 2018. Experts expect it to continue its expansion this year. The state accounts for 5% of the U.S. economy yet creates 10% of new jobs, leading to a labor market imbalance that is attracting workers to relocate there.

Calais Park Apartments is within a 20-minute drive of both Tampa International Airport and the St. Petersburg-Clearwater Airport. It is also within 20 minutes of the Port of Tampa, which is the largest in the state. The port employs 85,000 people directly and indirectly, and is estimated to have a $17.2 billion economic impact.

“The property has easy access to downtown St. Pete and Tampa, the Gulf Coasts many beaches and parks, and the Sunshine Skyway Bridge, which we think residents will find desirable,” Smyth added. “Florida is experiencing profound growth and 29SC is excited to enter the market to offer high quality yet still affordable housing.”  

29th Street Capital closed on the purchase of the property from Venterra February 14. The sale price was not disclosed. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Group represented Houston-based Venterra in the disposition.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 16 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 

29SC’s conventional multifamily portfolio currently consists of more than 7,800 units having acquired over 14,000 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms.  Learn more about 29SC at https://29thstreetcapital.com.

 

29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Dylan Apartments, a 207-unit multifamily community in Oceanside, California. 29SC plans to invest approximately $8,500 per unit in capital improvements, including modern flooring, new cabinet fronts, interior doors, hardware and appliances as needed. Exterior projects will include patio pavers and higher-quality finishes in addition to curing deferred maintenance. 

“We believe The Dylan is a tremendous opportunity to enter the Southern California market,” said Richard Marshall, Vice President of Acquisitions for Southern California. “The fundamentals in the market are strong as the costs of home ownership continue to rise.”

San Diego County has one of the highest concentrations of millennials in the country, an age cohort that heavily relies on renting. The San Diego metro area is at near-historic low unemployment led by biotech, life sciences and health sector growth.

The Dylan is approximately four miles from downtown Oceanside and the beach. It is about eight miles from Camp Pendleton, which has an approximate daytime population of 80,000 and is home to 38,000 military family members. Residents also have access to the COASTER commuter train and State Route 76, providing short commutes to major employers along the 78 Corridor.

“Oceanside and the 78 Corridor are experiencing robust economic growth that shows no signs of slowing,” Marshall added. “29SC hopes our business plan will ease the burden of renting in Southern California by offering high quality yet still affordable housing.”  

The transaction closed January 31. The sale price was not disclosed.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 

29SC’s conventional multifamily portfolio currently consists of more than 7,500 units having acquired over 14,000 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms. 

Learn more about 29SC at https://29thstreetcapital.com.

 

29th Street Capital (29SC), a privately-held real estate operator, has acquired Willows at Town Center Apartments, a 188-unit multifamily community located in Las Vegas, Nevada. 29SC plans to invest over $1.8 million in capital improvements. Interiors will receive stainless steel appliances, quartz countertops, plank flooring and refaced cabinets. All interior units will also be equipped with Nest Thermostats. Exterior improvements will focus on modern paint in addition to enhancing the pool area, fitness center and clubhouse to boost overall curb appeal. 

The seller was RK Properties, located in Long Beach, California, which has more than 4,300 multifamily units under management. The transaction closed January 25. The sales price was not disclosed. 

“Willows at Town Center is in the desirable Centennial area, which is one of the fastest growing submarkets in the entire valley,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions in the Southwest. “This asset has convenient access to major employment areas in the submarket as well as the greater MSA via US-95 and 215 Beltline.”

The Las Vegas metro is home to approximately 75% of Nevada’s residents with above average population growth of 2.4%. The area is also experiencing strong employment and wage growth compared to the national average. Single-family housing prices are approaching pre-recession peak levels, causing the cost of home ownership to rise.

“Las Vegas is ranked as the number one rent growth market year-over-year according to multiple data sources,” Eddy added. “We feel that the positive demographic trends for the market will continue, which will allow us to execute our business plan and offer higher quality yet still affordable housing.”  

Rent growth in the Centennial submarket (9.7%) has outpaced the greater Las Vegas area (7.6%) year-over-year. There is limited new supply in the submarket, as much of the land in the area is set for master-planned housing developments, with home values in the $350,000 range and higher.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months, 29th Street Capital has also acquired 18 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 

29SC’s conventional multifamily portfolio currently consists of more than 7,400 units having acquired over 14,000 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms. Learn more about 29SC at https://29thstreetcapital.com.

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