SALT LAKE CITY – Ryan Thomas has joined 29th Street Capital as Vice President of Acquisitions in Salt Lake City. He will be responsible for sourcing and evaluating multifamily real estate investment opportunities throughout Utah. With Thomas comes a seasoned track record in capital markets, project financing, underwriting and business development. 

Thomas brings over 10 years of experience in commercial real estate finance, investment and construction management. Prior to joining 29th Street Capital, Thomas was an Associate Director for Q10 Bonneville Real Estate Capital. In this role, he underwrote over $4 billion in commercial real estate finance opportunities and was actively involved in over $550 million in completed transactions.

“Ryan’s experience and knowledge make him a great addition to the team,” said 29th Street Capital Managing Director Robert Bollhoffer. “We are excited to see how he continues to grow our presence in the Utah market.”

Originally from Salt Lake, Thomas spent numerous years working and studying in the market. This experience will allow him to lead 29SC’s expansion strategy into the Rocky Mountains.

“I’m thrilled to join the impressive team at 29SC and look forward to increasing our presence in Salt Lake City and Utah as a whole,” Thomas said. He continued, "As a firm believer of Utah’s continued growth, I know that there is tremendous opportunity in this market. I look forward to being a part of that with 29SC.”

Thomas received his B.S. in Economics for the University of Utah and is a licensed real estate broker. Currently, he is pursuing his Masters in Real Estate Development from the University of Utah, where he earned first place in the 2021 Utah Real Estate Challenge. 

Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on value-add and development of multifamily assets. The current portfolio consists of more than 12,000 units, having acquired over 20,000 units across its 16 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 www.29thstreetcapital.com.  

Goodyear, Arizona – Privately-held real estate investment firm, 29th Street Capital (29SC), has acquired Lunaire Apartments. The purchase marks the firm’s 14th multifamily acquisition in the Phoenix metro area, totaling nearly 2,700 units in the market.

Built in 2008, Lunaire Apartments is a Class A-, 240-unit asset located in the West Valley submarket of Phoenix. 29SC’s capital improvement plan includes a full renovation of the remaining “classic,” unrenovated units, amenities enhancements and new exterior paint.

29SC’s in-house property management group, Haven Residential, will oversee management and leasing at Lunaire Apartments. 

“We believe this investment represents a unique opportunity to buy an under-valued, institutional quality asset in a high-growth submarket in Phoenix,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions based in Phoenix. “Since 2010, Goodyear has achieved population growth of more than 34%, with metro Phoenix adding 120,000 residents in 2020.

Lunaire Apartments is located at 949 S. Goodyear Blvd. E, approximately 20 miles west of downtown Phoenix. The property stands to benefit from its central location, situated in the rapidly growing I-10 and Loop 303 industrial corridors with easy access to downtown Phoenix and the East Valley. 

“The I-10 and Loop 303 industrial corridor area submarkets have shown very strong growth in both population and jobs,” Eddy added. “Lunaire’s proximity to top employers such as Amazon, Chewy, Microsoft, and Boeing is already a plus. The planned renovations and extension of major highway Loop 303 will make it even more desirable.” 

Due to a major industrial presence, Goodyear has experienced robust job and population increases, and is expected to continue growing. Economic development officials expect that the existing supply of 31.5 million square feet of industrial space is expected to more than double over the next five years, as large companies continue to eye Goodyear for potential development due to its extremely business-friendly environment. The Arizona Chamber of Commerce & Industry named Goodyear the 2020 Best City for Business for its business-friendly customer service, ability to attract industry, reduce regulatory burdens and work with business to improve the local quality of life. Goodyear is ranked nationally as a being a great place to live.

The transaction closed Wednesday, March 31st. Neither the seller nor the sale price was released. 

In the last year, the firm has acquired over 15 conventional multifamily assets and over 4,000 units throughout the U.S. It continues to actively pursue additional opportunities. 

Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on value-add and development of multifamily assets. The current portfolio consists of more than 12,000 units, having acquired over 20,000 units across its 16 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 www.29thstreetcapital.com. 

San Diego, Calif. – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Villa Del Sol Apartments, a Class B, 203-unit multifamily asset located in the College East submarket of San Diego. 29SC plans to make improvements to unit interiors, including adding vinyl-plank flooring, updating countertops and installing stainless-steel appliances. The firm also plans value-creating improvements to the property’s amenities, roof and curb appeal. 

“We are excited about the strong fundamentals we see in the San Diego market,” said Jason de Guzman, 29SC’s Senior Vice President of Acquisitions. “All of the demographic indicators are pointing in the right direction. With its attractive lifestyle and emergence as a technology hub, we believe there is a lot of runway in San Diego for many years to come.”

Located at 5474 Reservoir Drive, Villa Del Sol is approximately 10 miles northeast of downtown San Diego. The property is conveniently situated off Interstate 8 as well as highways 94, 125 and 163, providing easy access to multiple job centers within a 15-minute drive. The property is also adjacent to Alvarado Hospital Medical Center, a 306-bed acute care hospital that expanded its emergency room and added a new medical wing last year. 

Villa Del Sol is also located approximately seven miles east of the planned Riverwalk Development in bordering Mission Valley. This mixed-use development will bring 1 million square feet of Class-A office space, 97 acres of parks and recreational areas, 150,000 square feet of retail space and a new public transit stop along the Green Line. Villa Del Sol residents will have direct access to this development via the Alvarado Medical Center Trolley Station located two blocks north of Villa Del Sol.

“We view Villa Del Sol as an unparalleled investment opportunity. The fact that it is a true value-add asset that is virtually untouched provides us with a lot of room of improvement,” added de Guzman. “We are thrilled to add another property to our San Diego portfolio, as we look to really focus and grow our presence in the region with strategic acquisitions like Villa Del Sol.”

The acquisition of Villa Del Sol is 29SC’s second in the San Diego-Area and brings the total unit count to just over 400 units. 

The transaction closed Wednesday, March 3. Neither the seller nor the sale price have been released. 

Over the past year, 29th Street Capital has acquired 14 conventional multifamily assets – totaling over 3,750 units – throughout the U.S. and continues to actively pursue additional opportunities. Formed in 2009, 29th Street Capital is a privately held real estate investment firm headquartered in Chicago that focuses on core plus, value-add, and development opportunities of multifamily assets. The company has acquired 20,000 units across its 15 offices in the U.S. Investments typically require $30 million to $200 million of capital and involve the acquisition or recapitalization of individual assets, portfolios, or platforms. Learn more at 29thstreetcapital.com.

Portland, Oregon (February 2021) – Ken Allen has joined 29th Street Capital as Vice President of Development for the Pacific Northwest. Allen joins Senior Vice President Kevin Smith’s development team, as it continues to grow the privately-held real estate investment firm’s in-house development platform. He is responsible for all facets of multifamily as the firm expands into the Pacific Northwest for the first time.

“Ken’s successful track record in large-scale development and construction makes him a great addition to 29SC’s team,” said 29th Street Capital Managing Director Robert Bollhoffer. “We are excited to have him support our expansion into the Northwest.”

Allen brings over 20 years of experience in acquisitions, development and construction in the multifamily and commercial real estate sectors. Prior to joining 29th Street Capital, Allen managed site acquisitions, land development and construction for a private equity fund with over $1 billion in assets. His previous developments range from 372-unit apartment communities to 665,000 square foot commercial spaces. His experience in Oregon, Colorado and California prepares him to lead 29SC’s expansion into the Pacific Northwest, as well as the Rocky Mountain, Midwest and South-Central Regions.

“I am excited to be a part of this vibrant, growing team of professionals,” said Allen, who is originally from, and now based in, the Portland area. “I look forward to working with this top-tier team as it expands its successful development portfolio into new markets .”

Allen, who earned his degree in Business Management, is licensed as a real estate broker Oregon. 

Formed in 2009, 29th Street Capital is a privately held real estate investment firm headquartered in Chicago that focuses on core plus, value-add, and development opportunities of multifamily assets. The company has acquired 20,000 units across its 15 offices in the U.S. Investments typically require $30 million to $200 million of capital and involve the acquisition or recapitalization of individual assets, portfolios, or platforms. For more information, visit 29thStreetCapital.com.

February 2021 – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Avana Sterling Ridge Apartments, a Class B, 254-unit multifamily asset located in the Woodlands submarket of Houston. 29SC plans to rebrand the property, implement a limited interior renovation package, and improve the property’s exterior, clubhouse and existing amenities.

“We continue to be excited about the solid fundamentals we see in the Houston market,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions. “We see all of the demographic indicators pointed in the right direction while the supply pipeline has slowed down. We are being very selective in the locations we invest in and see a clear runway for the next few years.”

Located at 6900 Woodlands Drive, Avana Sterling Ridge is approximately 28 miles north of downtown Houston. The Woodlands is a 27,000-acre master-planned community that boasts more than 2,100 employers with more than 68,000 employees. Avana Sterling Ridge is ideally positioned adjacent to The Woodlands Parkway, a main thoroughfare connecting The Woodlands to Interstate 45, which provides residents a quick outlet to Houston’s major employment centers and other major highways. 

Avana Sterling Ridge offers large floor plans and state of the art amenities creating a great environment for families and the “work from home culture.” Each unit has a built-in desk providing a home office to each resident.  

“Avana Sterling Ridge is located in perhaps the best suburban location in all of Houston,” added Doug Burt, 29SC’s VP in Houston. “Access to high quality employment and great schools will continue to drive this submarket and benefit this asset. We have always wanted to own a community in The Woodlands area and are extremely excited about adding this property to our portfolio.”

The transaction closed Monday, February 8. Neither the seller nor the sale price have been released. 

Over the past year, 29th Street Capital has acquired 13 conventional multifamily assets – totaling over 3,600 units – throughout the U.S. and continues to actively pursue additional opportunities. Formed in 2009, 29th Street Capital is a privately held real estate investment firm headquartered in Chicago that focuses on core plus, value-add, and development opportunities of multifamily assets. The company has acquired 20,000 units across its 15 offices in the U.S. Investments typically require $30 million to $200 million of capital and involve the acquisition or recapitalization of individual assets, portfolios, or platforms. Learn more at 29thstreetcapital.com. 

Brian Berry has joined 29th Street Capital as Senior Vice President of its Mid-Atlantic Region. Based in Arlington, Virginia, he will be responsible for sourcing, financing and executing the company’s investment strategy in its new Mid-Atlantic office. This includes acquiring and repositioning well-located urban and suburban multifamily properties. Berry brings over 25 years of experience to the leadership team at 29th Street Capital along with deep knowledge and expertise in the Mid-Atlantic commercial real estate markets.

During his career, Berry has been instrumental in completing over $15 billion in investment and development transactions including multifamily, office and mixed-use assets. As a Managing Director at Tishman Speyer, Berry led and significantly grew its operations and development in the Washington, D.C. metro region. He also held executive management positions at public REITs Trizec Properties and Colombia Property Trust. Most recently, he was President of Oak Point Investors, where he represented private investors in property acquisitions and asset management.

“I’ve known Brian personally for over 20 years and I’m excited he will be leading our Mid-Atlantic growth efforts,” said 29th Street Capital’s Managing Director Robert Bollhoffer. “Brian is an instrumental addition to our national footprint as well as our leadership team.” 

“I am excited to join 29th Street Capital and look forward to growing our asset base in the vibrant Mid-Atlantic markets,” Berry said. “The creative management team at 29th Street has a proven track record of acquiring and repositioning assets and delivering industry-leading returns for its investors.” 

Berry received an MBA from the Kellogg Graduate School at Northwestern University and attended the University of Wisconsin as an Evans Scholar, where he earned a BBA in Real Estate and Finance. He served as a Director of The Economic Club of Washington, D.C. and the D.C. Building Industry Association. He is a past President of the University of Wisconsin Real Estate Alumni Association and is a member of ULI, DCBIA and WREAA.

Formed in 2009, 29th Street Capital is a privately held real estate investment firm headquartered in Chicago that focuses on core plus, value-add, and development opportunities of multifamily assets. The company has acquired 20,000 units across its 15 offices in the U.S. Investments typically require $30 million to $200 million of capital and involve the acquisition or recapitalization of individual assets, portfolios, or platforms.

Learn more at 29thstreetcapital.com.