Greystone Provides $34 Million in Acquisition Financing for Buyer

Greystone Brown Real Estate Advisors announced it has closed the $43,362,000 sale of a multifamily property in Sandy Springs, Georgia. Greystone Brown represented the seller, FPA Multifamily, in the deal. The sale was handled by Chandler Brown, Cory Caroline Sams, Taylor Brown, Walter Miller, Jim Jarrell, and Barden Brown, and a $34,000,000 bridge loan for the transaction was also provided by Greystone to the buyer, 29th Street Capital. The balance sheet financing was originated by Keith Hires, Carter King, and Mark Nelson of Greystone.

Located in Fulton County, ReNew Sandy Springs is situated on Greyfield Lane and is comprised of 219 total units. The multifamily asset features amenities such as a pool, fitness center, and playground.  

“We were thrilled to represent the seller in yet another deal,” said Taylor Brown, Director at Greystone Brown Real Estate Advisors. “Clients continue to come back to us when they recognize that our team will work tirelessly on their behalf for the best buying or selling experience.”

“The ideal solution for a buyer is having a financing option available for the acquisition as part of the sales process, and we are excited to have welcomed the buyer into the Greystone family as well,” said Mr. King.

 

Aurora, Colo. (June 2021) – Privately-held real estate investment firm 29th Street Capital (29SC), has acquired Parq at Iliff Station, a 424-unit, Class A+ luxury apartment community located in the Southeast Aurora submarket of Denver, for $134 million. Parq is 29SC’s 11th multifamily acquisition in the Denver area, totaling nearly 1,500 units. Haven Residential, 29SC’s in-house property management group, will manage the community. 

29SC, which has primarily focused on value-add multifamily acquisitions, has launched a core plus strategy focusing on newer, larger and higher-quality assets where an additional upside can be captured through management efficiencies, energy savings programs and improving market conditions. Parq represents 29SC’s first acquisition of this size and scale, marking the firm’s entry into the core plus market.

“Our proven track record and bolt-on acquisition approach is what allows us to step up to projects of this caliber,” said 29SC Managing Principal Robb Bollhoffer. He continued, “We are able to provide improved service to the community and as a result, additional value to both our residents and investors.”

Built in 2018, Parq offers spacious units and luxury amenities. 29SC’s improvement plan includes new smart-home technology packages, upgrading interior finishes and adding additional amenities throughout the community. 

“The Southeast Business Corridor of the Aurora submarket gives residents convenient access to an abundance of high paying jobs across a variety of industries,” said Rob Gersch, Senior Vice President of Acquisitions and Development for 29SC in Colorado and Utah. “Consistently strong levels of population migration, a favorable income tax rate, and a diverse, highly-educated workforce are all contributing factors to Denver being one of the fastest-growing metropolitan cities in the mountain region.”

Parq at Iliff Apartments is located at 2602 S. Anaheim Street in Aurora, 11 miles southeast of downtown Denver. Parq offers a convenient location for its residents, with direct access to the RTD Iliff Station, which allows easy access to downtown Denver, Denver International Airport, Fitzsimons Medical Campus, the Denver Tech Center and the entire Southeast Business Corridor. 

The property was financed with a fixed rate Life Company loan arranged by Brian Eisendrath and Cameron Chalfant of CBRE. The transaction closed Thursday, June 3. The name of the seller was not released.

In the last year, 29SC has acquired 18 conventional multifamily assets and over 4,000 units throughout the U.S. The firm continues to actively pursue additional opportunities, especially newer vintage and Class-A properties. 

Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on acquisition and development of multifamily assets. Its current portfolio consists of more than 15,000 existing units and a new construction pipeline of over 3,500 units, having acquired over 25,000 units across its 16 offices in the U.S. Learn more about 29SC at www.29thstreetcapital.com.    

Houston – Privately-held real estate investment firm 29th Street Capital (29SC), has acquired Lincoln Medical Center Apartments. The purchase marks the firm’s 13th multifamily acquisition in the Houston metro area, totaling nearly 4,000 units in the market.

Built in 1990, Lincoln Medical Center Apartments is a Class B, 224-unit asset located in the Med Center/Braes Bayou submarket of Houston. 29SC plans on re-branding the asset as “Helix at Med Center.” In addition, it will refresh the leasing office and amenities at the property.

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

“We believe this investment represents a unique opportunity to buy an undervalued, institutional-quality asset in a high-growth submarket in Houston,” said Doug Burt, 29SC’s Vice President of Acquisitions based in Houston. “The Texas Medical Center is currently undergoing a tremendous expansion and the apartment supply pipeline will be minimal in the near future.”

Lincoln Medical Center Apartments is located at 7200 Almeda Road, approximately 5 miles south of downtown Houston. The convenient location allows for easy access to the Texas Medical Center, Greenway Plaza, Galleria/Uptown District, and other retail and entertainment options.

“There is over $3 billion of life sciences-oriented development within a three-mile radius of Lincoln Medical Center,” Burt added. The new TMC3 project, a $1.5 billion life sciences and research development center, will deliver in 2022 and add 26,000 high quality jobs in the immediate area. Additionally, Hines Development has broken ground on a 52-acre life sciences-oriented mixed-use development just one mile east of LMC. “The employment boom, combined with continued population growth, will benefit the asset moving forward,” Burt concluded.

The transaction closed Thursday, May 20th. Neither the seller nor the sale price was released. 

In the last year, 29SC has acquired 17 conventional multifamily assets and over 4,000 units throughout the U.S. The firm 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 15,000 units, having acquired over 25,000 units across its 16 offices in the U.S. Investments typically require approximately $25 million to $200 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.

Louisville, Ky. – Privately-held real estate investment firm 29th Street Capital (29SC) announces the acquisition of The ArtSpace building – a 10-story office building located in downtown Louisville. The project marks the firm’s first adaptive reuse redevelopment, which will transform the office space into 45 one- and two-bedroom apartments. The property was built in 1925 and is connected to the historic Brown Hotel and Theatre. Haven Residential, 29SC’s in-house property management company, will oversee management and leasing. 

The 46,000-square-foot property is in the heart of one of Louisville’s Qualified Opportunity Zones (QOZ). By developing in a QOZ, 29SC is investing in underserved communities, generating economic growth and providing tax benefits to investors and equity partners. 

“This is a Class A location, soon to be home of Class A apartments,” said 29SC Senior Vice President of Acquisitions, and Louisville local, Josh Lindley. “Located between the Brown Hotel and Brown Theatre, we will be providing quality homes to Louisville residents that neighbor two of the city’s most historic and beloved landmarks.” He continued, “Upon completion, ArtSpace will offer the best amenity in Louisville: its Class A location. Residents will be able to enjoy an Original Hot Brown at the hotel before catching their favorite performers at the theater.” 

ArtSpace is located at 323 W. Broadway, 1.5 miles from the University of Louisville and 0.5 miles from a major medical hub. There is over 18 million square feet of office space within a one-mile radius of the building. 

29SC Managing Principal Robb Bollhoffer describes the project as a “rare opportunity to invest in both an underserved community as well as a historic building. With zero multifamily units under construction in downtown Louisville, these apartments will provide new homes for the steadily growing population.”

Construction is slated to begin in Summer 2021 and last 16 months. The first units are expected to be delivered within 12 months. The project plan includes the development of 47 units, improving and adding to the amenity offerings, and upgrading the lobby, windows and roof. The new units will granite countertops, stainless steel appliances, wood plank flooring and in-unit washer and dryers.

The transaction between 29SC and seller, The Fund of the Arts, closed Friday, May 21st.

In the last year, 29SC has acquired 16 conventional multifamily assets and over 4,000 units throughout the U.S. The firm 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 15,000 units, having acquired over 25,000 units across its 16 offices in the U.S. Investments typically require approximately $25 million to $200 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.

Overland Park, Kan. – Privately-held real estate investment firm 29th Street Capital (29SC) has acquired 79 Metcalf Apartments in Overland Park, Kansas. The purchase marks the firm’s first multifamily acquisition in the Kansas City metro area. 

Built in 1984, 79 Metcalf Apartments is a 280-unit Class C community. 29SC’s capital improvement plan includes a full renovation of all units, enhancing amenities and installing new exterior siding.

29SC’s in-house property management service, Haven Residential, will oversee management and leasing. 

“We believe this investment represents a unique opportunity to capitalize on the asset’s location in one of the most sought-after submarkets in Kansas City while also upgrading and repositioning it,” said 29SC’s Senior Vice President of Acquisitions Josh Lindley. “Overland Park has strong market fundamentals with a projected population increase of 5.4% and median income growth of 14.2% over the next five years. Demand in the submarket is driven by access to large employment centers, walkable downtown entertainment options, and easy access to outdoor activities.”

79 Metcalf Apartments is located at 7843 Riley St., about 10 miles southwest of downtown Kansas City. It is conveniently situated among large employment centers. The walkable downtown location features several dining options, retailers and parks just a few blocks away. Additionally, several walking and biking trails – as well as the Oak Park Mall’s more than 1.6 million square feet of retail space – are within a few miles. Overland Park has benefited from over $350 million in development since 2015, including a $20 million design-build community center half a mile from the property. 

“The Overland Park submarket has shown very strong growth in both population and jobs, which we expect to continue,” Lindley added. “79 Metcalf’s proximity to top employers such as T-Mobile, OptumRx, Overland Park Regional Medical Center, and Johnson County Community College has made it one of the most desirable submarkets in Kansas. Plus, in 2020, Money Inc. ranked Overland Park second in the Best Places to Live in the Midwest.”

The transaction closed Tuesday, May 4th. Neither the seller nor the sale price was released. 

In the last year, 29SC has acquired 15 conventional multifamily assets and over 4,000 units throughout the U.S. The firm 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. 

 

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.  

 

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