TAMPA, FLORIDA – Christopher Steiner has joined 29th Street Capital as Vice President of Acquisitions for the Florida markets. He will be responsible for sourcing, financing and executing the investment strategy on new opportunities in the region. He will also oversee asset management and disposition of the firm’s existing portfolio assets in Tampa. Steiner will bring a proven investment track record and strong local area knowledge to Senior VP Javier Bustillo’s team, which oversees activities in Texas, Georgia, and Florida.

Steiner has over 15 years of experience working in real estate, construction management and private equity. Prior to joining 29th Street Capital, Steiner created an investment acquisition division for Southport Financial Services, one of the nation’s largest affordable housing developers. In this role, he was responsible for developing an investment strategy, identifying and closing transactions, and supervising the repositioning and exit plans for acquisitions on the East Coast. During his tenure at Southport, Steiner acquired 2,000 multifamily units with an aggregate value of $250 million, utilizing both internal capital and outside equity sourced from institutional and high-net-worth investors.

“Chris brings a large amount of valuable experience to 29SC and a strong knowledge of multifamily acquisitions,” said 29th Street Capital Managing Director Robert Bollhoffer. “We look forward to supporting him as we continue to grow our presence in Florida.”  

Originally from Colorado, Steiner spent the first five years of his career working for investment firms in New York and London. After dedicating a year of volunteer work to Habitat for Humanity, he shifted his focus towards an entrepreneurial venture with the mission of bringing cloud-based construction management to the remodeling industry. In 2015, Steiner pivoted to a career in real estate where he found his calling as a multifamily acquisition specialist.

“I am thrilled to become a member of 29th Street Capital’s robust team of multifamily acquisition professionals,” said Steiner. “As socioeconomic factors continue to drive migration into Florida, I look forward to expanding the firm’s current footprint by continuing to identify attractive multifamily investments for years to come.

Steiner received his B.A. from the University of Colorado with a major in Business Economics.

Formed in 2009, 29th Street Capital is a privately-held real estate investment firm that focus on value-add and development of multifamily assets with a current portfolio of more than 11,000 units having acquired over 19,000 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.

Sacramento, Calif. – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Amber Park Apartments and Davenport Apartments totaling 248 units in Sacramento, California. 29SC plans to make 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 amenities, roofing and curb appeal at both properties. 

“These properties will be strong additions to our current Northern California portfolio and will bring our total unit count to over 1,500 in this market,” said Casey Davis, Senior Vice President of Acquisitions for North California. “I look forward to continuing our growth in Sacramento and have high expectations for the performance of these assets.”

The Sacramento area is currently experiencing strong population and employment growth. California’s Department of Finance stated that Sacramento ranked second among California’s large cities in population growth over the last year. This 1.1% growth rate is more than five times the state average.

“29SC believes that the strong migration to the Sacramento area will continue due to high living costs in nearby major cities and will bolster demand for multifamily housing,” said Davis. “The properties are well-positioned to many nearby employers of resilient job sectors such as government, education, healthcare and transportation/utilities.”

The assets, which are 13 miles apart, are both within 10 miles of downtown Sacramento. Both Amber Park Apartments, which has 122 units, and Davenport Apartments (126 units) offer close proximity to major retailers, shopping and restaurants. Amber Park offers residents easy access to downtown via the Watt/I-80 Light Rail Transit Station, which is within one mile of the property. The residents at Davenport have access to the Sacramento Regional Transit Riverside route, allowing them a direct route to downtown as well. 

Over the past 12 months, the Sacramento Metro Area has shown resilience, despite the COVID-19 pandemic, with positive trends in vacancy rates for multifamily units. As of 8/31/20, Sacramento’s average occupancy was 95.4% compared to the US national average of 93.5% according to Yardi Matrix Data. 

29th Street Capital closed on the purchase of these two properties October 21. The sale price and seller were not disclosed. 

Formed in 2009, 29th Street Capital is a privately-held real estate investment firm that focus on value-add and development of multifamily assets with a current portfolio of more than 11,000 units having acquired over 19,000 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.

Roswell, Ga. – Stonemark is now managing and supervising renovations at the Lake House at Martin’s Landing in Roswell, Georgia. Located in the North Fulton submarket of Metro Atlanta, Stonemark will oversee upgrades of the exteriors and amenities as well as many of its 300 spacious units.

“Managing multifamily construction and renovations is one of our sweet spots,” said Stonemark President Walt Lamperski. “We look forward to helping increase the community’s value while offering excellent service to its residents.”

With rare waterfront access, The Lake House offers resort-style luxury apartment living. The pet-friendly community has more than two miles of walking and biking trails – as well as tennis courts, a clubhouse, fitness center and a playground. There’s also a pool and sundeck for relaxing under the cabana or grilling.

Units, which range from two- to four-bedrooms, feature fireplaces, stainless steel kitchen appliances, ceiling fans, a washer and dryer, built-in shelves and a breakfast nook. Balconies and patios offer beautiful views of Martin Lake and the surrounding woodlands. Furnished units are also available. 

"We are excited to continue to build on our partnership with Stonemark in the Atlanta area," said 29th Street Capital Senior Vice President Javier Bustillo.  

"They have done a tremendous job with all of our assets and the attention to detail has made a big difference." 29SC acquired the property in late September.

Minutes from downtown Roswell, The Lake House is centrally located near shopping, parks, and the local elementary school. Highway 400 makes it a straight shot for a commute into downtown Atlanta.

The Lake House at Martins Landing is located at 1500 Harbor Landing in Roswell, Ga. 30076

Learn more at www.lakehouseatmartinslanding.com.

The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeast, Texas and the Mid-Atlantic. The group includes Atlanta-based Stonemark Equities and Stonemark Management. For more information, visit stonemarkmanagementllc.com.

Roswell, Georgia – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Lake House at Martin’s Landing, a Class B, 300-unit asset located in the North Fulton submarket of Atlanta. 29SC plans to add value to the property with light upgrades to 282 apartments that were previously improved by the seller plus full interior renovations on 18 classic units. The firm will also improve the exteriors and amenities.

“This is 29SC’s third acquisition in Atlanta in the past 12 months and will be a strong addition to our Atlanta portfolio, which has now reached over 700 units,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions. “I am excited to add this unique asset to our current Atlanta portfolio and I look forward to our continued expansion in this market.”

Lake House at Martin’s Landing, located at 1500 Harbor Landing, is approximately 23 miles northeast of downtown Atlanta. Of the three apartment communities with water access in all of Metro Atlanta, two are located on the Chattahoochee River, making Lake House at Martin’s Landing the only apartment community with direct access to a lake in all of Atlanta.

Lake House at Martin’s Landing offers the area’s most spacious two-, three-, and four-bedroom apartment homes inside a master-planned community. Residents have access to the 53-acre Martin Lake and an uninterrupted 2.4-mile designated walking trail around the lake. 

“The Lake House at Martin’s Landing is located in the middle of one of the highest growth corridors between North Fulton and the Central Perimeter employment centers,” added Royce Baptist, 29SC’s VP in Atlanta. “Between the abundance of jobs and proximity to Martin Lake, this asset offers a great work/lifestyle balance.” 

The transaction closed Wednesday, September 30. 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 2,900 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 that focus on value-add and development of multifamily assets with a current portfolio of more than 10,000 units having acquired over 18,000 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 29thstreetcapital.com.

San Antonio, Texas – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Live Oak Place Apartments, a Class C+, 308-unit asset located in the Live Oak submarket of San Antonio. 29SC plans to add value to the property by fully renovating 163 apartments and lightly renovating 145 units that were previously improved by the seller. Along with the interior upgrades, 29SC will be improving the exterior finishes and amenities.

“This is 29SC’s first acquisition in San Antonio in the past 12 months and will be a strong addition to our Central Texas portfolio, which has now reached over 1,000 units,” said Dan Howard, 29SC’s Senior Vice President of Acquisitions based in Austin. “I look forward to the continued expansion of our footprint in Central Texas and am confident that our focus on accelerating growth in this market will yield high returns.”

Live Oak Place Apartments, located at 13012 Oak Terrace Dr, is approximately 14 miles northeast of downtown San Antonio. The property is well positioned at the intersection of Loop 1604 and I-35 and the recently expanded Wurzbach Parkway, providing easy access to the city and surrounding points of interest. 

Over the past 12 months, the Live Oak submarket has shown resilience, despite the COVID-19 pandemic, with positive trends in vacancy rates for multifamily units. According to CoStar submarket data, vacancy rates declined from 8.5% in Q3 2019 to 6.7% in Q3 2020. 

“The Live Oak submarket has shown very strong growth in both population and rental rates,” Howard added. “Live Oak Place’s proximity to top employers such as Amazon and Ikea is already a plus; the planned renovations will make it even more desirable.” 

The transaction closed Friday, September 4. Neither the seller nor the sale price have been revealed. 

Over the past year, 29th Street Capital has acquired 16 conventional multifamily assets – totaling 3,356 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 that focus on value-add and development of multifamily assets with a current portfolio of more than 10,000 units having acquired over 18,000 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 29thstreetcapital.com.

29th Street Capital (29SC), a privately-held real estate operator, has acquired Greenhouse Apartments, a Class A+, 350-unit asset located in the Katy/Cinco Ranch submarket of Houston. 29SC plans to add value to the three-year-old property by upgrading the landscaping, adding a package locker system and making technology improvements. 

“Growth out west along I-10 has been robust over the past decade,” said Doug Burt, 29SC’s Vice President of Acquisitions in Houston. “Greenhouse is a best-in-class asset that is strategically located right off I-10 to provide easy access for residents to get to nearby employment centers, shopping and restaurants. The Katy/Cinco Ranch submarket has consistently been the most absorbed submarket in the entire Houston area. In addition to being located in the highly sought-after Katy Independent School District, the community appeals to all types of residents with its midrise, garden and townhome style floorplans.”

The Houston multifamily market has proven resilient during the Covid-19 pandemic. According to data from Cushman & Wakefield, the metro area has had the fastest rate of population growth among the 10 most populous U.S. metros from 2010-2019 at +21.6%. It is projected to grow +17% by 2029, which would result in a population of 9.3 million people. 

Greenhouse Apartments, located at 2040 Greenhouse Road, is approximately 23 miles west of downtown Houston. The property is located just west of the Energy Corridor, which is one of the largest employment centers and most impactful economic forces in the Greater Houston area. 

“This is 29SC’s second acquisition in the Houston area in the past 12 months and will be a strong addition to 29SC’s existing Houston portfolio of 2,555 units,” adds Burt. The price of the acquisition has not been disclosed. 

Over the past year, 29th Street Capital has also acquired 20 conventional multifamily assets – totaling 4,212 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 that focus on value-add and development of multifamily assets with a current portfolio of more than 10,000 units having acquired over 18,000 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 29thstreetcapital.com.