Sacramento, Calif. - 29th Street Capital Acquires Terrace at Fair Oaks Apartments; Property is Firm’s Sixth Sacramento-Area Acquisition  – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Terrace at Fair Oaks Apartments, a 1972 vintage, 76-unit multifamily community located in Carmichael. 29SC plans to invest approximately $11,000 per unit in capital improvements. Interior upgrades include stainless steel appliances, durable flooring, improved cabinets, fresh paint and energy-efficient plumbing fixtures. Exterior renovations will focus on window replacements, parking lot improvements and landscaping upgrades.

“We think the Carmichael submarket offers a great living area in the Sacramento region,” said Casey Davis, Senior Vice President of Acquisitions in Northern California. “The area is quickly transitioning into a desirable alternative to the high rents seen in other submarkets throughout the region.”

Sacramento has had positive net migration in recent years due to residents relocating from other California cities, with large concentrations moving from the Bay Area and San Francisco. At the end of 2018, Sacramento had an unemployment rate of 3.6% which was below both the state and national averages.

“Terrace at Fair Oaks is in the highly-regarded San Juan Unified School District,” Davis added. “We are excited to offer a high-quality renting option where tenants benefit from the thriving Carmichael submarket and the area’s great schools.”

The property is immediately west of Fair Oaks Blvd. and adjacent to a Smart and Final Extra! grocer. Other nearby conveniences include Carmichael Park, Safeway, Rite Aid, Walgreens and Wells Fargo.

This is 29SC’s third acquisition in the Sacramento area in the past 12 months and the sixth in the past two years. Over the past year, 29th Street Capital has also acquired 15 conventional multifamily assets throughout the U.S. and continues to actively pursue additional opportunities. 

The transaction closed May 31. 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 8,500 units having acquired over 14,850 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.

Los Angeles, Calif. – Jason de Guzman has joined 29th Street Capital as Senior Vice President of Acquisitions for Los Angeles. De Guzman is responsible for all facets of the privately-held real estate investment and advisory firm’s activity in the Southern California market, and will lead all multifamily acquisitions and asset management strategies there.

He has over 15 years of real estate acquisitions, development and management experience across every asset type, primarily in the multifamily sector. De Guzman has been able to create valuable relationships all along the West Coast, enabling him to establish a strong record of success.

“Jason has an exceptional track record and deep experience in multifamily real estate,” said 29th Street Capital Managing Director Robert Bollhoffer. “He has done similar work in his previous roles so he will be able to hit the ground running for our new L.A. office. He is a great addition to our team.” 

Prior to joining 29th Street Capital, de Guzman was Vice President of Acquisitions for Neilson Hammer, a real estate family office in Beverly Hills, California. He was responsible for the acquisition and management of all of the firm’s multifamily assets, including repositioning and stabilization. In less than three years, he helped to double the size of the firm’s multifamily portfolio.

Before joining Neilson Hammer, de Guzman was hired by Cardinal Investments, a boutique real estate investment firm in Manhattan Beach, California as Vice President of Acquisitions. From 2008-2015, he was responsible for over 70 successful multifamily real estate transactions in the Los Angeles area.

“I’m excited to leverage 29SC’s strong platform to grow the Los Angeles office,” de Guzman added. “There is a need for higher quality yet still affordable housing in the market and we are prepared to execute our business plan to offer that product.” 

He started his career in Boca Raton, Florida, working in commercial leasing and acquisitions for Investments Limited, one of the largest real estate developers and landlords in South Florida. In his time there, de Guzman was instrumental in leasing the firm’s retail, office and industrial holdings, which totaled over 5 million square feet. Additionally, de Guzman played a major role in the acquisition of over $300 million of commercial and multifamily assets in the South Florida area.

De Guzman earned his undergraduate degree in Business Administration with Real Estate emphasis from the University of San Diego. He is also a licensed real estate broker in the State of California.

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 8,450 units having acquired over 15,000 units across its 15 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.