29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired River Blu Apartments, a 417-unit multifamily community located in the La Riviera submarket of Sacramento. 29SC plans to invest approximately $4.3 million in capital improvements focusing primarily on unit renovations, clubhouse upgrades and amenity enhancements. Kitchens will get stainless steel appliances, vinyl flooring and upgraded cabinets. Bathroom upgrades are expected as well.

“The purchase of River Blu Apartments marks our fifth acquisition in Sacramento,” said Casey Davis, Senior Vice President of Acquisitions in Northern California. “With the continued expansion of our Sacramento portfolio, we will be able to lower operating costs and maximize management efficiencies.”

Sacramento is quickly emerging as one of California’s strongest economies, being named the fastest growing large city in California by the California Department of Finance. The market has its lowest unemployment rate since May 1999. The area economy is expected to remain strong with increasing salaries and steady population growth through the end of the year. 

“Sacramento is one of the strongest real estate markets in the country right now,” Davis added. “We think our business plan will successfully reposition the asset to compete in the market by offering a high-quality and affordable housing option as rents continue to trend upwards.” 

River Blu Apartments is nine miles southeast of downtown Sacramento and three miles from California State University – Sacramento, which has an enrollment of more than 35,000 students and employs approximately 2,750 faculty members. The property is also near Glenbrook Shopping center, which features numerous daily conveniences. 

The transaction closed September 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 7,600 units having acquired over 12,400 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.

Atlanta, Ga. (July 9, 2018) – Erik Kolacinski has joined 29th Street Capital as the Senior Vice President of Senior Housing. Kolacinski will be responsible for all facets of the privately-held real estate investment and advisory firm’s activity within the senior housing sector, focusing on acquisitions and asset management across the country. 

“With a significant background in healthcare management and operations, we are excited that Erik is becoming part of our team and implementing our value-add strategy on senior housing assets,” said Robb Bollhoffer, Managing Principal of 29SC.

Kolacinski has over 22 years of experience in senior housing and post-acute healthcare services. During his most recent position as Senior Vice President at US CareNet Inc., Kolacinski lead multiple teams delivering a wide range of senior living services. This included chronic and transitional care management, care navigation, health and wellness clinics, outpatient rehabilitation and private home care. He has also served as managing principal of Pinnacle Rehab Solutions and held a senior leadership position at CareSouth Health System Inc. 

“As the Baby Boomer Generation ages, the demographics for senior housing are very optimistic,” Kolacinski stated. “Leveraging 29th Street’s national platform provides me with the credibility needed to compete in today’s marketplace as well as the team needed to implement a value-add strategy offering residents premier, but affordable solutions of care.”  

In addition to sourcing and completing acquisitions, his responsibilities will involve overseeing third-party management selection, supervising all capital projects, making marketing and design decisions, and working toward eventual dispositions.

Kolacinski obtained a bachelor’s degree in History and a minor in Economics from the University of Illinois, Chicago.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of over 7,600 units and it has acquired over 12,000 units across its 14 offices in the U.S. Investments typically require approximately $10 to $100 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com.

Layton, Utah – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Twin Trees Apartments, a 43-unit multifamily community in Layton, Utah. 29SC plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior projects will include better landscaping, new heating and air conditioning units and curb appeal enhancements. The property is situated about 20 miles north of downtown Salt Lake and is alongside I-15.

“Twin Trees is an exciting first deal to establish 29th Street Capital’s presence in the Salt Lake area,” said McKay Winkel, Vice President of Acquisitions for Salt Lake City. “The submarket has tremendous population growth in addition to several other attractive metrics.”

Salt Lake City has recently earned excellent rankings in a number of areas. Wallethub ranked it #1 for the most job opportunities; The Urban Land Institute placed it as the #2 best location in the U.S. to buy multifamily real estate; Forbes calls it the #3 American city where employees are happiest.

Twin Trees Apartments is a block from Layton High School and is around the corner from a new retail center with a Gold’s Gym, Wells Fargo, WinCo Foods and H&R Block. It is also within walking distance of the Frontrunner transit rail station and the newly-constructed Intermountain Healthcare Hospital. 

“The Layton submarket is poised for continued growth and improvement as the forward momentum of downtown Salt Lake City flows outward,” Winkel added. “We will execute 29SC’s business plan and offer the Layton submarket a higher-quality housing alternative.” 

The transaction closed June 29. 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 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 7,500 units having acquired over 12,000 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.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital; 415.643.6875 | This email address is being protected from spambots. You need JavaScript enabled to view it.

29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Crestone and Phoenix Apartments - two multifamily communities in Brighton, Colorado. The portfolio, comprised of 76 units, is situated near Hwy. 85 and several daily conveniences. 29SC plans to invest approximately $1.1 million in capital improvements including vinyl flooring plus new cabinets, countertops, plumbing and light fixtures. Exterior improvements will include a modern paint scheme, extensive landscaping and improved amenities. 

“Brighton is a short drive northeast from downtown Denver and is located directly in the metropolitan area’s path of growth,” said Jay Neal, Senior Vice President of 29SC’s Rocky Mountain area. “Adams County is among the fastest growing in the U.S. and presents a unique opportunity to implement our renovation plan and capture some of that growth.”

The Denver metro area population is expected to keep increasing at a rate of over 1.5%, which is more than double the projected national rate. Metro Denver’s unemployment rate remains near historical lows as the economy is bolstered by various large employers in the tech, aeronautic, cable services and insurance sectors. The city was ranked #2 as a “Best Place to Live” by U.S. News and World Report in 2017. 

Within walking distance of the properties, there are approximately 30 restaurants, shopping and entertainment offerings, fitness options and services. These include Starbucks, Wells Fargo, AMC Brighton 12 and Anytime Fitness. The communities are also near an expansive single-family home development called Todd Creek Village. 

“The surrounding area is rapidly transitioning and growing,” Neal added. “Our plan is to significantly improve our two properties and maintain their affordability to attract renters priced out of downtown Denver.” 

The transaction closed May 22. The sale price was not disclosed.

Bryson Clements has joined 29th Street Capital’s (29SC) Chicago office as a Senior Vice President of Acquisitions focused on military housing nationwide for seniors, students, disabled veterans and active-duty personnel.

“Bryson has a remarkable track record that exemplifies what we look for in new hires,” said 29th Street Capital’s Managing Director Robert Bollhoffer. “He has had a variety of leadership and entrepreneurial roles that involved investments, management and capital markets as well as a host of other skills.  We are thrilled that he joined our team and is definitely going to make a difference in launching our military housing efforts.”

Military housing traditionally focuses on active duty soldiers near bases. Clements and 29SC are expanding this sector to develop branded properties nationwide that are tailored for seniors, students and disabled veterans, with each property facilitating access to veterans’ benefits, military installations and care facilities.

Clements has over 12 years of experience in investment banking, management consulting, and as a buy-side investor and portfolio manager. His clients ranged from Fortune 100 corporations to private equity firms across several industries. He advised on deals as large as $18.5 billion for various corporations, municipalities and financial sponsors such as Berkshire Hathaway.

He served 16 years as a Senior Counterintelligence Officer in the military and Department of Defense, leading elite teams in global operations. Clements was also a Strategic Advisor to the Chairmen of both the Senate Finance and the Intelligence Committees. He earned a B.S. in Accountancy from Brigham Young University and an M.B.A. from Chicago Booth – University of Chicago Graduate School of Business.