Chicago, IL, June 12, 2014 --(PR.com
)-- 29th Street Capital (29SC) has closed on a Multi-family Property located in the Bridgeport neighborhood of Chicago, IL. Bridgeport is located on the city’s Near South Side, bounded by the South Branch of the Chicago River. 29SC views this purchase as an excellent investment that will benefit significantly from its close proximity to Chicago’s Loop. Bridgeport is an ethnically diverse community that serves as a safe, affordable, family-friendly alternative to some of the more expensive nearby areas like the South or West Loop neighborhoods. 29SC plans to upgrade the interior and exterior of the building. In addition to building renovations, 29SC will also create a large outdoor common patio in a previously unused space.
“The current residents are excited about the renovations, and the property is certainly going to be attractive both to renters and future buyers. Bridgeport is a gentrifying neighborhood with a rich history,” said Dan Howard, Director of Acquisitions.
The Bridgeport acquisition is the first of many future investments to be made in the Chicagoland area. 29th Street Capital will focus on the acquisition of further multifamily opportunities in both the Chicagoland area and additional U.S. markets. 29SC will continue to pursue value-add deals, offering its investors above market return.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy of acquiring residential and commercial properties as well as distressed loans across the United States. 29SC continues to identify and pursue strategic investments ahead of the broader market and below the radar of our institutional peers, where limited competition exists for opportunities. 29th Street Capital brings 70 years of institutional and capital markets experience to every relationship, and works with operators to raise both limited and general partner capital. Investments typically involve approximately USD $2-10 million of equity per deal, and involve the acquisition or recapitalization of real estate assets, portfolios, or platforms. Learn more about 29SC at www.29thstreetcapital.com