Marietta, GA, August 21, 2014 --(PR.com
)-- 29th Street Capital (29SC), through its high net worth fund, has closed on Pointes of Marietta, a 210-unit apartment community located in Marietta, GA. The Property is located on the west side of Marietta in Cobb County and just off of Powder Springs Rd in a rapidly improving submarket with limited multifamily supply. The entire area is poised to benefit from the impending re-location of the Atlanta Braves to Cobb County in 2017 and all of the new development and business opportunities that will come along with it. 29SC plans to invest over $2M to upgrade property exteriors, amenities and unit interiors. Exterior renovations to the asset will include an upgraded leasing center, new fitness center, addition of a playground, landscape upgrades, new name, signage and new 3-color paint scheme. Unit interior renovations will include a black appliance package, resurfaced countertops, modern light and plumbing fixtures, faux wood flooring in living areas, 2” blinds, upgraded kitchen and bathroom hardware and new cabinet faces.
Upon completion of upgrades, the property will compare favorably to 90’s built assets and will have a rental structure below that of the immediate upgraded comparable properties. The acquisition of Pointes of Marietta marks 29SC’s thirteenth multifamily acquisition completed since 2013 and increases its current portfolio to over 4,400 units owned. “This acquisition fits our overall strategy perfectly. We are looking for 1980’s or 90’s built assets that are well-located, are in good school districts, have strong and/or improving area demographics and can achieve rental upside through implementation of a value-add program. Pointes hits the mark on every single category. The response we have received thus far has been overwhelmingly positive and are very excited to add this asset to our portfolio,” states Javier Bustillo, Senior Vice President of Acquisitions for 29SC covering the Atlanta and Texas markets.
29th Street Capital is actively and aggressively pursuing additional multifamily opportunities in Georgia, Texas, Nevada, Arizona and Northern California as well as other markets around the U.S. 29SC will continue to target smaller value-add deals that offer investors above market returns.
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