Irvine, CA, November 10, 2013 --(PR.com
)-- 29th Street Capital (29SC), through its high net worth fund, has closed on an off-market opportunity to acquire Southern Hills, a 250-unit apartment community located in Arlington, TX. The property was acquired through a partnership sponsored by Stonemark Equities.
Southern Hills was owned and self-managed by a group of private investors. The property suffers from deferred maintenance that has resulted in rents and occupancy below neighboring competitive properties. The business plan is to immediately implement professional management through Stonemark Management, LLC, and invest $1.3 million for both interior and exterior improvements to achieve rents in line with the market.
“This asset is a great addition to our high net worth fund with strong cash flow and future upside,” said Robb Bollhoffer, Managing Partner at 29SC. “We are also excited to close our first deal with Stonemark, a company with an impressive reputation and significant growth potential.”
“Having 29th Street Capital as our long-term partner puts us in a position to acquire more value-add and repositioning opportunities,” said Michael Taylor, CEO of the Stonemark Group. “This acquisition fits our goals of being near healthy employment centers with strong schools and leisure options, where capital improvements and Stonemark Management’s services can improve the community’s performance.”
About 29th Street Capital
29th Street Capital is a privately held real estate investment and advisory firm based in San Francisco, CA. Employing a value-add investment strategy of acquiring residential and commercial properties as well as distressed loans across the United States, the firm partners with best-in-class real estate operators, that have a proven ability to execute on a defined strategy within a specific geographical market. 29th Street Capital brings 40 years of institutional and capital markets experience to every relationship. Since its inception in 2009 the firm has acquired over $500MM in real estate assets. Learn more about 29th Street Capital at www.29thstreetcapital.com
About The Stonemark Group
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeastern U.S. and Texas. The group includes Chicago-based Stonemark Equities and Atlanta-based Stonemark Management. For more information, visit http://www.stonemarkmanagementllc.com.