Sacramento, Calif. (March 2019) – Kevin M. Smith has joined 29th Street Capital to spearhead a new development platform for the privately-held real estate investment and advisory firm. Smith will serve as Senior Vice President of Development for Northern California. He will be responsible for all facets of the firm’s multifamily development activity.
“Up until now, our team has focused on acquiring and upgrading multifamily communities across the country,” said 29th Street Capital Managing Director Robert Bollhoffer. “Kevin gives us the expertise and contacts to explore opportunity zone developments in markets where we already have an existing multifamily platform.”
The firm’s targets include new construction within opportunity zones, which are federally-designated census tracts. Investments in related opportunity funds can yield significant capital gains benefits to long-term investors.
“It’s exciting to hit the ground running with the 29th Street Capital team,” Smith stated. “There is great opportunity for new development throughout Northern California, especially in opportunity zones in and around city centers.”
His responsibilities will include everything from site identification and product design through build-out and lease-up to stabilization and eventual disposition. His 25-year career shows a proven track record of executing extensive development projects across a variety of asset classes with an emphasis on in-fill, alternative financing and redevelopment.
Prior to joining 29th Street Capital, Smith was with Ranch Capital, where he spearheaded the Mill at Broadway development, an in-fill master planned community. He was the local lead for the underwriting, acquisition, planning, entitlement, CEQA and community outreach. He provided local project management for the due diligence, phase acquisitions, additional property acquisitions and entitlement for the entire project as well as the development and build-out of the first two phases.
Before joining Ranch Capital, Smith was Land Acquisition Manager for Sacramento in-fill sites for D.R. Horton, one of the largest homebuilders in the country. His career also includes extensive public/private partnership (P3) experience – on the private side for a regional non-profit multifamily builder and on the public side for the city of Vacaville Redevelopment Agency.
Smith earned his MBA with a concentration in Finance and Accounting from the Graduate School of Management at the University of California, Davis. He obtained his bachelor’s degree from UC Davis as well.
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.