Jacksonville, Fla. (January 3, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired the Summer Oak Apartments Homes in Jacksonville, Florida. The new owner plans to rebrand the 400-unit riverfront multifamily community as “Pier 5350.” It also plans a $2 million renovation.
“We are very happy to close on our second acquisition in Florida and have high expectations for this property and the overall Florida market,” said Bill McConaghy, 29SC’s Vice President of Acquisitions for Florida. “Pier 5350, situated on the St. Johns River, is in a great location and offers some of the largest floorplans and townhomes in the submarket. We believe our renovations will further enhance the property and we are excited for the future.”
Pier 5350 is just over the Mathews Bridge from downtown Jacksonville with clear poolside views of EverBank Field, home of the Jacksonville Jaguars. Jacksonville has healthy job growth; in the past year, companies such as Amazon, Citibank and E&Y have announced a total of 1,750 new jobs. The Jacksonville metro area has an unemployment rate of only 4.7%, which has consistently improved in recent years.
29SC plans to improve the property by repairing deferred maintenance, installing new exterior lighting and improving the leasing center and amenities. Unit interiors will also be improved with the goal of improving the overall quality of the property.
Desirable features include the 240-foot dock on St. Johns River, three swimming pools, a private park with river views, and a fitness center. The transaction closed December 30, 2016. The price was not released.
29th Street Capital acquired 12 multifamily assets in 2016 and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals which are below the institutional radar, with the intention of offering its 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 in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of nearly 7,000 units and it has acquired over 8,500 units across its 11 offices in the U.S. Investments typically require approximately $10 to $50 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.