Westmont, Ill. (April 26, 2018) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Warwick Apartments, a 32-unit multifamily community in Westmont, IL. 29SC plans to invest approximately $500,000 in capital improvements, including stainless steel appliances, modern paint, countertops, cabinets and bathroom improvements. Exterior projects will include roof repairs, window replacements, paint and modern lighting.
“Warwick Apartments presents a great opportunity to expand the reach of our Chicago portfolio,” said Dan Howard, Senior Vice President of the Midwest. “The property is located in an ever-improving neighborhood that continues to attract renters.”
Of the Top 10 places to live in Illinois as ranked by data-analytics firm Niche, four of the top 10 suburbs immediately surround Westmont. Additionally, Westmont’s school district is ranked in the top 8% in Illinois.
Warwick Apartments is around the corner from the commercial strip Ogden Avenue, which is home to several national retailers such as Trader Joes and CVS as well as many fast and casual dining establishments. The property is situated in a predominately residential neighborhood that includes Westmont Public Library and several parks. It is also near Westmont Junior High School and Hinsdale Golf Club.
“The central location of the property in Westmont is really attractive,” Howard added. “We are excited to execute our business plan and offer a high-quality and affordable option that we believe the market is currently lacking.”
The transaction closed April 26. The sale price was not disclosed.
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 16 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 7,500 units having acquired over 11,600 units across its 14 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.