St. Petersburg, Florida (February 14, 2019) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Calais Park Lofts Apartments, a 261-unit multifamily community in St. Petersburg, Florida. 29SC plans to make cosmetic improvements to unit interiors, including new granite countertops, stainless-steel appliances and backsplashes, and re-facing the cabinets. Exterior projects will focus on clubhouse and fitness center improvements, refreshing the landscaping and updating the signage. A new system will notify residents when packages are delivered and keep them secure till they’re picked up.
“We are thrilled to enter a new metro market and grow our footprint in the region,” said Ryan Smyth, Vice President of Acquisitions for Florida. “The Tampa Bay area is consistently near the top in job growth nationally in the past decade and has strong projected population growth.”
Economic growth, primarily in the finance sector, has helped boost the region’s rapid recovery following the recession. The Florida Chamber of Commerce said the state’s gross domestic product exceeded $1 trillion in 2018. Experts expect it to continue its expansion this year. The state accounts for 5% of the U.S. economy yet creates 10% of new jobs, leading to a labor market imbalance that is attracting workers to relocate there.
Calais Park Apartments is within a 20-minute drive of both Tampa International Airport and the St. Petersburg-Clearwater Airport. It is also within 20 minutes of the Port of Tampa, which is the largest in the state. The port employs 85,000 people directly and indirectly, and is estimated to have a $17.2 billion economic impact.
“The property has easy access to downtown St. Pete and Tampa, the Gulf Coasts many beaches and parks, and the Sunshine Skyway Bridge, which we think residents will find desirable,” Smyth added. “Florida is experiencing profound growth and 29SC is excited to enter the market to offer high quality yet still affordable housing.”
29th Street Capital closed on the purchase of the property from Venterra February 14. The sale price was not disclosed. Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Florida Multifamily Group represented Houston-based Venterra in the disposition.
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 7,800 units having acquired over 14,000 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.