Atlanta, Georgia (May 30, 2019) – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Cumberland Crossing Apartments, a 1973 vintage, 286-unit multifamily community located in Marietta. 29SC plans to implement a capital program to enhance curb appeal, improve amenities and will be renovating unit interiors. The asset was purchased with an existing Fannie Mae loan which had to be assumed at closing.
“We are very excited to add this asset to our portfolio” said Javier Bustillo, Senior Vice President of Acquisitions in Texas and Georgia. “Cumberland Crossing is in a great location within Cobb County and poised to benefit from the lack of new supply and tremendous growth going on in terms of jobs and population going forward.”
Cumberland Crossing is located in South Cobb County within the city of Marietta. South Cobb is one of the fastest growing submarkets in the Atlanta metro, with over 17 million square feet of office space, two luxury retail shopping centers, two universities, the Dobbins air reserve base, and the new Braves stadium/ The Battery development.
“This property fits perfectly with our overall strategy of identifying assets in high growth locations with real limitations on potential new supply.” Bustillo added. “Being so close to The Battery, the Franklin Gateway redevelopment area and the recently approved Opportunity Zones to the north and west of the asset will continue to be a tremendous driver for the foreseeable future.”
This is 29th Street Capital’s ninth acquisition in the Atlanta region. Over the past 12 months, 29th Street Capital has also acquired 15 conventional multifamily assets throughout the U.S. and continues to actively pursue additional opportunities.
The transaction closed May 30. The sale price and seller were 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.
29SC’s conventional multifamily portfolio currently consists of more than 8,450 units having acquired over 14,800 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.