Chicago, Ill. (September 2016) – 29th Street Capital (29SC) a privately-held real estate investment and advisory firm, has acquired its second multifamily property in Des Plaines, Illinois. The property, located one-half mile north of downtown Des Plaines at 175 S. River Road, is comprised completely of one bedroom, one bathroom dwelling units. 29SC plans to invest over $15,000 per unit to renovate unit interiors and remodel the property exterior.
“The acquisition of this property on South River Road provides an exciting opportunity to expand our footprint in the Des Plaines market and complement our other holding at 1443 Ashland Avenue, which offers primarily larger two bedroom units,” said Dan Howard, Vice President of Acquisitions for Chicagoland. “With METRA rail nearby and a strengthening downtown, these units, once updated, will prove attractive for residents looking to rent in a quality suburb of Chicago.”
Des Plaines offers residents access to METRA commuter rail, O’Hare International Airport, and two major highways – Interstate 90 and The Tri-State Tollway (I-294.) In addition to being home to several Fortune 500 companies and international employers, Des Plaines hosts a comfortable blend of commercial, financial, industrial, professional, service and retail sector jobs.
The acquisition closed Friday, Sept. 9, 2016. The sale price was not disclosed.
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 $8 to $35 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.