Lawrenceville, Ga. (March 6, 2020) – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Knollwood Park Apartment Homes, a 1998 vintage, 142-unit multifamily community located in Lawrenceville, Georgia. 29SC plans to complete full interior renovations, upgrade the amenity spaces and modernize the exterior of the property.
“We are excited to be growing our portfolio in Gwinnett County,” said Javier Bustillo, Senior Vice President of Acquisitions in Atlanta. “The property will benefit from over $240 million of redevelopment and infrastructure investment in downtown Lawrenceville.”
Knollwood Park Apartment Homes is located just off GA-120 and GA-124 in Historic Downtown Lawrenceville. Downtown Lawrenceville offers residents a walkable area with access to numerous four- and five-star restaurants, bars, boutique stores, parks and a theatre. In addition, there is a $200 million mixed-use development, $31 million arts facility with a 500-seat theatre, and a $10 million biking and walking trail connecting downtown Lawrenceville to Gwinnett College all approved and under development in downtown Lawrenceville.
“We are excited to help play a role in the revitalization of Downtown Lawrenceville,” Bustillo added. “Knollwood Park Apartment Homes will offer tenants freshly-renovated units and amenities, but most importantly be within walking distance of downtown and all of its amenities.”
This is the firm’s 10th acquisition in the Atlanta area in the past five years. The transaction closed March 6th. 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. Over the past 12 months 29th Street Capital has also acquired 10 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 9,800 units having acquired over 17,000 units across its 15 offices in the United States. 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.
Learn more about 29SC at https://29thstreetcapital.com.