Louisville, Ky. (October 28, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Clifton Ridge Apartments, its first property in Louisville, Kentucky. The multifamily community, located two miles east of downtown Louisville in the fast-growing Clifton Heights neighborhood, is comprised entirely of two-bedroom, one-bathroom units.
“We are thrilled to add Clifton Ridge Apartments to our investment portfolio,” said Adam Miller, 29th Street Capital’s Vice President of Acquisitions for the Southeast. “Expanding our footprint throughout the Southeast market is a key focus given the attractive market fundamentals in the region. We look forward to executing our business plan at Clifton Ridge and in future acquisitions in Kentucky, Tennessee and the Carolinas.”
29SC has allocated approximately $800,000 for the renovation of the interiors and the remodeling of the exterior. Interior renovations will include new kitchen appliances, cabinetry and countertops, bathroom updates, new flooring and lighting upgrades. Exteriors will get fresh paint, roof and concrete repairs, courtyard enhancements and landscape upgrades.
The Clifton Heights neighborhood appeals to young, well-employed families and singles, who enjoy its walkability, high-quality schools and easy access to downtown Louisville. The submarket has experienced strong market fundamentals in recent years, driven by new development, an improved retail base, and value-add improvements to other multifamily properties on Louisville’s East Side.
Louisville is home to more than 1.3 million people, and headquarters to three Fortune 500 companies. As one of the largest inland ports in the nation, Louisville’s transportation, shipping and logistics industries benefit from its central location in the United States.
The acquisition closed October 28, 2016. The sale price of the 80-unit community 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 approximately $10 to $50 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.