Norcross, Georgia (March 1, 2019) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Shekinah Home, a community for seniors in Norcross, Georgia. The new owner plans to improve the quality of life and increase activities for the residents of the assisted living community. In addition, 29SC plans cosmetic upgrades including modern flooring, new lighting and plumbing, and bathroom enhancements. Exterior improvements will include paint, landscaping, branding/signage and upgraded amenities.
“Shekinah Home is the perfect opportunity for 29SC to enter the senior housing market,” said Erik Kolacinski, Senior Vice President of Acquisitions for Senior Housing. “We are excited to leverage 29SC’s outstanding track record to grow this new investment platform.”
The Atlanta metro area continues to exhibit strong economic vitality with steady job growth year over year. Figures show that the metro area had about 325,000 more jobs at the end of 2018 than it did before the recession.
Shekinah Home is a 25-unit assisted living facility located in the rapidly-growing Norcross suburb of Atlanta, which is near other highly-desirable northern suburbs including Sandy Springs, Dunwoody and Brookhaven. Population growth within a three-mile radius of the property is expected to be approximately 13% over the next five years.
There are very few assisted living facilities within Gwinnett County according to 2018 data from the National Investment Center; none are in the area surrounding Shekinah. Three hospitals are within 10 miles and a pharmacy is directly across the street.
“Senior housing is about to experience a demand shock as the baby boomers enter the market over the next decade,” Kolacinski added. “29SC will offer high quality yet still affordable senior housing in a market with limited supply.”
The transaction closed February 28. The sale price was 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 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 8,000 units having acquired over 14,400 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.