Louisville, KY. (March 5, 2018) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Cloisters Apartments its third acquisition in the Louisville market. The 39-unit multifamily property is located approximately one mile east of downtown Louisville in the Butchertown neighborhood and is minutes away from the proposed site of the future Louisville City Football Club stadium. The Cloisters was once the chapel and convent for the Ursuline Academy of Immaculate Conception, and in the late 1980’s was converted to apartments and required to meet housing code requirements.
“We are thrilled to add The Cloisters to our Louisville portfolio,” said Adam Miller, 29SC’s Senior Vice President of Acquisitions for the Southeast. “The property is in a great location with close proximity to downtown, NuLu, and many restaurants, local retail and other attractions that comes with those areas.”
Louisville has added more than 15,000 jobs metro-wide each year since 2014 and the growth is escalating. The city is a critical distribution center for leading logistics and manufacturing companies including UPS, Amazon, Ford Motors, GE Appliances/ Electrolux and, most recently, Google Fiber.
“The city of Louisville is in a transitional phase as it continues to grow and attract a younger demographic,” Miller added. “The city is working with the state government to help fund the $200 million Louisville City Football Club stadium project that is expected to generate $13 million per year in tax revenue for the city.”
The transaction closed March 5. The sale price was not disclosed.
29th Street Capital acquired 16 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns.
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 more than 7,000 units and it has acquired over 11,00 units across its 14 offices in the U.S. Investments typically require approximately $10 to $70 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.