Chicago, Ill. (August 17, 2017) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Wooded Isle Apartments – its sixth property in the greater Chicago area. The 75-unit multifamily community, located eight miles south of downtown Chicago in Hyde Park, features studios, one- and two-bedroom units.
29SC has allocated approximately $1 million for capital improvements. Interior upgrades will include granite countertops and stainless steel appliances as well as improved flooring, cabinetry and hardware. Exterior renovations will focus on roof repairs, lighting, fresh paint, signage, landscaping and community-wide WiFi.
“We are confident in the strength of the Chicago market and are excited to have found a value-add opportunity at such a great location,” said Dan Howard, 29th Street Capital’s Vice President of Acquisitions in Chicagoland. “Wooded Isle is well-located relative to many daily conveniences, transportation options and employment opportunities.”
Wooded Isle is located directly west of Jackson Park, which is the planned site for the future Barack Obama Presidential Center, a $500 million development expected to open in 2021. The project is expected to add 5,000 jobs during construction and ultimately support 2,500 permanent jobs upon its completion. The Center will feature a museum with the first completely digital presidential library, education and meeting rooms, public space, exhibition rooms, a restaurant, a public garden, a sledding hill and a branch of the Chicago Public Library system.
“We expect the Obama development to further enhance the Hyde Park neighborhood, which has already undergone a significant transformation in recent years,” Howard added.
The acquisition closed August 17, 2017. The sale price was not disclosed.
29th Street Capital has acquired 17 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 7,600 units and it has acquired over 10,000 units across its 12 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.