29th Street Capital Expands Into Orlando
Firm Hires Bill McConaghy to Seek Value-Add Apartment Deals in Central, South Florida
Orlando, Fla. (June 2016) – Bill McConaghy has joined 29th Street Capital (29SC) as Vice President of Multifamily Acquisitions for Florida. McConaghy is responsible for all facets of the privately-held real estate investment and advisory firm’s multifamily acquisitions and asset management strategies in the state. His first task will include helping 29SC expand into the Orlando market, acquiring value-add apartment communities there, and in Central and South Florida.
“We are extremely excited to have Bill join us and expand our national footprint by opening our tenth office,” said 29th Street Capital Managing Director Robert Bollhoffer. “Bill has many years of experience in the Florida market and a great fundamental understanding of the multifamily acquisition and management process. We look forward to growing our platform in Florida with him and bringing our investors the types of transactions that they have come to expect from our group.”
McConaghy is a 13-year veteran of Florida’s commercial real estate market. Most recently, he was President of his own consulting and brokerage firm, Strategic Acquisition Initiatives, Inc. His duties included serving as Vice President of Economic Development at consulting firm Strategic Development Initiatives, Inc., or SDI, where he worked on CRA economic policy and Public Return on Investment (PROI) model development and underwriting analysis. He also led a multi-million dollar industrial acquisition fund for another client. Before that, he spent two years as Assistant Vice President of Acquisitions for private equity fund Laramar, where he was instrumental in creating a Florida acquisition strategy resulting in the addition of almost $200 million of multifamily properties and bank notes to the firm’s portfolio.
“What an amazing opportunity to join this emerging entrepreneurial team,” McConaghy said. “29th Street Capital is focused primarily on value-add multifamily acquisitions. We are starting with Central Florida and surrounding areas and are open to all major and secondary Florida markets for the right opportunity.”
In addition to sourcing and completing acquisitions, his responsibilities at 29SC will include complete oversight of the projects inclusive of selecting third-party management, overseeing all capital projects, marketing/design and dispositions.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy on properties that are below the radar of institutional peers. 29SC’s current portfolio consists of 6,000 units and it has acquired over 7,400 units across its nine offices in the U.S. Investments typically require approximately $2 to $12 million of equity per deal, and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com.