Brandon, Florida (March 1, 2019) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Avenue @ Creekbridge and The Park at Pienza Apartments, a two property, 200-unit multifamily portfolio in Brandon, Florida.
29SC plans to make cosmetic improvements to unit interiors, including adding high-quality laminate countertops, vinyl plank flooring, modern paint schemes and stainless steel appliances. The firm also plans value-creating improvements to the clubhouse, fitness center, grilling area, roofing, exterior staircases, landscaping and more. It will also implement plans to catch up on overdue maintenance issues.
The Tampa Bay area is experiencing strong population and employment growth. The average working age population growth in Tampa over the last two years is almost twice the national average.
“29SC feels that the strong market fundamentals in the Tampa Bay area will continue for the foreseeable future and help drive renter demand,” said Ryan Smyth, Vice President of Acquisitions for Florida. “The properties have easy access to several employment hubs in the Tampa Bay area as well as retail centers,” Smyth added. “Plus, more than 50 million square feet of office space, which is continuously growing, is within a 30 minute drive.”
The communities, which are two miles apart, are within 20 miles of downtown Tampa. Each has several restaurants and shopping centers nearby. The Park at Pienza is close to daily conveniences such as a Publix Super Market, Office Depot, PetSmart and several banks. Avenue @ Creekbridge is close to the J.C. Handly Sports Complex, Paul Sanders Park and Kings Row Shopping Center, which features an Xtreme Fit, post office and salon.
29th Street Capital closed on the purchase of the portfolio 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.