29SC Acquires 6th Chicago Community
The asset, Wooded Isle Apartments, is located in Hyde Park, only eight miles from downtown. The community offers 75 units.
By Roxana Baiceanu
29th Street Capital, a privately-held real estate investment and advisory firm, bought a new community in the greater Chicago area. Wooded Isle Apartments is a 75-unit property located in Hyde Park, which features studios, one- and two-bedroom apartments. The community will be the sixth one that 29SC owns in the area.
“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, the company’s vice president of acquisitions, in prepared remarks. “Wooded Isle is well-located relative to many daily conveniences, transportation options and employment opportunities.”
29SC plans to capitalize on Wooded Isle Apartments’ proximity to Jackson Park, the planned site for the future Barack Obama Presidential Center by bringing a series of upgrades to the property.
Interior improvements include granite countertops and stainless steel appliances as well as upgraded flooring, cabinetry and hardware. Exterior renovations will focus on roof repairs, lighting, paint, signage, and landscape. The company also plans to bring Wi-Fi to the community.
Located at 5736 S. Stony Island Ave., the property is only eight miles from downtown and offers quick access to The University of Chicago as well as several shops, restaurants and grocery stores. It is approximately 30 miles from the Chicago O’Hare Airport via Interstate 90.
Within the past year, the company has expanded its multifamily portfolio by buying several communities in California, Nevada, Arizona and Texas.
Image courtesy of 29SC