By Robert Demeter
Jacksonville, Fla.—29th Street Capital, a privately-held real estate investment and advisory firm, acquired the Summer Oak Apartment Homes, a 400-unit riverfront community in Jacksonville. The transaction closed on December 30 and the sale price was undisclosed.
“Pier 5350, situated on the St. Johns River, is in a great location and offers some of the largest floorplans and townhomes in the submarket,” said Bill McConaghy, vice president of acquisitions at 29SC’s Florida office.
The community features a 240-foot dock on St. Johns River, three swimming pools, a private park with river views and a fitness center. The new owner plans to rebrand the asset to “Pier 5350” and to execute a $2 million renovation program. Upgrades will include repairs to the deferred maintenance, new exterior lighting and upgrades to the leasing center and community amenities. Unit interiors will also be revamped with the goal of increasing the overall quality of the property.
29th Street Capital acquired 12 multifamily assets in 2016 and continues to actively pursue additional opportunities throughout the U.S. The firm targets strategic value-add deals which are below the institutional radar, with the intention of offering its investors above market returns.
Image courtesy of 29th Street Capital