29SC Lands First Property in Louisville
- Oct 31, 2016
by Laura Calugar
Louisville, Ky.—29th Street Capital (29SC), a privately held real estate investment and advisory firm, recently purchased Clifton Ridge Apartments, its first property in Louisville, Ky. The sale price of the 80-unit community was not disclosed, but the new owner intends to spend $800,000 on the remodeling of the property. According to Yardi Matrix data, the property was built in 1967 and was last sold in 2008 for $1.7 million.
Located two miles east of downtown Louisville in the Clifton Heights neighborhood, at 2025 Brownsboro Road, the community consists entirely of 700-square-foot two-bedroom, one-bathroom units. The new owner plans to boost the value of the multifamily property by investing in interior renovations and exterior alterations. Interior remodeling will include new kitchen appliances, cabinetry and countertops, bathroom updates, new flooring and lighting upgrades. Exteriors will get fresh paint, roof and concrete repairs, courtyard enhancements and landscape upgrades.
The property is approximately 15 minutes from the junction between Interstates 64 and 71. Due to its easy access to downtown Louisville, walkability and proximity to schools, the Clifton Heights neighborhood appeals to young, well-employed families and singles. Louisville is home to more than 1.3 million people. As one of the largest inland ports in the nation, Louisville’s transportation, shipping and logistics industries benefit from its central location in the U.S.
“We are thrilled to add Clifton Ridge Apartments to our investment portfolio. Expanding our footprint throughout the southeast market is a key focus given the attractive market fundamentals in the region. We look forward to executing our business plan at Clifton Ridge and in future acquisitions in Kentucky, Tennessee and the Carolinas,” said Adam Miller, 29th Street Capital’s vice president of acquisitions for the Southeast, in a prepared statement.
29SC’s multifamily portfolio consists of nearly 7,000 units and it has acquired more than 8,500 units in total across its 11 offices in the country. Recently, the company purchased a 492-bed luxury student housing community in San Marcos, Texas, and invested $2 million in its renovation.
Images courtesy of Yardi Matrix