Stonemark, 29th Street Capital JV Acquires 250-Unit Community in Arlington, Texas
- Nov 13, 2013
Atlanta—A Stonemark Equities and 29th Street Capital joint venture has acquired Southern Hills Apartment Homes in Arlington, Texas.Atlanta-based Stonemark plans to invest an additional $1.3 million into the property and rebrand the community as The Mark at 2600.
The transaction, which closed on Oct. 31 for an undisclosed price, is the first joint venture between the two companies, but the duo has plans for future acquisitions of properties in first and second tier markets in the Southeast, Mid-Atlantic and Texas.
“Having 29th Street Capital as our long-term partner puts us in a position to acquire more value-add and repositioning opportunities,” says Michael Taylor, CEO of the Stonemark Group. “This acquisition fits our goals of being near healthy employment centers with strong schools and leisure options, where capital improvements and Stonemark Management’s services can improve the community’s performance.”
San Francisco-based 29th Street Capital (29SC) is a privately-held real estate company and advisory board that specializes in joint venture investments that involve about $2-10 million of equity per transaction. The company has invested more than $140 million since its inception in 2009, according to the company’s website.
“This asset is a great addition to our high net worth fund with strong cash flow and future upside,” says Robb Bollhoffer, managing partner at 29SC. “We are also excited to close our first deal with Stonemark, a company with an impressive reputation and significant growth potential.”
Plans for the 250-unit, pet-friendly community include renovations to the clubhouse, fitness center, pool, playground and other exterior elements. Individual units, which are offered in one-, two- and three-bedroom floor plans, will see the addition of new black appliances and the updating of countertops and fixtures.