Wednesday, January 15, 2014

29th St. Capital and Stonemark Create $50 Million Real Estate Fund


Southern Hills Apartment Homes, Arlington, TX



Atlanta, GA and San Francisco, CA – The Stonemark Group and investment firm 29th Street Capital have created a $50 million programmatic joint venture, which will target value-add and opportunistic multifamily acquisitions.
Michael Taylor

The goal is for the fund to acquire $200 to $250 million in apartment communities across the Southeast, Midwest and Texas.

“This is a significant opportunity for Stonemark to add to our holdings in Texas and the Southeast while also expanding into the Midwest,” said Stonemark Group CEO Michael Taylor

“We are looking for opportunities where we can strategically renovate, upgrade and manage communities to increase their market position and value.”

Robert Bollhoffer
“This represents a significant opportunity to grow our investment portfolio,” said 29SC Managing Partner Robb Bollhoffer. “We expect that our strong partnership with Stonemark will create value for our investors.”

In November, the firms announced their first joint venture – the acquisition of Southern Hills, a 250-unit apartment community in Arlington, Tex., which is being re-branded as The Mark at 2600. The value-add opportunity includes $1.3 million in capital improvements.


Stonemark Management currently manages more than 15,000 units in 12 states for The Stonemark Group as well as third-party multifamily owners and investors.

For a complete copy of the company’s news release, please contact:

Media Contact for Stonemark Group:
 Terri Thornton
404-932-4347


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