Friday, October 28, 2016

29th Street Capital Acquires Clifton Ridge Apartments in Louisville, KY

Clifton Ridge Apartments, Louisville, KY

Louisville, KY -- 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Clifton Ridge Apartments, its first property in Louisville, Kentucky. The multifamily community, located two miles east of downtown Louisville in the fast-growing Clifton Heights neighborhood, is comprised entirely of two-bedroom, one-bathroom units.

Adam Miller
“We are thrilled to add Clifton Ridge Apartments to our investment portfolio,” said Adam Miller, 29th Street Capital’s Vice President of Acquisitions for the Southeast. “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.”

29SC has allocated approximately $800,000 for the renovation of the interiors and the remodeling of the exterior. Interior renovations 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 Clifton Heights neighborhood appeals to young, well-employed families and singles, who enjoy its walkability, high-quality schools and easy access to downtown Louisville.  

The submarket has experienced strong market fundamentals in recent years, driven by new development, an improved retail base, and value-add improvements to other multifamily properties on Louisville’s East Side.

Louisville is home to more than 1.3 million people and headquarters to three Fortune 500 companies. As one of the largest inland ports in the nation, Louisville’s transportation, shipping and logistics industries benefit from its central location in the United States.

Stan Beraznik
The acquisition closed October 28, 2016. The sale price of the 80-unit community was not disclosed.

For investment inquiries, contact:                                                                                                         
Stan Beraznik, Founder and Managing Principal at 29th Street Capital

For a complete copy of the company’s news release, please contact: Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347

Sale of New Orleans, LA Planet Fitness-Anchored Shopping Center Arranged by Marcus & Millichap

Lori Schneider

NEW ORLEANS, LA, Oct. 28, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Crowder Retail Center, a 31,913-square foot Planet Fitness-anchored shopping center located in New Orleans, LA, according to Ryan Nee, vice president, regional manager of the firm’s Fort Lauderdale office.

David Gant, senior associate, and Lori Schneider, senior vice president investments, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 

“Our marketing efforts successfully sourced the appropriate buyer, a local, private investor,” says Gant.  Chris Shaheen, is the Louisiana broker of record.

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

Ryan Nee
Vice President / Regional Manager
Fort Lauderdale, FL

(954) 245-3400