Tuesday, January 3, 2017

29th Street Capital Acquires Summer Oak Apartment Homes in Jacksonville, FL

Summer Oak Apartments, Jacksonville, FL
Jacksonville, FL (Jan. 3, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired the Summer Oak Apartments Homes in Jacksonville, Florida.

The new owner plans to rebrand the 400-unit riverfront multifamily community as “Pier 5350.” It also plans a $2 million renovation.

“We are very happy to close on our second acquisition in Florida and have high expectations for this property and the overall Florida market,” said Bill McConaghy, 29SC’s Vice President of Acquisitions for Florida.

“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. We believe our renovations will further enhance the property and we are excited for the future.”

Bill McConaghy
Pier 5350 is just over the Mathews Bridge from downtown Jacksonville with clear poolside views of EverBank Field, home of the Jacksonville Jaguars. 

Jacksonville has healthy job growth; in the past year, companies such as Amazon, Citibank and E&Y have announced a total of 1,750 new jobs. The Jacksonville metro area has an unemployment rate of only 4.7%, which has consistently improved in recent years.

29SC plans to improve the property by repairing deferred maintenance, installing new exterior lighting and improving the leasing center and amenities. Unit interiors will also be improved with the goal of improving the overall quality of the property.

Desirable features include the 240-foot dock on St. Johns River, three swimming pools, a private park with river views, and a fitness center. The transaction closed December 30, 2016. The price was not released.

29th Street Capital acquired 12 multifamily assets in 2016 and continues to actively pursue additional opportunities throughout the U.S.  The firm will continue to target strategic value-add deals which are below the institutional radar, with the intention of offering its investors above market returns. 

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

Terri Thornton terri@territhornton.com

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

415.643.6875 | sberaznik@29thstreetcapital.com

KTGY Architecture + Planning Welcomes Manish H. Shah as Executive Director

Manish H. Shaw
 CHICAGO, IL (Jan. 3, 2017) — The Chicago/Midwest office of KTGY Architecture + Planning, an award-winning international architectural firm, announced it has hired Manish H. Shah as executive director of architecture at the firm’s Chicago/Midwest office.

 Shah will work in the firm’s national healthcare design practice, leading KTGY’s continued expansion throughout the Midwest and addressing challenges facing the industry in 2017.

“Manish has extensive experience in the design of healthcare facilities, which represents one of the most in-demand sectors of commercial real estate,” said Craig Pryde, AIA, LEED AP, principal at KTGY Architecture + Planning’s Chicago/Midwest office. “We’re excited to leverage Manish’s creativity and knowledge as we continue to expand this practice.”

Shah, 46, has more than 20 years of experience managing a wide range of projects from conception through completion. His focus is in the design and planning of acute care areas of hospitals, medical office buildings and specialized clinics, including ambulatory surgery, as well as radiology and imaging suites. 

Craig Pryde
“Healthcare design is one of the most rapidly evolving industries and has an enormous impact on our communities,” said Shah.

 “Drawing on my experience in designing both newly constructed and renovated facilities, including those that have undergone an expansion, I’m excited to join a team that shares my curiosity and commitment to elevating the experience for medical providers and the patients they serve.”

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528