 |
| 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
No comments:
Post a Comment