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| 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.
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| 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.
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| 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
415.643.6875 | sberaznik@29thstreetcapital.com
For a complete copy of the company’s news release,
please contact:
http://www.facebook.com/pages/Thornton-Communications/112101288827299
http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton
Partner, Thornton
Communications
Phone: 404-932-4347
Email:
Terri@TerriThornton.com
Website:
www.TerriThornton.com
