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| Shekinah Home for Seniors, Norcross, GA |
Norcross, GA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Shekinah Home, a community for seniors in Norcross, Georgia.
The new owner plans to improve the quality of
life and increase activities for the residents of the assisted living
community.
In addition, 29SC
plans cosmetic upgrades including modern flooring, new lighting and plumbing,
and bathroom enhancements. Exterior improvements will include paint,
landscaping, branding/signage and upgraded amenities.
“Shekinah
Home is the perfect opportunity for 29SC to enter the senior housing market,”
said Erik Kolacinski, Senior Vice President of Acquisitions for Senior
Housing. “We are excited to leverage 29SC’s outstanding track record to grow
this new investment platform.”
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| Erik Kolacinski |
Shekinah Home is a 25-unit assisted living facility located in the
rapidly-growing Norcross suburb of Atlanta, which is near other
highly-desirable northern suburbs including Sandy Springs, Dunwoody and
Brookhaven. Population growth within a three-mile radius of the property is
expected to be approximately 13% over the next five years.
There are very few assisted living facilities within Gwinnett County
according to 2018 data from the National Investment Center; none are in the
area surrounding Shekinah. Three hospitals are within 10 miles and a pharmacy
is directly across the street.
“Senior housing is about to experience a demand shock as the baby
boomers enter the market over the next decade,” Kolacinski added. “29SC will
offer high quality yet still affordable senior housing in a market with limited
supply.”
The transaction closed February 28. The sale price was not disclosed.
CONTACT:
Terri Thornton
Partner, Thornton Communications
Partner, Thornton Communications
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