SAN FRANCISCO, CA – Privately-held real estate investment firm 29th Street Capital (29SC) has acquired two apartment communities totaling 411 units in Sandy Springs, Georgia for the total sale price of $81.4 million. The purchase of ReNew at Sandy Springs (being re-branded to Aqua at Sandy Springs) and Spalding Bridge Apartments marks the firm’s 12th and 13th multifamily acquisitions in the Metro Atlanta area, totaling nearly 3,000 units in the market.
Aqua at Sandy Springs is a 219-unit, Class B property that was built in 1985 (60 units) and 2000 (159 units). Spalding Bridge is a 192-unit, 1984-vintage property, which is also Class B. Both assets are located in North Fulton County, approximately four miles apart. 29SC’s capital improvement plan includes interior renovation, including adding upgraded countertops, stainless steel appliances, modern backsplashes, new flooring, updated lighting and in-unit washer/dryers. The firm also plans to improve the amenities and curb appeal.
29SC’s in-house property management group, Haven Residential, will oversee the management and leasing for both communities.
“We believe this investment presents an exceptional opportunity to acquire high-quality assets with substantial value-add potential,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions for the Southeast region. “The re-zoning difficulties that accompany new developments make garden-style communities with large floor plans like these irreplaceable.”
The quality of schools, along with area housing and high incomes, makes Sandy Springs a highly sought-after place to live. The city benefits from being ideally located between two of the most active employment centers in Metro Atlanta. Both GA-400 and I-285 are easily accessible, allowing residents to take full advantage of the surrounding areas.
“The properties are centrally located, allowing for access to thousands of high-skilled jobs,” Bustillo added. “The promising demographics and rebounding economy have helped the city recover from the pandemic, as proven by the asking rents increasing 4.3% year-over-year.”
Metro Atlanta continues to show signs of steady economic recovery from the effects of the pandemic. From May 2020 to February 2021, the Atlanta area was able to add back roughly 220,000 jobs, making the total employment now just 5% below the area’s pre-pandemic norms.
The Spalding Bridge transaction closed Wednesday, June 30. Aqua at Sandy Springs closed on July 9.
In the last year, 29SC has acquired 19 conventional multifamily assets and over 4,000 units throughout the U.S. The firm continues to actively pursue additional opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on acquisition and development of multifamily assets. Its current portfolio consists of more than 17,000 existing units and a new construction pipeline of over 3,500 units, having acquired over 25,000 units across its 17 offices in the U.S. Learn more about 29SC at www.29thstreetcapital.com