ATLANTA, GA - 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. 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.”
“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.
About 29th Street Capital
29th Street Capital is a privately-held real estate investment and advisory firm based in San Francisco, Cal. Employing a value-add investment strategy of acquiring residential and commercial properties as well as distressed loans across the United States, the firm partners with best-in-class real estate operators that have a proven ability to execute on a defined strategy within a specific geographical market. 29th Street Capital brings 40 years of institutional and capital markets experience to every relationship. Since its inception in 2009, the firm has acquired more than $500 million in real estate assets. Learn more about 29th Street Capital at www.29thstreetcapital.com
About The Stonemark Group
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeast, Texas and Midwest. The group includes Atlanta-based Stonemark Equities and Stonemark Management with regional offices in Chicago and Dallas. For more information, visit www.stonemarkmanagementllc.com