DULUTH, GA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Sugarloaf Trails Apartment Homes in Duluth, Georgia. Duluth is one of the fastest growing suburban communities in Atlanta and is located within the highly-regarded Gwinnett County School District. The 268-unit community was constructed in 2000 and offers one-, two-, three- and four-bedroom units.
29SC plans to implement a $1.2 million capital improvement program to improve curb appeal, property amenities and unit interiors. 29SC will also implement energy-efficient upgrades through the Freddie Mac Green financing program.
“We are excited to expand our presence in Atlanta through the acquisition of Sugarloaf Trails,” said Javier Bustillo, 29th Street Capital’s Senior Vice President of Acquisitions for Atlanta and Houston. “We really like the fundamentals of this submarket and the asset’s position within it. We are excited to be able to create value for our investors and close on another community that fits our company’s vision.”
Sugarloaf Trails is located approximately 30 miles northeast of downtown Atlanta and is adjacent to I-85. The Duluth submarket has experienced positive rent growth since 2011, including surpassing at least 6% annual growth each year since 2013. As rents continue to increase, Sugarloaf Trails provides one of the most affordable rental housing options in Duluth for families that are seeking access to one of the top school systems in the state.
“Duluth is a desirable community with great retail, expanding job opportunities and an excellent school system,” Bustillo added. “The property will provide residents with an affordable option to live in a very desirable location.”
The transaction closed Apr. 17. The sale price was not disclosed. The community is located at 2255 Satellite Blvd. in Duluth.
29th Street Capital acquired 15 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of more than 7,600 units and it has acquired over 9,600 units across its 12 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.
Learn more about 29SC at www.29thstreetcapital.com.