DES PLAINES, IL – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired its fifth Chicagoland multifamily property and fourth in the northwest suburbs. The 42-unit community is located in Mount Prospect and consists of 18 one- and 24 two-bedroom units.
29SC plans to strategically invest $500,000 in capital improvements. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas.
“We are excited about this opportunity and believe this property is a perfect fit for our value-add capabilities,” said Dan Howard, Vice President of Acquisitions for Chicagoland. “We believe in the fundamentals of this submarket and have experienced a great deal of success with our northwest suburban portfolio.”
Rand Park Apartments is located near several employment and retail opportunities, including the adjacent Costco-anchored Randhurst Shopping Center. The property further benefits from access to the METRA commuter rail, O’Hare International Airport, and two major highways – Interstate 90 and The Tri-State Tollway (I-294).
“The property’s location is a huge positive,” Howard added. “The community has convenient access to an array of transportation options and employment opportunities, while also providing its residents an affordable living option within a highly-ranked strong school district.”
The acquisition closed May 31. The sale price was not disclosed.
29th Street Capital has 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.