SOURCE: 29th Street Capital

29th Street Capital

August 30, 2016 15:00 ET

29th Street Capital to Expand Student Housing Acquisitions; Opportunities Sought Nationwide

AUSTIN, TX--(Marketwired - August 30, 2016) - Privately-held real estate investment firm 29th Street Capital (29SC) is looking to expand its foothold in the growing national student housing market. The firm entered the market in July with the acquisition of the 492 bed Villagio student apartments near the campus of Texas State University in San Marcos, Texas. It is currently seeking other opportunities nationwide, and particularly in Texas.

Senior Vice President John Price heads the new division. He is seeking opportunities in markets where the supply of newer student housing assets is keeping pace with, but not exceeding, the demand of enrollment growth. "29SC will continue to focus on investing in high-return amenities and quality interior upgrades at well-located properties acquired at a reasonable basis," Price said.

"We feel this is a logical progression of our goal of offering investors excellent returns within this real estate asset class without taking on unnecessary development risk."

"Since its formation in 2009, 29SC has deployed over $450 million of investor equity, including more than $200 million for multifamily investments," said Managing Director Robb Bollhoffer. "The capital allowed for the acquisition and renovation of more than 8,500 traditional multifamily units in properties across 11 U.S. states. Expanding on this existing footprint, student housing offers a promising new line of business for our value-add business model."

"With the existing stock of student housing steadily aging in markets across the nation, and institutional investors looking to primarily capitalize on the newest student housing assets, opportunities to acquire undervalued properties far below replacement cost are becoming available," Price adds.

Despite obvious differences such as leasing cycles and tenant profiles, 29SC sees a window of opportunity to leverage its successful history of investment returns and its network of acquisition directors and construction management teams in its conventional multifamily space into this new Student Housing platform within a similar asset class.

Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy on properties that are below the radar of institutional peers. 29SC's rapidly-growing portfolio consists of nearly 7,000 units and it has acquired over 8,500 units across its 11 offices in the U.S. Investments typically require approximately $8 to $35 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.

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Contact Information

  • For student housing investment inquiries, contact:
    John Price, Ph.D.
    Senior Vice President
    29th Street Capital
    (512) 346-4300
    (512) 422-9292 cell
    jprice@29thstreetcapital.com