Sandy Springs, Ga. (September 2022)– Privately held real estate investment firm 29th Street Capital (29SC) has acquired River Vista Apartments in Sandy Springs, Georgia. This marks the firm’s 13th multifamily acquisition in the Atlanta metro area.
Built in 1996, River Vista Apartments is a 196-unit, Class B+ asset. This pet-friendly community includes a resort-style pool with an outdoor kitchen, 24-hour fitness center, dog park and playground. Additionally, its spacious unit interiors feature garden-style bathtubs, hardwood-style flooring, built-in shelving, private patios with additional storage, wood-burning fireplaces in select units, washer and dryer connections in all units and split room layouts in all two-bedroom units. 29SC plans to renovate the property exteriors with new paint accents, landscape enhancements, a new sign package, new LED lights throughout, updated pool furniture, a new picnic area and a refreshed dog park. The existing unit renovation program will be continued with unrenovated units receiving new cabinet fronts, quartz countertops, kitchen backsplashes, new faux wood plank flooring and a new appliance, light and plumbing fixture package.
29SC’s in-house property management company, Haven Residential, will oversee management and leasing.
“River Vista is a terrific addition to our Atlanta portfolio. Sandy Springs is a highly desirable area with its proximity to extensive employment opportunities, great schools and highly priced single-family homes,” said Javier Bustillo, Senior Vice President of Acquisitions of the Southeast Region for 29SC. “River Vista checks all of the boxes for what we are trying to accomplish currently. Its proven value-add profile combined with the large units in a high-growth area with an extremely limited supply pipeline allows 29SC to create value and take advantage of efficiencies created by owning two other assets nearby.”
Only six miles from River Vista is State Farm’s new 2.2MM square feet Park Center campus. The new campus features three 20-story buildings, a 175-room hotel, 100,000 square feet of retail, a restaurant and entertainment space. It is designed for active access with a connection point to the MARTA pedestrian bridge for easy commuting. State Farm plans to hire 1,500 employees and will also lease about 585,000 square feet of available office space. “Pill Hill,” an area that garners the largest concentration of medical office space in the Southeast, is located only 15 minutes from the community. With 24,000 jobs and a $3 Billion annual economic impact, this high concentration of medical titans further enhances the submarket’s ability to attract highly skilled jobs, corporate headquarters, and affluent residential neighborhoods.
The transaction closed on Friday, September 30th, 2022. The sale price and seller were not disclosed.
In the last year, 29SC has acquired over 20 multifamily assets across the United States that contain over 6,000 units. The firm continues to actively pursue new opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm with 16 offices nationwide. Its current portfolio consists of more than 20,000 existing units and a development pipeline of over 3,800 units. Learn more about 29SC at www.29thstreetcapital.com.
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