Roswell, Georgia (September 2020) – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Lake House at Martin’s Landing, a Class B, 300-unit asset located in the North Fulton submarket of Atlanta. 29SC plans to add value to the property with light upgrades to 282 apartments that were previously improved by the seller plus full interior renovations on 18 classic units. The firm will also improve the exteriors and amenities.
“This is 29SC’s third acquisition in Atlanta in the past 12 months and will be a strong addition to our Atlanta portfolio, which has now reached over 700 units,” said Javier Bustillo, 29SC’s Senior Vice President of Acquisitions. “I am excited to add this unique asset to our current Atlanta portfolio and I look forward to our continued expansion in this market.”
Lake House at Martin’s Landing, located at 1500 Harbor Landing, is approximately 23 miles northeast of downtown Atlanta. Of the three apartment communities with water access in all of Metro Atlanta, two are located on the Chattahoochee River, making Lake House at Martin’s Landing the only apartment community with direct access to a lake in all of Atlanta.
Lake House at Martin’s Landing offers the area’s most spacious two-, three-, and four-bedroom apartment homes inside a master-planned community. Residents have access to the 53-acre Martin Lake and an uninterrupted 2.4-mile designated walking trail around the lake.
“The Lake House at Martin’s Landing is located in the middle of one of the highest growth corridors between North Fulton and the Central Perimeter employment centers,” added Royce Baptist, 29SC’s VP in Atlanta. “Between the abundance of jobs and proximity to Martin Lake, this asset offers a great work/lifestyle balance.”
The transaction closed Wednesday, September 30. Neither the seller nor the sale price have been released.
Over the past year, 29th Street Capital has acquired 13 conventional multifamily assets – totaling over 2,900 units – throughout the U.S. and continues to actively pursue additional opportunities. Formed in 2009, 29th Street Capital is a privately-held real estate investment firm that focus on value-add and development of multifamily assets with a current portfolio of more than 10,000 units having acquired over 18,000 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms.