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29th Street Capital Marks New Strategy With Acquisition of 424-Unit Parq at Iliff Station Luxury Multifamily Community for $134 Million
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LOUISVILLE, KY – Privately-held real estate investment firm 29th Street Capital (29SC) announces the acquisition of The ArtSpace building – a 10-story office building located in downtown Louisville. The project marks the firm’s first adaptive reuse redevelopment, which will transform the office space into 45 one- and two-bedroom apartments. The property was built in 1925 and is connected to the historic Brown Hotel and Theatre. Haven Residential, 29SC’s in-house property management company, will oversee management and leasing.
The 46,000-square-foot property is in the heart of one of Louisville’s Qualified Opportunity Zones (QOZ). By developing in a QOZ, 29SC is investing in underserved communities, generating economic growth and providing tax benefits to investors and equity partners.