NORCROSS, Ga. — 29th Street Capital (29SC), a real estate investment and advisory firm, has acquired Shekinah Home in Norcross, approximately 18 miles northeast of Atlanta.
The property offers 25 units of assisted living. The buyer cited high population growth in the town, as well as a lack of assisted living options in Gwinnett County, as prime factors in the acquisition. The price was not disclosed.
The new owner plans to improve the quality of life and increase activities for the residents, in addition to cosmetic upgrades such as modern flooring, new lighting, new plumbing and bathroom enhancements. Exterior improvements will include paint, landscaping, branding/signage and upgraded amenities.
The acquisition represents 29SC’s first entry into seniors housing.
“Shekinah Home is the perfect opportunity for 29SC to enter the seniors housing market,” says Erik Kolacinski, senior vice president of acquisitions for seniors housing at 29SC. “Seniors housing is about to experience a demand shock as the baby boomers enter the market over the next decade.”