Chicago-based 29th Street Living is expanding into third-party management with back-office support in Louisville, Kentucky.
The property management division of 29th Street Capital, the firm operates in over 20 markets where it manages over 55 properties.
“Our expansion into third-party property management represents an exciting new chapter for 29th Street Living,” says CEO Karen Plesh. “We are bringing forward our proven expertise in multifamily property management to help property owners maximize returns while improving the quality of life for residents.”
Plesh shares the goals of the expansion and lessons learned over the company’s history.
What prompted 29th Street Living to expand into third-party property management?
The move into third-party property management was a natural progression for 29th Street, building on our success in managing our own assets. Over the last 15 years, we've cultivated an owner-centric approach that maximizes value and performance. Our team is composed of expert operators with years of industry experience, enabling us to deliver exceptional results. By expanding into third-party management, we're extending the benefit of this deep expertise to other investors and property owners, helping them achieve their financial and operational goals. This aligns with our mission of generating alpha and delivering outstanding service, now to a broader range of clients.
What key markets does 29th Street Living currently operate in, and how many properties are under its management?
Today, we operate in 20 major markets across the United States, including key regions with strong demand for multifamily housing. Presently, we operate over 55 properties, consisting of both our own and third-party assets with a portfolio value of more than $5.1 billion. This level of reach and expertise empowers us to tailor our services to the different dynamics of each local market while upholding the same high standards of service and performance found at 29th Street Living.
What are the goals of this expansion into third-party property management?
Our expansion into third-party property management is driven by a focus on growth and delivering value. In the short term, we aim to acquire 2,000 additional net units by the end of the first quarter of 2025, with a longer-term goal of reaching 5,000 additional net units by the end of 2025. This expansion aligns with our commitment to providing exceptional services and leveraging the principles that have made us successful as property owners—delivering value, operational excellence, and strong returns for our clients.
What lessons have you learned over the past 15 years that you’re bringing to this new venture?
Over the past 15 years, we learned the importance of operational discipline, data-driven decision-making, and a resident-first approach. By empowering leaders to make decisions and an open environment to create change, we ensure continuous improvement and innovation. We think like owners to continually balance short-term performance with long-term value creation. It's this mindset, in addition to our experience with due diligence, vendor management, and resident engagement, that we put behind our third-party management services. This greater transparency and collaboration have built trust with investors and with residents and will remain at the very heart of all we do.
How does 29th Street Living's technology improve the resident experience and property performance?
We integrate the most advanced technology solutions to drive operational efficiencies, elevate the resident experience, and optimize overall property performance. These tools provide frictionless communication, efficient maintenance management, and data-driven insights that equate to greater resident satisfaction, lower operating expense, and optimized property performance. Technology investments have always paid off at our properties, with tangible results including a 25% uptick in resident engagement and reduced energy consumption across our portfolio to date.