Goodyear, Arizona – Privately-held real estate investment firm, 29th Street Capital (29SC), has acquired Lunaire Apartments. The purchase marks the firm’s 14th multifamily acquisition in the Phoenix metro area, totaling nearly 2,700 units in the market.
Built in 2008, Lunaire Apartments is a Class A-, 240-unit asset located in the West Valley submarket of Phoenix. 29SC’s capital improvement plan includes a full renovation of the remaining “classic,” unrenovated units, amenities enhancements and new exterior paint.
29SC’s in-house property management group, Haven Residential, will oversee management and leasing at Lunaire Apartments.
“We believe this investment represents a unique opportunity to buy an under-valued, institutional quality asset in a high-growth submarket in Phoenix,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions based in Phoenix. “Since 2010, Goodyear has achieved population growth of more than 34%, with metro Phoenix adding 120,000 residents in 2020.
Lunaire Apartments is located at 949 S. Goodyear Blvd. E, approximately 20 miles west of downtown Phoenix. The property stands to benefit from its central location, situated in the rapidly growing I-10 and Loop 303 industrial corridors with easy access to downtown Phoenix and the East Valley.
“The I-10 and Loop 303 industrial corridor area submarkets have shown very strong growth in both population and jobs,” Eddy added. “Lunaire’s proximity to top employers such as Amazon, Chewy, Microsoft, and Boeing is already a plus. The planned renovations and extension of major highway Loop 303 will make it even more desirable.”
Due to a major industrial presence, Goodyear has experienced robust job and population increases, and is expected to continue growing. Economic development officials expect that the existing supply of 31.5 million square feet of industrial space is expected to more than double over the next five years, as large companies continue to eye Goodyear for potential development due to its extremely business-friendly environment. The Arizona Chamber of Commerce & Industry named Goodyear the 2020 Best City for Business for its business-friendly customer service, ability to attract industry, reduce regulatory burdens and work with business to improve the local quality of life. Goodyear is ranked nationally as a being a great place to live.
The transaction closed Wednesday, March 31st. Neither the seller nor the sale price was released.
In the last year, the firm has acquired over 15 conventional multifamily assets and over 4,000 units throughout the U.S. It continues to actively pursue additional opportunities.
Formed in 2009, 29th Street Capital is a privately held real estate investment firm that focuses on value-add and development of multifamily assets. The current portfolio consists of more than 12,000 units, having acquired over 20,000 units across its 16 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. Learn more about 29SC at www.29thstreetcapital.com.
