29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Dylan Apartments, a 207-unit multifamily community in Oceanside, California. 29SC plans to invest approximately $8,500 per unit in capital improvements, including modern flooring, new cabinet fronts, interior doors, hardware and appliances as needed. Exterior projects will include patio pavers and higher-quality finishes in addition to curing deferred maintenance. 

“We believe The Dylan is a tremendous opportunity to enter the Southern California market,” said Richard Marshall, Vice President of Acquisitions for Southern California. “The fundamentals in the market are strong as the costs of home ownership continue to rise.”

San Diego County has one of the highest concentrations of millennials in the country, an age cohort that heavily relies on renting. The San Diego metro area is at near-historic low unemployment led by biotech, life sciences and health sector growth.

The Dylan is approximately four miles from downtown Oceanside and the beach. It is about eight miles from Camp Pendleton, which has an approximate daytime population of 80,000 and is home to 38,000 military family members. Residents also have access to the COASTER commuter train and State Route 76, providing short commutes to major employers along the 78 Corridor.

“Oceanside and the 78 Corridor are experiencing robust economic growth that shows no signs of slowing,” Marshall added. “29SC hopes our business plan will ease the burden of renting in Southern California by offering high quality yet still affordable housing.”  

The transaction closed January 31. The sale price was not disclosed.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 

29SC’s conventional multifamily portfolio currently consists of more than 7,500 units having acquired over 14,000 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. 

Learn more about 29SC at https://29thstreetcapital.com.

29th Street Capital (29SC), a privately-held real estate operator, has acquired Willows at Town Center Apartments, a 188-unit multifamily community located in Las Vegas, Nevada. 29SC plans to invest over $1.8 million in capital improvements. Interiors will receive stainless steel appliances, quartz countertops, plank flooring and refaced cabinets. All interior units will also be equipped with Nest Thermostats. Exterior improvements will focus on modern paint in addition to enhancing the pool area, fitness center and clubhouse to boost overall curb appeal. 

The seller was RK Properties, located in Long Beach, California, which has more than 4,300 multifamily units under management. The transaction closed January 25. The sales price was not disclosed. 

“Willows at Town Center is in the desirable Centennial area, which is one of the fastest growing submarkets in the entire valley,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions in the Southwest. “This asset has convenient access to major employment areas in the submarket as well as the greater MSA via US-95 and 215 Beltline.”

The Las Vegas metro is home to approximately 75% of Nevada’s residents with above average population growth of 2.4%. The area is also experiencing strong employment and wage growth compared to the national average. Single-family housing prices are approaching pre-recession peak levels, causing the cost of home ownership to rise.

“Las Vegas is ranked as the number one rent growth market year-over-year according to multiple data sources,” Eddy added. “We feel that the positive demographic trends for the market will continue, which will allow us to execute our business plan and offer higher quality yet still affordable housing.”  

Rent growth in the Centennial submarket (9.7%) has outpaced the greater Las Vegas area (7.6%) year-over-year. There is limited new supply in the submarket, as much of the land in the area is set for master-planned housing developments, with home values in the $350,000 range and higher.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months, 29th Street Capital has also acquired 18 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 

29SC’s conventional multifamily portfolio currently consists of more than 7,400 units having acquired over 14,000 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. Learn more about 29SC at https://29thstreetcapital.com.

Centennial, Colo. – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Southglenn Place Apartments, a 135-unit multifamily community located in Centennial, Colorado. 29SC plans to invest over $1.6 million in capital improvements. 

“Southglenn Place is a value-add property in a true Class A location,” said Jay Neal, 29SC’s Senior Vice President of Acquisitions in the Rocky Mountain area. “The Centennial submarket has limited apartment supply and high barriers to entry, which make it especially receptive to value-add improvements.”

The property will be modernized and improved to appeal to the affluent millennial resident base attracted to living near many daily conveniences and conscious of the high prices prevalent in downtown Denver, which is 15 miles away. Centennial is just a few blocks from University Blvd., which provides convenient access to the downtown metropolitan area and surrounding suburbs.

29SC will provide new stainless steel appliances, granite countertops, flooring, cabinet fronts and a modern paint scheme. The community will also receive a new grilling and fire pit area. Exterior renovations will focus on paint, new signage and energy-efficient windows.

U.S. News and World Report recently ranked the Denver metro area as the #1 Best Economy as a result of its continuously strong economic fundamentals. The city is one of the most desirable post-college destinations for millennials and will continue to grow as a result. Annual employment growth for Denver was a healthy 2.5% in 2017 and continues to boost the economy. 

“Southglenn is close to The Streets of Southglenn,” Neal added. “The outdoor shopping center has popular restaurants and bars, a movie theater and several national retailers that greatly enhance our residents’ lives.”  

The transaction closed Nov. 28 The sale price and seller were not disclosed.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 18 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 29SC’s conventional multifamily portfolio currently consists of more than 8,100 units having acquired over 14,000 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. Learn more about 29SC at https://29thstreetcapital.com.

Mesa, Arizona – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Argenta Apartments, a 396-unit multifamily community located in Mesa, Arizona. 29SC plans to invest over $3.2 million in capital improvements. Interiors will receive updated flooring, new black appliances and upgraded fixtures as well as plumbing and lighting packages. Cabinets will also be re-faced. Exterior improvements will focus on landscaping, A/C units and roof repairs. The new owner will add a dog park and playground and upgrade the pool area. 

“The property is conveniently located north of Hwy. 60, which provides easy access to downtown Mesa as well as Tempe, Chandler and Phoenix,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions in the Southwest. “We are acquiring this asset at the right price in a highly desirable submarket, so overall it’s a great addition to our portfolio.”

The Phoenix metro market ranks third in the nation for rental growth, which is increasing by 6.2% year-over-year, according to CBRE Research. It is expected to finish 2018 with a 5.6% annual increase, which would move it up a notch to second place. Healthy macroeconomic factors are spurring the local economy. It continues to diversify through the expansion of the technology and healthcare industries as California companies and renters nationwide relocate to the Valley seeking jobs and affordability.

“The demographics for the Phoenix area are moving in the right direction,” Eddy added. “The market is experiencing profound increases in population and job growth, so we will execute our business improvement plan and offer a higher quality, yet still affordable housing option in a fast-moving market.”  

Argenta is located in the geographic center of the East Valley, an ideal location for dual-income households commuting to different employment hubs. Proximity to Hwy. 60 connects residents to three of metropolitan Phoenix’s largest hospitals, which combined account for 8,100 jobs.

The transaction closed November 15. The sale price and seller were not disclosed.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 

29SC’s conventional multifamily portfolio currently consists of more than 8,100 units having acquired over 14,000 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. Learn more about 29SC at https://29thstreetcapital.com.

29th Street Capital (29SC), a privately-held real estate operator, has acquired Cali Sommerall Apartments, a 368-unit multifamily community located in the Copperfield/Bear Creek submarket of Houston. 29SC plans to invest over $2 million in capital improvements. Apartments will receive new granite countertops, a modern paint scheme, hardware and fixtures. New amenities will include a package locker delivery system, a dog park, fitness equipment and grilling stations. Renovations are planned for the clubhouse, leasing office, pool and surrounding areas. The new owners will also rebrand the community with a new name, logo and signs. 

“We have a solid portfolio in Houston and feel the improving local economy justifies further expansion,” said Doug Burt, Vice President of Acquisitions in Houston. “Cali Sommerall is in a strong school district with projected high population growth.”

After experiencing some economic softness in 2016 and 2017, Houston had a surge of job and population growth as a result of stabilizing oil prices and a continued pro-business environment. CBRE Research ranks Houston second in terms of population growth among U.S metro areas, and a top five metro market for year-over-year effective rent growth as of the second quarter of 2018. 

“With oil prices stabilizing, Houston is feeling a positive boost in the economy,” Burt added. “Houston continues to add jobs at a high rate. With a slowdown in the new supply pipeline for apartments, we feel Cali Sommerall will be positioned to offer high quality, yet affordably-priced housing in a high growth submarket.” 

Cali Sommerall Apartments, which is approximately 23 miles northwest of downtown Houston, is easily accessible via U.S. 290. The property is conveniently located near retailers including Walmart, The Home Depot, Target, Marshalls, Kroger, Bath & Body Works, CVS, Starbucks and others. In addition, the property is approximately seven miles north of the Houston Energy Corridor via Interstate 6.

The transaction closed October 29. The sale price and seller was not disclosed.

Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 16 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S. 29SC’s conventional multifamily portfolio currently consists of more than 8,100 units having acquired over 14,000 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. Learn more about 29SC at:  https://29thstreetcapital.com.

HOUSTON, TX – October 29, 2018 – HFF announces the sale of The Edge at City Centre, a 284-unit, garden-style multi-housing community near the Texas Medical Center in Houston, Texas.

The HFF team marketed the property exclusively on behalf of the seller, 29th Street Capital, and procured the buyer, ClearWorth Capital LLC.

The Edge at City Centre is situated on approximately seven acres at 8410 West Bartell Drive inside the 610 Loop in Central Houston, which positions it within two miles of more than 110,000 jobs in the Texas Medical Center.  Additionally, the property is within walking distance to two METRO bus lines and is less than one mile from NRG Stadium.  Originally built in 1983, 29th Street Capital invested more than $2.6 million to rebrand, renovate and reposition with significant capital improvements.  Floor plans include a mix of one- and two-bedroom units averaging 765 square feet.  The property was 94 percent occupied at closing.

The HFF investment advisory team representing the seller included directors Chris Young and Joey Rippel and analyst Connor Phillips.

“The Edge at City Centre generated a high level of interest due to its infill location and value-add potential,” Young said.  “It is well-positioned for future growth due to the lack of workforce housing options in Houston’s urban core, and it’s also in one of Houston’s Opportunity Zones.”

“Buyers appreciated that 29th Street had completed the heavy lifting at the property, leaving new ownership a clear runway to capture rent growth from unit upgrades and improving market fundamentals.” Young added.