San Leandro, Calif. (Apr. 11, 2017) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Panoramic and Miramar Apartments in San Leandro, California. The 79-unit community consists of two neighboring properties – Panoramic and Miramar – that sit side-by-side on Miramar Avenue and operate as one entity. It offers one- and two-bedroom units and is located immediately north of Hayward, where 29SC currently owns and operates five other multifamily communities.
29SC plans to strategically invest $2.3 million in capital improvements. Interior upgrades will focus on kitchens, bathrooms, energy-efficient windows and flooring. Exterior improvements will include structural repairs to walkways and railings, plus upgrades to the landscape, parking area and pool.
“We are thrilled to continue to grow in the East Bay and its surrounding submarkets,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions for Northern California. “This community presents a unique opportunity to demonstrate our value-add capabilities in a very attractive submarket with positive economic fundamentals.”
The East Bay and its neighboring submarkets have experienced significant economic and employment growth in recent years, which has resulted in a very tight rental market as housing demand continues to outpace new supply. As rents continue to rise in San Francisco, Oakland and Silicon Valley, San Leandro offers a more affordable option for workers and families.
“San Leandro is a great alternative to the nearby major cities,” Davis added. “The community has convenient access to a variety of transportation options as well as a strong base of employment opportunities.”
The transaction closed Apr. 10. The sale price was not disclosed.
29th Street Capital acquired 15 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of more than 7,600 units and it has acquired over 9,600 units across its 12 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com.