Concord, Cal. (October 26, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Tradewinds Apartments in Concord, California. The multifamily community is in the East Bay submarket of San Francisco. Tradewinds contains one-, two- and three-bedroom units, offering floorplans and a location that appeals to both families and working professionals.
29SC purchased the asset off-market from the heirs of a family trust. The firm plans approximately $400,000 worth of renovations, which will include new appliance packages, microwaves, lighting and hardware along with accent walls. Exterior improvements will include fresh paint, modern signage, pool deck upgrades and repairs to wood paneling.
“We are very excited about this acquisition,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions for California. “Tradewinds is a value-add asset in a great location with excellent schools, plentiful employment opportunities, and extremely strong submarket fundamentals for recently renovated multifamily product.”
The East Bay is experiencing rapid economic, rent and employment growth, fueled by developing tech companies and the local presence of global corporations including Chevon, Safeway and Kaiser Permanente. The city of Concord has enjoyed particularly high rent growth (10%) in the last four quarters, a figure bolstered by one of the lowest vacancy rates in the nation.
“People who move to Concord don’t want to leave,” Davis added. “Residents value the high quality of life, suburban feel, schools, employment opportunities, and easy access to San Francisco and Oakland.”
The transaction closed on October 25. The sale price was not disclosed. The 25-unit community was built in 1971.
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 nearly 7,000 units and it has acquired over 8,500 units across its 11 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.