29th Street Capital Acquires Apartments on Houston’s East Side
Pasadena, Tex. (Sept. 30, 2015) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm has acquired Casa Palmas, a 308-unit multifamily community in the southeast Houston suburb of Pasadena, Texas. The transaction closed Sept. 29.
29SC purchased the asset from a Dallas-based investment group on an off-market basis. The asset, built in 1970, is well-maintained and has had extensive capital upgrades over the last 10 years, including new roofs and siding as well as improvements to the amenities and interiors. 29SC plans to invest an additional $700,000 (or $2,200 per unit) to install modern black appliances and upgrade plumbing, light fixtures, and cabinet hardware.
“Casa Palmas is our fourth recent acquisition in the Houston metro, with others on the horizon as we continue to see opportunities in specific pockets in the Houston market,” said Javier Bustillo, Senior Vice President of Acquisitions for 29SC. “We love the current market dynamics in Pasadena and believe this property will deliver exceptional returns for our investors. As with all of our recent acquisitions, we plan to offer an updated and yet affordable rental option in an area with limited housing and a growing demand.”
Casa Palmas, at 3500 Red Bluff Rd., is conveniently situated near Beltway 8 (Sam Houston Parkway)and the Pasadena Freeway. The nearby Houston Ship Channel, the Port of Houston and the many petrochemical refineries (which have benefited from the fall in oil prices) provide numerous employment options. Casa Palmas is served by an excellent school district; this, and the overall neighborhood setting make the community very desirable for families and individuals seeking a better quality lifestyle.
29th Street Capital has acquired 22 multifamily assets since January 2014, representing over 3,300 units. The company continues to see selective opportunities in the multifamily space driven by location, and is actively pursuing additional multifamily opportunities throughout the U.S.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy on properties that are below the radar of institutional peers. 29SC’s current portfolio consists of over 6,800 units in 10 markets across the United States. Investments typically require approximately $2 to $10 million of equity per deal, and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com.