29th Street Capital Acquires Denver Multifamily Community
Deal is Firm’s Eighth in Eight Months
Denver (March 16, 2015) – 29th Street Capital (29SC) has acquired Asbury Plaza Apartments, a 110-unit rental community located in the southeast submarket of Denver, Colorado. The multifamily property resides in an infill location central to many of Denver’s employment, retail and entertainment hubs. It is located immediately east of I-25, within walking or bicycling distance of a pedestrian bridge – scheduled for completion this year – that leads to the RTD Colorado light rail station.
29SC plans to invest approximately $850,000 ($7,700 per unit) to improve the property. The firm will upgrade the roof, windows, landscaping, corridors and resident amenities including the BBQ area and rooftop deck. New appliances, countertops, fixtures, lighting, and flooring are planned for the interiors. Exterior work will be finished within six months and the interior work will be completed as tenants vacate.
“Our goal is to position Asbury Plaza as a convenient and updated rental option for residents seeking moderately-priced apartments in the booming Denver market,” said Todd Jaycox, Senior Vice President of Acquisitions for 29SC. “We intend to invest in the asset, manage it more proactively, and take full advantage of its central location within the Denver MSA. Asbury Plaza is well-maintained, and will benefit greatly from strategic value-add improvements designed to modernize it and increase its appeal.”
The deal, which closed March 12, is 29SC’s eighth acquisition in the past eight months. The seller was a private ownership group.
29th Street Capital is actively pursuing additional multifamily opportunities throughout the United States. The firm will continue to target smaller value-add deals which are below the institutional radar, offering our 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 of acquiring residential properties as well as distressed loans across the United States. 29SC continues to identify and pursue strategic investments ahead of the broader market and below the radar of institutional peers. Investments typically require approximately $2-10 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