29th Street Capital Acquires East Bay Area Apartments
Concord, Cal. (July 7, 2015) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Rosemont Apartments in Concord, Cal. The new owner plans $450 thousand worth of renovations for the 48-unit multifamily community, which has 47 large self-storage units.
“This is the eighth acquisition we have made in the East Bay of San Francisco, with many more exciting projects planned in the near term,” said Casey Davis, 29SC’s Vice President of Acquisitions for California. “Rosemont is the only apartment community in the immediate area with self-storage, a highly-desirable feature for individuals and families. Nearby, Bay Area Rapid Transit (BART) stops provide easy access to numerous work, recreation and education centers in one of the most competitive housing markets in the U.S.”
Spillover from San Francisco and Oakland has created a tight rental market throughout the East Bay, as limited housing supply can’t keep up with significant demand. Concord, the largest city in fast-growing Contra Costa County, is the most affordable city in the affluent I-680 corridor. Concord rents are considerably less expensive than neighboring Pleasant Hill and Walnut Creek.
Rosemont Apartments is steps from Cambridge Park and less than three miles from the revitalized downtown square, Todos Santos Plaza, which has created a walkable urban area with thriving retail that caters to individuals and families. Less than 20 miles from the property are downtown Oakland and the University of California, Berkeley. The City of San Francisco is just over the Bay Bridge.
29SC plans significant enhancements, including upgraded cabinets, countertops, flooring, paint and appliances. Exterior renovations will include fresh landscaping, paint and signs.
The two-story walk-up building provides one-bedroom units that average 510 square feet. The address is 1431 Monument Blvd., Concord, CA 94520. The transaction closed May 1st. The price was not released.
29th Street Capital has acquired more than a dozen multifamily assets since June of last year. It is also actively pursuing additional opportunities throughout the U.S. The firm will continue to target smaller value-add deals which 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 on properties that are below the radar of institutional peers. 29SC’s current portfolio consists of over 5,800 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.