Denver, Colo. (September 20, 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Wesley Apartments, a 105-unit multifamily community in Denver, Colorado. 29SC plans to invest $1 million to significantly renovate the interiors and enhance the exterior. This represents 29SC’s fifth acquisition in the Denver market.
“The acquisition of The Wesley Apartments provides another excellent opportunity to expand 29th Street Capital’s portfolio in the Denver market,” said Jay Neal, 29SC’s Vice President of Acquisitions for Colorado. “We look forward to bringing an improved living experience to the residents and creating value for our investors.”
Denver continues to exhibit some of the strongest economic fundamentals of any major city in the U.S., with strong job growth and historically low unemployment. The Wesley is located six miles south of downtown in the Central Business District (CBD) just minutes from Interstate 25 and the Southeast light rail line. The Wesley offers residents a short commute to the Denver Tech Center business corridor, the largest and densest employment center in Colorado, while also providing proximity to major retail outlets including the Colorado Boulevard retail corridor and Cherry Creek shopping district.
29SC plans to invest approximately $1 million ($10,000 per unit) in capital improvements to renovate all the apartments and enhance the exterior. Interior upgrades will include new appliances, cabinets and countertops, paint and flooring, upgraded bathrooms and high quality fixtures. Budgeted capital improvements for the exterior will include high-efficiency window replacements, balcony renovations and landscape upgrades. 29SC expects to unlock expense savings by sharing some operational costs with nearby Asbury Plaza, which 29SC acquired last year. Upon completion of the capital plan, The Wesley’s attractive apartments are expected to compete more effectively with surrounding properties in the well-located Southeast Denver submarket.
The acquisition closed Friday, Sept. 16, 2016. The sale price was not disclosed.
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 $8 to $35 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.