Citrus Heights, Calif. (June 12, 2017) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Woodmore Manor Apartments, its first property in the greater Sacramento region. The multifamily community, located 15 miles northeast of downtown Sacramento, features one-, two- and three-bedroom units.
29SC has allocated approximately $1.3 million for capital improvements. Interior upgrades will include granite counter tops, stainless steel appliances, vinyl plank flooring, cabinetry and bathroom fixtures. Exterior renovations will focus on balcony and patio improvements, fresh paint and energy-efficient windows. The property’s amenity package – clubhouse, fitness center and swimming pool – will be refreshed and enhanced. 29SC will also implement energy-efficient upgrades through the Freddie Mac Value-Add and Green financing program.
“We are thrilled to add Woodmore Manor to our investment portfolio,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions in Northern California. “The Sacramento market is currently exhibiting very attractive market fundamentals and we are pleased to be expanding out footprint in the region.”
The Citrus Heights sub-market has experienced tremendous rental rate growth in recent years and surpassed 8% in both 2015 and 2016. Concurrently, vacancy has remained below 4%. The neighborhood is well-developed primarily by residential and retail and is conveniently located near I-85, Target, Walmart and Lowe’s Home Improvement.
“Citrus Heights continues to be an ever-improving market. Woodmore Manor is in a great location and near many daily conveniences,” Davis added. “We believe this property is a perfect opportunity to demonstrate our value-add capabilities and provide value to current and future residents.”
The acquisition closed June 12, 2017. The sale price was not disclosed.
29th Street Capital acquired 17 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that 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 in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of more than 7,600 units and it has acquired nearly 10,000 units across its 12 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.