Las Vegas, Nev. (Jan. 19, 2018) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Promenade at Sahara Apartments, a 312-unit multifamily community in Las Vegas, Nevada. 29SC plans to implement a $2.2 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package.
“We are excited to add Promenade at Sahara to our expanding Las Vegas portfolio,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix and Las Vegas. “We believe the Las Vegas market has strong population and economic fundamentals that will continue for the foreseeable future.”
Promenade at Sahara is situated approximately six miles east of the Las Vegas Strip. The community is located near many daily conveniences, including Smith’s, Albertson’s, Starbucks and Walgreens, and provides its tenants with easy access to I-515 and Boulder Highway.
The Las Vegas market has experienced significant economic improvement in recent years. Cushman & Wakefield reported that Las Vegas is the #2 real estate market for rent growth at 5.5%. In addition, employment growth in 2017 is at nearly 3%, which is roughly double the national average.
“This property is in a growing workforce neighborhood with great accessibility to downtown, the strip, North Las Vegas and other destinations,” Eddy added. “With the combination of the great location and our capital improvement program, we will create exceptional value for our residents and investors.”
The transaction closed January 19, 2018. The sale price was not disclosed.
29th Street Capital acquired 16 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 6,300 units and it has acquired over 10,000 units across its 14 offices in the U.S. Investments typically require approximately $10 to $70 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.