Brighton, Colo. (May 22, 2018) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired two multifamily communities in Brighton, Colorado. The portfolio, comprised of 76 units, is situated near Hwy. 85 and several daily conveniences. 29SC plans to invest approximately $1.1 million in capital improvements including vinyl flooring plus new cabinets, countertops, plumbing and light fixtures. Exterior improvements will include a modern paint scheme, extensive landscaping and improved amenities.
“Brighton is a short drive northeast from downtown Denver and is located directly in the metropolitan area’s path of growth,” said Jay Neal, Senior Vice President of 29SC’s Rocky Mountain area. “Adams County is among the fastest growing in the U.S. and presents a unique opportunity to implement our renovation plan and capture some of that growth.”
The Denver metro area population is expected to keep increasing at a rate of over 1.5%, which is more than double the projected national rate. Metro Denver’s unemployment rate remains near historical lows as the economy is bolstered by various large employers in the tech, aeronautic, cable services and insurance sectors. The city was ranked #2 as a “Best Place to Live” by U.S. News and World Report in 2017.
Within walking distance of the properties, there are approximately 30 restaurants, shopping and entertainment offerings, fitness options and services. These include Starbucks, Wells Fargo, AMC Brighton 12 and Anytime Fitness. The communities are also near an expansive single-family home development called Todd Creek Village.
“The surrounding area is rapidly transitioning and growing,” Neal added. “Our plan is to significantly improve our two properties and maintain their affordability to attract renters priced out of downtown Denver.”
The transaction closed May 22. The sale price was not disclosed.
Formed in 2009, 29th Street Capital is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that typically fall below the radar of its institutional peers. Over the past 12 months 29th Street Capital has also acquired 17 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 7,500 units having acquired over 11,600 units across its 14 offices in the U.S. Investments typically require approximately $10 million to $100 million of total capital and involve the acquisition or recapitalization of individual real estate assets, portfolios or platforms.