Centennial, Colo. (Nov. 28, 2018) – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Southglenn Place Apartments, a 135-unit multifamily community located in Centennial, Colorado. 29SC plans to invest over $1.6 million in capital improvements.
“Southglenn Place is a value-add property in a true Class A location,” said Jay Neal, 29SC’s Senior Vice President of Acquisitions in the Rocky Mountain area. “The Centennial submarket has limited apartment supply and high barriers to entry, which make it especially receptive to value-add improvements.”
The property will be modernized and improved to appeal to the affluent millennial resident base attracted to living near many daily conveniences and conscious of the high prices prevalent in downtown Denver, which is 15 miles away. Centennial is just a few blocks from University Blvd., which provides convenient access to the downtown metropolitan area and surrounding suburbs.
29SC will provide new stainless steel appliances, granite countertops, flooring, cabinet fronts and a modern paint scheme. The community will also receive a new grilling and fire pit area. Exterior renovations will focus on paint, new signage and energy-efficient windows.
U.S. News and World Report recently ranked the Denver metro area as the #1 Best Economy as a result of its continuously strong economic fundamentals. The city is one of the most desirable post-college destinations for millennials and will continue to grow as a result. Annual employment growth for Denver was a healthy 2.5% in 2017 and continues to boost the economy.
“Southglenn is close to The Streets of Southglenn,” Neal added. “The outdoor shopping center has popular restaurants and bars, a movie theater and several national retailers that greatly enhance our residents’ lives.”
The transaction closed Nov. 28 The sale price and seller were 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 18 conventional multifamily assets and continues to actively pursue additional opportunities throughout the U.S.
29SC’s conventional multifamily portfolio currently consists of more than 8,100 units having acquired over 14,000 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.