Aurora, Colo. (June 14, 2019) – 29th Street Capital (29SC), a privately-held real estate operator, has acquired The Carson Apartments, a 201-unit multifamily community located in Aurora, Colorado. 29SC plans to invest over $1.7 million in capital improvements. Interior upgrades will include updated flooring, cabinetry and countertops, modern gray paint scheme, black appliances and the addition of washer/dryers in two-bedroom units. Exterior renovations will focus on landscaping upgrades, window replacements, exterior paint, signage and rebranding.
“The Carson is approximately 100 yards from the Florida light rail station,” said Jay Neal, 29SC’s Senior Vice President of Acquisitions in the Rocky Mountain area. “Residents will have direct access and an easy train commute to major employers at the Denver Tech Center, the Fitzsimons Medical complex and Denver International Airport.”
The city of Aurora has experienced an incredible resurgence as $290 million in development capital entered the city in 2017, spurring employment growth to 2.8% and improving the forecasted 10-year employment growth to 42.5%, beating the national average of 33.5%.
“Denver is still one of the fastest growing metropolitan areas in the nation,” Neal added. “The population influx is leading to the cost of homes increasing exponentially, so we are excited to implement our improvements and offer a high-quality, yet still affordable renting option.”
The Denver metro area continues to be a premier destination for educated millennials, as population growth in the 25- to 34-year-old cohort continues to grow at nearly 2% annually, triple the national average. Job growth is expected to surpass 2% in 2019 for the ninth consecutive year as Denver employers add 36,000 new workers to payrolls.
The transaction closed June 14. 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 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 9,000 units having acquired over 15,600 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.