29th Street Capital Sells 400-unit Property in Iowa City
Iowa City, Iowa (April 2016) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has sold Rose Oaks Apartments, a 400-unit apartment complex in Iowa City, Iowa. 29SC acquired the property in February of 2014 after purchasing the existing liens and procuring title to the property through foreclosure. The disposition occurred in March.
Rose Oaks is approximately three miles from the University of Iowa, and is situated just off Highway 6, a main thoroughfare. By executing a capital improvement plan, increasing occupancy, and eventually disposing of the property well above the projected sales price, 29th Street Capital successfully created significant value for its investors.
“We are very pleased with the value created at Rose Oaks, it was a great outcome for investors and our company,” said Dan Howard, 29SC’s Vice President of Midwest Acquisitions. “I am also excited to get back to work finding opportunities closer to our Chicago portfolio that fit well with our value-add strategy.”
29th Street Capital has acquired nine multifamily assets over the past 12 months in markets including Houston, Texas; Denver, Colorado; Durham, North Carolina; Hayward, California; and Phoenix, Arizona. The firm will continue to pursue value-add deals, which fall below the institutional radar, with the goal of offering investors above-market returns.
Formed in 2009, 29SC has acquired over 7,400 units across its nine offices in the United States, with the current portfolio consisting of over 6,000 units. Equity investments are typically of the order of $2 to $10 million, and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about the firm at www.29thstreetcapital.com.