Irvine, CA, February 27, 2014 --(PR.com
)-- 29th Street Capital (29SC), through its high net worth fund, has closed on Summit apartments, a 36-unit community located in Hayward, CA. The Property is located just off of Highway 92 at the base of the San Mateo Bridge. 29SC sees this as a great value-add investment that will benefit significantly from its close proximity to Silicon Valley. Many residents who have been priced out of the Peninsula and South Bay are quickly finding Hayward as an affordable alternative. 29SC plans to invest over $300k to upgrade both the exterior and interiors as well as security features. The capital improvements will include new siding, railings, and paint creating a more modern curb appeal.
Summit Apartments represents the second East Bay multifamily purchase made by 29SC within the last 6 months. The first, a 23 unit located in Oakland, will be seeded into a newly established fund which will include Summit Apartments and a 208 unit property located in Las Vegas. To date, the Oakland property is performing above expectations as 29SC is achieving rents 45-55% higher than that of the previous owner after undertaking a sizable renovation that addressed significant deferred maintenance issues. The Interior was also upgraded appealing to the rapidly changing demographics around the area. “It’s amazing the response we’ve gotten from existing tenants, prospective residents, and neighbors within the community. When we can provide solid returns to our investors as well as helping to revitalize the community, everyone wins. It’s a rewarding feeling,” states Casey Davis, Associate Director for 29SC’s Northern California operation.
29th Street Capital is actively and aggressively pursuing additional multifamily opportunities in Northern California as well as other markets around the U.S. 29SC will continue to target smaller value-add deals that offer 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 of acquiring residential and commercial properties as well as distressed loans across the United States. 29SC continues to identify and pursue strategic investments ahead of the broader market and below the radar of our institutional peers, where limited competition exists for opportunities. 29th Street Capital brings 70 years of institutional and capital markets experience to every relationship, and works with operators to raise both limited and general partner capital. Investments typically involve approximately USD $2-10 million of equity per deal, and involve the acquisition or recapitalization of real estate assets, portfolios, or platforms. Learn more about 29SC at www.29thstreetcapital.com