Irvine, CA, March 01, 2014 --(PR.com
)-- 29th Street Capital (29SC), through its high net worth fund, has closed on Country Hills Apartments, a 208-unit community located in Las Vegas, NV. The Property is located in the Airport/ Las Vegas strip submarket and less than one mile from UNLV. The Property was acquired through an off-market transaction from the original developers. 29SC plans to invest over $700k to upgrade both the exterior and interiors, including new signage and paint to enhance the curb appeal.
The Property will be seeded into a newly established fund which will include two San Francisco Bay multifamily properties, bringing the total number of units in the fund to 267. Country Hills Apartments represents an opportunity to build on an existing platform of single family rental homes and local property management in Las Vegas, NV. The Property has been owned by the original developers since 1981 who have been reluctant to re-invest capital to upgrade or maintain the asset. 29SC will have the opportunity to increase rents and reduce expenses through the planned upgrades. “This Property is a great opportunity to invest in Las Vegas at the beginning of it’s resurgence,” according to Arash Kashani, Vice-President of Multifamily Acquisitions for 29SC’s Western States.
29th Street Capital is actively and aggressively pursuing additional multifamily opportunities in Las Vegas, NV as well as other markets around the U.S. 29SC will continue to target small to mid-size value-added investments 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