Oakland, CA, June 18, 2014 --(PR.com
)-- 29th Street Capital (29SC) is pleased to announce it has closed on the San Leandro apartments, a 40-unit community located in Oakland, CA. The Property is located just off Interstate 580 across the street from the newly developed Foothill Square Shopping Center on the Oakland – San Leandro border. 29SC sees this as a great value-add investment that will benefit significantly from the area’s limited apartment supply and changing demographics. With its ideal location next to several transportation routes, the San Leandro apartments can attract residents who have been priced out of the infill locations of the East Bay. 29SC plans to invest $400k to upgrade both the exterior and interiors. The capital improvements will include a new roof, windows, and paint creating a more modern curb appeal in addition to freshening up the interior hallways.
The San Leandro Apartments represents the third East Bay multifamily purchase made by 29SC within the last 10 months. The first, a 23 unit located in Oakland, has vastly exceeded expectations as it has achieved rents over 60% greater than that of the previous owner, and the other, a 36 unit located in Hayward, is nearing completion to its exterior improvements and is receiving great feedback from the community. “With the market fundamentals as they are, it makes sense to undertake these sizable renovations. Residents want a nice place to come home to each day and if you can provide that, there is no shortage of demand,” states Casey Davis, Vice President 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 100 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