By Ariela Moraru
29th Street Capital acquired its first property in the greater Sacramento region, Woodmore Manor Apartments, a 110-unit community in Citrus Heights, Calif. Part of its value-add investment strategy, the company plans to spend $1.3 million in capital improvements.
Located at 8059 Targa Circle, 15 miles northeast of downtown Sacramento, the property features one-, two- and three-bedroom units. The asset is within walking distance from a retail-abundant area, including Sunrise Mall, which will undergo a major redevelopment in the coming years.
The Citrus Heights submarket has surpassed the 8 percent rental rate growth in both 2015 and 2016, while vacancy has remained below 4 percent.
Interior upgrades will include new granite countertops, stainless steel appliances, vinyl plank flooring, cabinetry and bathroom fixtures. The balconies, patios, clubhouse, fitness center and swimming pool will also be part of the comprehensive refurbishment plan. 29SC plans to implement energy-efficient upgrades through the Freddie Mac value-add and green financing program.
Image courtesy of Woodmore Manor Apartments