By Evelina Croitoru
Tempe, Ariz.—29th Street Capital (29SC), a privately held real estate investment and advisory firm, has announced the purchase of The Standard, a multifamily community located in Tempe. The acquisition marks the seventh property purchased by 29SC in the Phoenix/East Valley market during the last two years.
Located at 616 S. Hardy Drive, the 227-unit community offers convenient access to Loop 101, Loop 202 and Interstate 20, providing above-average accessibility throughout the East Valley and the rest of the metro.
“The Standard Apartments allows us to grow our presence in the Phoenix market while simultaneously acquiring a strong property in a popular submarket that continues to experience positive population and job growth. We believe there is a lot of upside to this property with renovations, as well as improved amenities, that will allow the property to provide a better standard of living for its residents,” Dusty Eddy, 29SC’s vice president of acquisitions for Phoenix, Las Vegas and San Diego, said in a prepared statement.
Although the financial details of the transaction have not been disclosed, the company has revealed plans to invest $1.8 million into upgrading the interior of the units and enhancing the exterior. Renovation plans include improvements on amenities such as the dog park and pool area. Interior upgrades will include the addition of new black appliances, flooring throughout, resurfacing counters in kitchens and bathrooms, two-tone paint and new light fixtures and hardware.
Image courtesy of 29th Street Capital