29th Street Capital Expands Sacramento Footprint
Located at 2081 West La Loma Drive, Sycamore Square Apartments is a 140-unit multifamily community which will be subject to a $1.2 million renovation program.
By Alex Ciorogar
29th Street Capital has acquired its second Sacramento-area property. Sycamore Square Apartments is a 140-unit multifamily community in Rancho Cordova, Calif. The firm plans to implement a $1.2 million capital improvement program to renovate both interior and exterior spaces, while also improving the amenities, which will include pool and clubhouse upgrades.
The regional population is expected to increase by 47 percent over the next 30 years. The Rancho Cordova submarket grew by nearly 9 percent from 2012 to 2016, although there were no new constructions recorded. Over the last 12 months, the company purchased 14 multifamily assets throughout the U.S.
“The Sacramento-area expansion represents a big part of our capital improvement plan,” said Casey Davis, senior vice president of Acquisitions at 29th Street Capital for Northern California, in prepared remarks. “Our team is excited to capture some of this remarkable growth. Sacramento is a rapidly improving market and we are happy to find a value-add property in a neighborhood with limited forecasted construction. We will now be able to leverage local relationships to improve our operations across all of our properties.”
Located at 2081 West La Loma Drive, Sycamore Square Apartments is approximately 10 miles east of downtown Sacramento. Last December, 29th Street Capital bought Mission Springs Apartments, a 306-unit multifamily community in Tempe, Ariz.
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