29SC Expands Denver Portfolio

The company acquired the asset for an undisclosed price and plans to invest more than $1.6 million for capital improvements.
Southglenn Place
Southglenn Place

29th Street Capital (29SC) has purchased Southglenn Place, a 135-unit community in Centennial, Colo. The sale price was undisclosed.

Located at 6541 S. Vine St., on approximately 6 acres, the community offers convenient access to downtown Denver. Additionally, a variety of restaurants, shopping and entertainment venues such as Whole Foods Market, Goodson Recreation Center, Trader Joe’s and Best Buy are nearby. Denver’s multifamily market continues to thrive, bolstered by a strong economy and positive demographic trends, Yardi Matrix’s latest report shows.

The four three-story buildings include one- and two-bedroom units ranging from 525 to 750 square feet. According to Yardi Matrix data, Southglenn Place was 99.3 percent occupied as of October.  

29SC plans to invest more than $1.6 million in renovations which will include new stainless-steel appliances, granite countertops, new flooring, cabinet fronts, a modern paint scheme, as well as a new grilling and fire pit area.

“Southglenn Place is a value-add property in a true Class A location,” Jay Neal, 29SC’s senior vice president, said in a prepared statement. “The Centennial submarket has limited apartment supply and high barriers to entry, which make it especially receptive to value-add improvements.”

Image courtesy of Yardi Matrix