29th Street Capital Buys 12th Bay Area Community

The acquisition of the 79-unit community in San Leandro, Calif., brings the company’s multifamily portfolio to more than 7,600 units. As part of its value-add investment strategy, the company plans to invest $2.3 million in capital improvements.
Panoramic and Miramar Apartments, San Leandro, Calif.

Panoramic and Miramar Apartments, San Leandro, Calif.

29th Street Capital (29SC) has acquired Panoramic and Miramar Apartments in San Leandro, Calif. The 79-unit community consists of two neighboring properties, Panoramic and Miramar, that operate as one entity.

Located at 2276 and 2288 Miramar Ave., just off interstates 580 and 238, the two three-story properties have easy access to Lake Chabot Regional Park, California State University, East Bay, and Sutter Health – Eden Medical Center.

29SC plans to invest $2.3 million in capital improvements and complete the revamps by mid-August. The kitchens, bathrooms, windows and flooring will all be upgraded. Exterior improvements to the 1958 and 1964-built properties will include structural repairs to walkways and railings, plus upgrades to the landscape, parking area and pool.

The one- and two-bedroom units are north of Hayward, where 29SC currently owns and operates five other multifamily communities, including Plaza Verde Apartments and Eden Apartments. The East Bay and its neighboring areas are very tight rental markets as housing demand continues to outpace new supply. As rents continue to rise, San Leandro represents a more affordable option to San Francisco, Oakland and Silicon Valley.

“San Leandro is a great alternative to the nearby major cities,” said Casey Davis, vice president of acquisitions for Northern California, in prepared remarks. “The community has convenient access to a variety of transportation options as well as a strong base of employment opportunities.”

The company focuses on multi-family value-add deals and has acquired 15 multifamily assets over the past 12 months, bringing its multifamily portfolio to more than 7,600 units. 29SC also purchased The Standard, a 227-unit community in Tempe, Ariz., earlier this year.

Image courtesy of 29th Street Capital