29th Street Capital Expands Phoenix Footprint
- Jun 17, 2019
29th Street Capital has acquired Las Casitas Apartments, a 168-unit community in Avondale, Ariz. This is the firm’s 13th acquisition in the Phoenix multifamily market, its local portfolio now totaling more than 2,500 units. According to Yardi Matrix data, the previous landlord was Interurban Corp., which had purchased the property in 2015 for $9.8 million.
Located at 1408 N. Central Ave., Las Casitas is approximately 18 miles west of downtown Phoenix via Interstate 10. Luke Air Force Base, provider of 5,900 jobs adding $2.4 billion to the state’s economy, is within a 15-minute drive. Residents have easy access to schools, hospitals and an Amazon fulfillment center. Phoenix Sky Harbor International Airport is 21 miles from the property.
The community consists of 42 one- and two- story buildings constructed in 1984 on a 15.6-acre site, as per Yardi Matrix data. The unit mix of one- to three- bedroom apartments has an average floorplan size of 924 square feet. Common-area amenities include a tennis court, playground, swimming pool and 266 parking spaces.
The new owner intends to invest more than $2.1 million in capital improvements. Interior upgrades will include black appliances, improved lighting, USB ports, refaced cabinets, fresh paint and kitchen backsplashes. Exterior renovations will improve the dog park, clubhouse, pool area and other amenities while also undertaking the necessary maintenance.
Over the past 12 months, 29th Street Capital has acquired 16 multifamily properties. In a recent transaction, the company expanded its Houston portfolio with the addition of a 438-unit community.