For 29th Street Capital, 4 Months=4 New Assets
- Apr 11, 2015
In little more than four months, 29th Street Capital has expanded its Phoenix portfolio by four multi-family communities. The Irvine, Calif.-based firm recently closed on the 72-unit Williams Landing Apartments in Gilbert and the 108-unit Village Green Apartments in Mesa, a few months after grabbing two other multifamily communities in Mesa.
Village Green Apartments is located at 1045 S. San Jose St. in Mesa’s Fiesta District, one of the largest regional employment centers, and in close proximity to Phoenix Sky Harbor International Airport. Located at 5850 S. Power Road in Gilbert, Williams Landing Apartments is within the Power Knowledge Corridor, close to several universities and businesses as well as Phoenix-Mesa Gateway Airport.
“With new economic activity and job opportunities throughout the East Valley, 29SC believes the Phoenix metro area is poised for continued growth,” said Dusty Eddy, 29th Street Capital’s vice president of acquisitions, in a statement. “Developments such as Eastmark speak well for the Gilbert area, and the tech and education sectors are strong in the south Tempe/Mesa area.”
The new owners plan to invest $350,000 in value-added improvements at Williams Landing and $600,000 at Village Green. Plans call for new kitchen appliances, plumbing fixtures, lighting, flooring and landscaping.