29th Street Capital Acquires Apartments on Houston’s East Side

Javier Bustillo

Pasadena, TX (Sept. 30, 2015) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm has acquired Casa Palmas, a 308-unit multifamily community at 3500 Red Bluff Road  in the southeast Houston suburb of Pasadena, Texas. The transaction closed Sept. 29. 

29SC purchased the asset from a Dallas-based investment group on an off-market basis.

 The asset, built in 1970, is well-maintained and has had extensive capital upgrades over the last 10 years, including new roofs and siding as well as improvements to the amenities and interiors.

 29SC plans to invest an additional $700,000 (or $2,200 per unit) to install modern black appliances and upgrade plumbing, light fixtures and cabinet hardware.

“Casa Palmas is our fourth recent acquisition in the Houston metro, with others on the horizon as we continue to see opportunities in specific pockets in the Houston market,” said Javier Bustillo, Senior Vice President of Acquisitions for 29SC.

“We love the current market dynamics in Pasadena and believe this property will deliver exceptional returns for our investors. As with all of our recent acquisitions, we plan to offer an updated and yet affordable rental option in an area with limited housing and a growing demand.”

  For a complete copy of the company’s news release, please contact:

Terri Thornton

Partner, Thornton Communications

p:404-932-4347 | e:Terri@TerriThornton.com | w:www.TerriThornton.com