Thursday, December 24, 2015

29th Street Capital Acquires 10th Property in East Bay, CA; Deal Makes 12 U.S. Multifamily Acquisitions for 2015



Eden Apartments, 1201 B Street, Hayward, CA

Hayward, CA – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired a two-property, 69-unit apartment portfolio in Hayward, California.

The new owner plans $855,000 worth of renovations for Plaza Verde Apartments (44 units) and Eden Apartments (25 units) to significantly upgrade the interiors and to enhance the exteriors of each property.

Casey Davis
“This is the 10th acquisition we have made in the East Bay of San Francisco in under two and a half years, with an 11th property in Hayward under contract for purchase, closing in January,” said Casey Davis, 29SC’s Vice President of Acquisitions for California.

The address of Plaza Verde Apartments is 550 Berry Avenue; the address of Eden Apartments is 1201 B Street, both in Hayward, Cal., 94541. The transaction closed December 17. The price was not disclosed.
  
Eden Apartments is located in increasingly popular downtown Hayward, while Plaza Verde is approximately one mile away in a more residential area. 

“Hayward is a short 25 mile commute to San Francisco by nearby San Mateo Bridge and I-880 or the nearby BART station, both providing convenient options for quickly getting around the Bay Area,” Davis added.

 29th Street Capital has acquired 12 multifamily assets during 2015 in markets including Houston, Tex., Denver, Colo., Durham, N.C. and Phoenix, Ariz. It is also actively pursuing additional opportunities throughout the U.S. The firm will continue to target smaller value-add deals, which are below the institutional radar, with the intention of offering its investors above market returns.

For investment inquiries, contact:

Stan Beraznik, Founder and Managing Principal at 29th Street Capital

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
http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton


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