Tuesday, January 24, 2017

29th Street Capital Acquires The Standard Apartments; Community is Firm’s 7th Phoenix-Area Property

The Standard Apartments, Tempe, AZ

Phoenix, AZ– 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired The Standard Apartments, a 227-unit multifamily community in Tempe, Arizona.

29SC’s strategy is to invest $1.8 million into renovations to significantly upgrade the interiors and to enhance the exterior of the apartments. This is the seventh acquisition 29SC has made in the Phoenix/East Valley market in the past two years.

Dusty Eddy
“The Standard Apartments allows us to grow our presence in the Phoenix market while simultaneously acquiring a strong property in a popular submarket that continues to experience positive population and job growth,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix, Las Vegas and San Diego. 

“We believe there is a lot of upside to this property with renovations, as well as improved amenities, that will allow the property to provide a better standard of living for its residents.”

The transaction closed January 23. The sale price was not disclosed.

The Standard resides within the city of Tempe, which has experienced strong population and job growth in recent years resulting in an unemployment rate below 5%, and several new office developments. The metro area is projected to realize job growth of 40% over the next 10 years and continue to benefit from a young and highly-educated workforce.

The community is situated in a high-demand area that attracts a younger demographic because of its proximity to Arizona State University. The property further benefits from nearby Loop 101, Loop 202, and I-10, which provide above-average accessibility throughout the East Valley and the rest of the metro area.

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

http://www.facebook.com/pages/Thornton-Communications/112101288827299 http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347
Email: Terri@TerriThornton.com

No comments: