Sunday, April 30, 2017

29th Street Capital Acquires Woodlake Villas Apartments; Community is Firm’s 2nd Las Vegas-Area Property

Woodlake Villas Apartments, Las Vegas, NV
Dusty Eddy
 Las Vegas, NV – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Woodlake Villas Apartments, a 218-unit multifamily community in Las Vegas, Nevada. The transaction closed April 26. The sale price was not disclosed.

29SC plans to implement a $1.9 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package. 29SC will also implement energy-efficient upgrades through the Freddie Mac Green financing program.

The Las Vegas market has experienced significant economic improvements in recent years. In 2016 alone, the Las Vegas market ranked third in rent growth (Axiometrics), added 24,800 jobs and had a positive net migration of 40,000. Additionally, the Las Vegas MSA reported millennial population growth of 3.0% in 2016, which ranked the highest in the U.S.

“We are very pleased with the addition of Woodlake Villas to the 29SC portfolio and our expansion into the ever-improving Las Vegas market,” said Dusty Eddy, 29SC’s Vice President of Acquisitions for Phoenix, Las Vegas and San Diego. “We’re excited to start our renovation program that will ultimately lead to a more desirable community.”

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

Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347


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