Thursday, March 19, 2015

29th Street Capital Acquires Denver, CO Multifamily Community; Deal is Firm’s Eighth in Eight Months


Asbury Plaza Apartments, Denver, CO
DENVER, CO -- 29th Street Capital (29SC) has acquired Asbury Plaza Apartments, a 110-unit rental community located in the southeast submarket of Denver, Colorado.

 The multifamily property resides in an infill location central to many of Denver's employment, retail and entertainment hubs.

 It is located immediately east of I-25, within walking or bicycling distance of a pedestrian bridge – scheduled for completion this year – that leads to the RTD Colorado light rail station.

29SC plans to invest approximately $850,000 ($7,700 per unit) to improve the property.

The firm will upgrade the roof, windows, landscaping, corridors and resident amenities, including the BBQ area and rooftop deck.

New appliances, countertops, fixtures, lighting and flooring are planned for the interiors. Exterior work will be finished within six months and the interior work will be completed as tenants vacate.

“Our goal is to position Asbury Plaza as a convenient and updated rental option for residents seeking moderately-priced apartments in the booming Denver market,” said Todd Jaycox, Senior Vice President of Acquisitions for 29SC.

“We intend to invest in the asset, manage it more proactively, and take full advantage of its central location within the Denver MSA. Asbury Plaza is well-maintained, and will benefit greatly from strategic value-add improvements designed to modernize it and increase its appeal.”

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

Terri Thornton

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