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| Rose Oaks Apartments, Iowa City, IA |
IOWA CITY, IA – 29th Street Capital (29SC), a privately-held
real estate investment and advisory firm, has sold Rose Oaks Apartments, a 400-unit apartment complex in Iowa City,
Iowa. 29SC acquired the property in February of 2014 after purchasing the
existing liens and procuring title to the property through foreclosure. The
disposition occurred in March.
Rose Oaks is approximately
three miles from the University of Iowa, and is situated just off Highway 6, a
main thoroughfare. By executing a capital improvement plan, increasing
occupancy, and eventually disposing of the property well above the projected sales
price, 29th Street Capital successfully created significant value for its
investors.
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| Stan Beraznik |
“We are very pleased with
the value created at Rose Oaks, it was a great outcome for investors and our
company,” said Dan Howard, 29SC’s
Vice President of Midwest Acquisitions.
“I am also excited to get back to work finding opportunities closer to
our Chicago portfolio that fit well with our value-add strategy.”
29th Street Capital has
acquired nine multifamily assets over the past 12 months in markets including
Houston, Texas; Denver, Colorado; Durham, North Carolina; Hayward, California;
and Phoenix, Arizona.
The firm will continue to pursue value-add deals, which
fall below the institutional radar, with the goal of offering investors
above-market returns.
Formed in 2009, 29SC has
acquired over 7,400 units across its nine offices in the United States, with
the current portfolio consisting of over 6,000 units. Equity investments are
typically of the order of $2 to $10 million, and involve the acquisition or
recapitalization of real estate assets, portfolios or platforms. Learn more
about the firm at www.29thstreetcapital.com.
For investment inquiries,
contact:
Stan Beraznik, Founder and
Managing Principal at 29th Street Capital
415.643.6875 | sberaznik@29thstreetcapital.com
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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