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| Panoramic Apartments, San Leandro, CA |
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| Casey Davis |
San Leandro, CA – 29th
Street Capital (29SC), a privately-held real estate investment and advisory
firm, has acquired Panoramic and Miramar Apartments in San Leandro, California.
The 79-unit community
consists of two neighboring properties - Panoramic and Miramar - that sit
side-by-side on Miramar Avenue and operate as one entity. It offers one- and
two-bedroom units and is located immediately north of Hayward, where 29SC
currently owns and operates five other multifamily communities.
29SC plans to
strategically invest $2.3 million in capital improvements. Interior upgrades
will focus on kitchens, bathrooms, energy-efficient windows and flooring.
Exterior improvements will include structural repairs to walkways and railings,
plus upgrades to the landscape, parking area and pool.
“We are thrilled to
continue to grow in the East Bay and its surrounding submarkets,” said Casey Davis, 29th Street Capital’s Vice
President of Acquisitions for Northern California. “This community presents a
unique opportunity to demonstrate our value-add capabilities in a very
attractive submarket with positive economic fundamentals.”
The East Bay and its
neighboring submarkets have experienced significant economic and employment
growth in recent years, which has resulted in a very tight rental market as
housing demand continues to outpace new supply. As rents continue to rise in
San Francisco, Oakland and Silicon Valley, San Leandro offers a more affordable
option for workers and families.
“San Leandro is a great
alternative to the nearby major cities,” Davis added. “The community has
convenient access to a variety of transportation options as well as a strong
base of employment opportunities.”
The transaction closed
Apr. 10. The sale price was not disclosed.
29th Street Capital
acquired 15 multifamily assets over the past 12 months and continues to
actively pursue additional opportunities throughout the U.S. The firm will
continue to target strategic value-add deals that are below the institutional radar,
with the intention of offering its investors above-market returns.
For a complete copy of the company’s news release,
please contact:
Terri Thornton
Partner, Thornton
Communications
Phone: 404-932-4347
Email: Terri@TerriThornton.com
Website: www.TerriThornton.com
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