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| Woodlake Villas Apartments, Las Vegas, NV |
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| 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
Email: Terri@TerriThornton.com
Website: www.TerriThornton.com
.
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