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| Woodmore Manor Apartments, Citrus Heights, CA |
Citrus Heights, CA – 29th
Street Capital (29SC), a privately-held real estate investment and advisory
firm, has acquired Woodmore Manor
Apartments – its first property in the greater Sacramento region. The
110-unit multifamily community, located 15 miles northeast of downtown
Sacramento, features one-, two- and three-bedroom units.
29SC has allocated
approximately $1.3 million for capital improvements. Interior upgrades will
include new granite countertops, stainless steel appliances, vinyl plank
flooring, cabinetry and bathroom fixtures.
Exterior renovations will
focus on balcony and patio improvements, new siding, fresh paint and
energy-efficient windows. The property’s amenity package – clubhouse, fitness
center and swimming pool – will be refreshed and enhanced as well. 29SC will
also implement energy-efficient upgrades through the Freddie Mac Value-Add and
Green financing program.
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| Casey Davis |
“The Sacramento market is
currently exhibiting very attractive market fundamentals and we are pleased to
be expanding out footprint in the region,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions
in Northern California.
The Citrus Heights
submarket has experienced tremendous rental rate growth in recent years and
surpassed 8% in both 2015 and 2016. Concurrently, vacancy has remained below
4%.
The neighborhood is well-developed primarily by residential and retail and
is conveniently located near Sunrise Mall, which is slated for major
redevelopment in the coming years.
“Citrus Heights continues
to be an ever-improving market,” Davis added. “Woodmore Manor is in a great
location and near many daily conveniences. We believe this property is a
perfect opportunity to demonstrate our value-add capabilities and provide value
to current and future residents.”
The acquisition closed
June 16, 2017. The sale price was not disclosed.
29th Street Capital has
acquired 17 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
http://www.facebook.com/pages/Thornton-Communications/112101288827299
http://twitter.com/Ttho http://www.linkedin.com/in/TerriThornton
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