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| Promenade at Sahara Apartments, Las Vegas, NV |
Las Vegas, NV (Jan. 19, 2018) – 29th Street Capital
(29SC), a privately-held real estate investment and advisory firm, has acquired
Promenade at Sahara Apartments, a
312-unit multifamily community in Las Vegas, Nevada.
29SC plans to
implement a $2.2 million capital improvement program to renovate unit
interiors, enhance the property’s exterior and curb appeal and improve the
amenity package.
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| Dusty Eddy |
“We are excited to add Promenade at Sahara to our
expanding Las Vegas portfolio,” said Dusty
Eddy, 29SC’s Vice President of Acquisitions for Phoenix and Las Vegas. “We
believe the Las Vegas market has strong population and economic fundamentals
that will continue for the foreseeable future.”
Promenade at Sahara is situated approximately six miles
east of the Las Vegas Strip. The community is located near many daily
conveniences, including Smith’s, Albertson’s, Starbucks and Walgreens, and
provides its tenants with easy access to I-515 and Boulder Highway.
The Las Vegas market has experienced significant economic
improvement in recent years. Cushman & Wakefield reported that Las Vegas is
the #2 real estate market for rent growth at 5.5%. In addition, employment
growth in 2017 is at nearly 3%, which is roughly double the national
average.
“This property is in a growing workforce neighborhood
with great accessibility to downtown, the strip, North Las Vegas and other
destinations,” Eddy added. “With the combination of the great location and our
capital improvement program, we will create exceptional value for our residents
and investors.”
29th Street Capital acquired 16 multifamily assets over
the past 12 months and continues to actively pursue additional opportunities
throughout the U.S.
Formed in 2009, 29SC is a privately-held real estate
investment and advisory firm that employs a value-added investment strategy in
acquiring properties that fall below the radar of institutional peers.
29SC’s multifamily portfolio consists of more than 6,300
units and it has acquired over 10,000 units across its 14 offices in the U.S.
Investments typically require approximately $10 to $70 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.
Investments typically require approximately $10 to $70 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms.
For more
information on this release, please contact:
Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347
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